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Inc/Exp/ Budget JC

Junior cert business

QuestionAnswer
Net Cash the difference between planned income and planned expenditure. (A – B)
Surplus If income is greater than expenditure
Deficit If the expenditure is greater than the income
Closing cash The money an individual or household has at the end of a given month.
Paypath The payment of an employee’s wages directly into their bank account.
Piece rate when an employee is paid based on how many items they produce at work.
Time rate: When an employee is paid per hour worked.
Commission is a percentage of sales that is paid to a salesperson
Overtime Pay for any extra hours worked. This can be time and a half, double or triple time.
Gross pay. pay before deductions Basic pay + Overtime
Deduction A sum of money that is taken from an employee’s gross pay.
Statutory deductions Deductions that must be paid. For example, PAYE, PRSI, USC
Non-statutory deductions Deductions that an employee chooses to pay. For example: Savings, Trade Union, Health Insurance.
Tax This is money which is paid to the government. E.g. VAT
Tax credits This reduces the amount of tax a person owes to the government
Payslip This shows a record of an employee’s pay.
Opportunity cost This is the item that we do not buy or the opportunity we didn't choose. Often we have to make a choice between items.
Impulse buying This is unplanned spending.
Fixed expenditure This is payment of goods and services on a REGULAR basis.
Irregular expenditure This is payment where the amount spent and/or the timing of payment DEPENDS ON USAGE
Discretionary expenditure This is payment for things we want but do not need. Luxury items. If there is money left over.
Created by: mcurran
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