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Ch3 Expenditure

New JC Curriculum

TermDefinition
Expenditure Refers to the way people choose to spend their income in order to satisfy their various needs and wants.
Fixed Expenditure Involves the same amount of money being spent on a regular basis.
Irregular Expenditure Involves different amounts of money being spent and varies with usage.
Discretionary Expenditure Spending on non-essential items that we choose to buy.
Current Expenditure Ongoing, day to day spending.
Capital Expenditure Spending on items that will last a long time or once off spending.
Prioritise Examine the needs and wants and decide which the most important items are.
Impulse Buying Buying on the spur of the moment.
False Economy When it initially appears you are getting good value for money but in the longer term it turns out to be more expensive.
Opportunity Cost The item you do without when you make a choice.
Invoice A type of bill received when you buy items on credit.
Cash Flow Day-to-day money coming in and going out of a household.
Budget A financial plan that sets out expected future income and expenditure.
Created by: jennymarshall
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