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Definitions unit 1
Business= personal finance
| Term | Definition |
|---|---|
| financial life cycle | a series of stages which most people pass through during their lives. Each stage is different in terms of financial goals, income, spending and risk |
| income | the money received by a person or household |
| regular income | a predictable amount of money received every week or every month |
| irregular income | unpredictable in size or frequency |
| child benefit | a monthly social welfare payment, paid by the state to all parents or guardians of children up to age 18, while they are still in education |
| state pension | paid by the state to all citizens over a certain age. they provide a basic income and are funded by taxpayers |
| private pension | paid by some employers to former employees when they reach retirement age. the amount received depends of the former employee's length of employment and how the pension was invested |
| personal pension | paid by a life assurance company or investment firm. this is a type of private pension for anyone who is self- employed or can't join an employer plan |
| benefits-in-kind | things you get for free from an employer that you would otherwise have to pay for. they are a non-cash form of income |
| spreadsheets | computer software programs that are very useful for recording and editing numerical data |
| expenditure | the amount of money that we spend over a particular period of time |
| fixed expenditure | refers to a predictable (fixed) sum of money that has to be paid out regularly, regardless of how much, or how little we use the item |
| irregular expenditure | refers to an unpredictable (irregular) sum of money that has to be paid out regularly, but whose value varies depending on how much we use or consume |
| discretionary expenditure | refers to spending on non-essential items. these are goods that should only be bought after all essential necessities, such as food and electricity, are paid for |
| current expenditure | spending money on day-to-day items that get used up quickly and only provide a benefit for a short period of time |
| capital expenditure | spending money on day to day items that will provide a benefit for a long time before they wear out |
| consumer durables | goods that will give benefit for a long period of time such as televisions, fridges, cookers and washing machines |
| opportunity cost | refers to the items you must do without in order to buy another item |
| personal banking | refers to the services provided by the banks to help people manage their personal finances |
| current accounts | allow people to easily lodge and withdraw money to pay for their day-to-day bills and other expenses |
Created by:
natalie.g
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