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Expenditure/Income

buisness studies

TermDefinition
Regular income Income recieved on a regular basis such as a weekly basis.
Irregular income Income recieved now and again such as overtime pay.
Overtime income Hours worked in addition to your regular working hours.
Child benefit Monthly payment by the state to the parents/guardians of children aged 18 years and under while they are still in full-time education
Grant A payment made by the state to students while they are studying at college.
Benefit in kind A non-cash form of income.
Opportunity cost Making a decision/choice on limited resorces. The item not selected is the oportunity cost.
Impulse buying Buying on the spur of the moment without planning or thinking, Eg. Cute dog.
False economy Buying something because it's cheap even when you don't need it, Eg. 2 for 2, buy 1 get 1 free.
Fixed expenditure Money spent at the same time each week, month, year. The amount is usually the same. Eg. Mortage, rent, car loan,repayment,car tax.
Irregular expenditure The amount paid out varies. It's paid out at different times. Eg. ESB, heating, petrol, phone, groceries.
Discretionary expenditure Money spent on things you can live without -luxuries-. The amaount varies. Eg.Sky tv, ps3, xbox, brand clothes, holidays, presents, entertainment.
Created by: dariafraczek13
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