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Bus: House Spend(2)
chapter 2 in business studies book
Question | Answer |
---|---|
Expenditure | the money we spend during a particular period of time. |
Fixed Expenditure | items or services we buy where the cost does not change according with use. |
Irregular Expenditure | items or services where the cost does change according with use. |
Discretionary Expenditure | are items we buy that we don't really need i.e luxuries. |
Impulse Buying | purchases made on the spur of the moment without thinking about the consequences e.g will you have enough money to pay the bills. |
Oppurtunity Cost | if we have enough money to buy an apple or an orange and we choose one, it is the alternative we had to do without. |
Mortgage | a loan from a bank to enable a person to buy a house. |