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Income & Expenditure
| Question | Answer |
|---|---|
| What is income? | Money coming in |
| Name 3 types of income? | Regular, Additional, Benefits in kind (perks) |
| What is Net pay? | Total income after deductions |
| What is Gross Pay? | Total income before deductions |
| What is a statutory deduction? | A deduction taken from your wages. Eg. PRSI, PAYE |
| What is a non statutory deduction? | A voluntary deduction. Eg. Union |
| What is expenditure? | Money going out. |
| Name 3 types of expenditure? | Fixed, Irregular, Discretionary |
| What is fixed expenditure? | "This is expenditure that stays the same every month eg. Rent, Mortgage " |
| What is Irregular expenditure? | "This is expenditure that changes every month Eg. ESB, Telephone, Gas bills. " |
| What is discretionary expenditure? | "This is expenditure on once off or luxury items eg. Holidays, Cd’s, Designer Clothes " |
| Explain impulse buying | This is when you buy goods that you did not plan too. E.g. You go into a shop to buy a paper and come out with a drink and bar of chocolate |
| Explain false economy | "This is when you buy something that appears to be better value E.g. School bag in Pound shop for €5 V’s Brown Thomas €10. The cheaper bag appears better value but is ‘probably’ poorer quality" |
| Explain the term opportunity cost | "This is the cost of the item you did not buy. E.g. You have a choice between an apple and an orange. They both cost €1 each but you only have €1, so you buy the orange. The opportunity cost is the cost of the apple" |
| Explain the term accrual | "This is when you pay for something after you have used it. E.g. Telephone bill" |
| Explain the term current expenditure | This is expenditure on day-to-day items. Eg. Food, petrol, wages |
| What is capital expenditure? | "This is expenditure on long term items/assets such as roads, hospitals, schools (things that last a long time). " |
Created by:
dqualter
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