Income And Expenditure
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| Income. | Refers to money or other form of wealth received by a household.
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| Regular Income. | Is income received on a regular basis such as a weekly wage.
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| Irregular Income. | Is income received now and again such as overtime pay.
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| Regular Income-Employed Person. | Wages Child Benefit.
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| Regular Income-Unemployed Person. | Unemployment Benefit ,Child Benefit.
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| Irregular income-Employed Person. | Inheritance, Overtime.
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| Irregular income-Unemployed Person. | Lottery win, Casual work.
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| Regular Income-Retired Person | Pension Free Travel.
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| Irregular Income-Retired Person | Win at Bingo Presents.
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| Regular Income-Student | Grant Pocket Money.
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| Irregular Income-Student | Presents Casual Work.
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| Benefit In Kind | Is a non-cash form of income, also known as a perk e.g Use of company car, Mobile phone
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| Overtime | Hours worked in a addition to your regular working week.
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| Child Benefit | Monthly payments by the government to parents/guardians of children under 18.
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| Grant | A payment made by the government to students while they are studying at college
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| Unemployment Benefit | Weekly payment by the government made to unemployed people.
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| Expenditure | Refers to money we spend during a particular period of time.
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| Fixed Expenditure | Items where cost does not change according to use. Usually regular payments monthly/yearly e.g. Rent, Mortgage, Repayments, Loan repayments, Car tax.
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| Irregular Expenditure | Item where cost does change according to use. They may be paid regularly but the amount differs e.g. groceries Diesel light and heat.
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| Impulse Buying | Is when we buy something on the spur of the moment without asking ourselves if we can really afford it and if we really need the item.
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| Opportunity Cost | Is when we have the choice of buying 2 items and the item we don't choose is the opportunity cost.
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| Example Of A Opportunity Cost | I have £1. I have the choice of buying an apple or a bar of chocolate. I pick the apple so the opportunity cost the chocolate bar.
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| Mortgage | A loan from the bank to enable a person to buy a house.
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| Budget | Is a plan of a households future income and the future expenditure for a given period.
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| Un branded | Refers to goods not manufactured by a well-known producer.
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| Net Cash | Equals total income + Total Expenditure.
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| Budget Surplus | Refers to when your planned income is greater than your planned expenditure.
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| Budget Deficit | Refers to when your planned expenditure is greater than your planned income.
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| Balanced Budget | Refers to when your planned income is equal than your planned expenditure.
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