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Income & Expenditure

JC Business 1.2

TermDefinition
Income The money you receive, on a regular basis from work or through investments, and on an irregular basis from other sources.
Expenditure The money that we spend out of our take-home pay.
Want Something that you desire, but that can live without. It is not essential for your survival.
Need A basic requirement that you must have in order to survive.
Regular Income Income that you are sure you will receive.
Irregular Income Income that you are not sure you will receive.
Benefit-in-Kind Is non-monetary (non-cash) income, e.g. a company car.
Wages Is regular income for hours worked or number of goods produced.
Salary Is regular income received for doing a job no matter how many hours you spend at it.
Child Benefit Regular income received once a month from the government if you have children under the age of 16.
Pension Regular income received from the government or a pension fund when you retire.
Social Welfare Regular income receive weekly from the government if you are unable to work.
Family Income Support Regular income received by families on a low income from the government.
Bonus Additional income given for reaching certain targets.
Commission Additional money calculated as a percentage of sales.
Inheritance Additional income received from a relative or friend when they die.
Tax Refund Money back from the government when too much tax has been paid.
Interest on Savings Additional income received when you invest money in the bank.
Dividends on Shares Additional income received when you own part of a company and you receive a share of the profits.
Fixed Expenditure Bills that have to be paid regularly, each week or each month.
Irregular Expenditure Bills paid each week or month, but the price may change from one bill to the next.
Discretionary Expenditure After all the bills have been paid, the money that we spend on nice things or ‘non essentials’.
Opportunity Cost The item that is not selected when we make a choice based on our limited income.
Impulse Buying Buying something on the spur of the moment, without thinking or planning.
False Economy Buying something because it is cheap even when you don’t need it.
Created by: Dinneenj
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