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Income & Expenditure
JC Business 1.2
| Term | Definition |
|---|---|
| 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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