income+expenditure Word Scramble
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| Question | Answer |
| Income. | Refers to money or other form of wealth received by a household. |
| Regular Income. | Is income received on a regular basis such as a weekly wage. |
| Irregular Income. | Is income received now and again such as overtime pay. |
| Regular Income-Employed Person. | Wages Child Benefit. |
| Regular Income-Unemployed Person. | Unemployment Benefit ,Child Benefit. |
| Irregular income-Employed Person. | Inheritance, Overtime. |
| Irregular income-Unemployed Person. | Lottery win, Casual work. |
| Regular Income-Retired Person | Pension Free Travel. |
| Irregular Income-Retired Person | Win at Bingo Presents. |
| Regular Income-Student | Grant Pocket Money. |
| Irregular Income-Student | Presents Casual Work. |
| Benefit In Kind | Is a non-cash form of income, also known as a perk e.g Use of company car, Mobile phone |
| Overtime | Hours worked in a addition to your regular working week. |
| Child Benefit | Monthly payments by the government to parents/guardians of children under 18. |
| Grant | A payment made by the government to students while they are studying at college |
| Unemployment Benefit | Weekly payment by the government made to unemployed people. |
| Expenditure | Refers to money we spend during a particular period of time. |
| 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. |
| 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. |
| 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. |
| Opportunity Cost | Is when we have the choice of buying 2 items and the item we don't choose is the opportunity cost. |
| 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. |
| Mortgage | A loan from the bank to enable a person to buy a house. |
| Budget | Is a plan of a households future income and the future expenditure for a given period. |
| Un branded | Refers to goods not manufactured by a well-known producer. |
| Net Cash | Equals total income + Total Expenditure. |
| Budget Surplus | Refers to when your planned income is greater than your planned expenditure. |
| Budget Deficit | Refers to when your planned expenditure is greater than your planned income. |
| Balanced Budget | Refers to when your planned income is equal than your planned expenditure. |
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CSPOLLEN14
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