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Chapter 1:Income

TermDefinition
Income money received by an individual or a household.
Regular Income received at set intervals e.g. every week, every month
Irregular Income received from time to time
Wage or salary payment received for work.
A Grant a sum of money given to an individual or business that does not need to be repaid. They are given for a specific purpose. Grants are usually paid by the government or European Union.
Jobseeker’s Allowance a payment from the government to people who are unemployed or who are looking for work.
State Pension money paid by the government to people from 66 years of age who have retired from work and no longer receive a wage or salary.
Child Benefit a monthly payment by the government to parents or guardians of children under 16 years or under 18 years of age if the child is in full-time education.
Overtime paid to employees for any extra hours they have worked.
Bonus paid to employees at certain times of the year or for reaching a target.
Loan a sum of money borrowed from a financial institution e.g. a bank or credit union. It must be repaid with interest.
Interest the reward a person gets if they save money with a financial institution. The amount of interest received is a percent of the amount saved e.g. 3%.
Gift Money received as a present from friends or family.
Inheritance money or something valuable received when a family member or friend dies.
Benefit-in-kind Non- money income that employees get paid for work. e.g. car
Need something we require for survival
Want Asomething that we would like to have but can live without
The Financial Lifecycle The Reliance Stage (0 – early 20s), Independent Stage (late teens – 20s), Development Stage (30s) , Pre-retirement Stage (40s and 50s) , Retirement Stage (60+)
Created by: AnneB97
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