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Income+Expenditure
| Question | Answer |
|---|---|
| Regular income | This is a predictable amount of money received every week or every month. |
| Irregular income | This is additional income. It is unpredictable in size and in frequency. |
| Wages | This is a form of income that is paid weekly and is often linked to the number of hours worked. |
| Salary | This is paid monthly and usually regardless of the number of hours worked. |
| Unemployment Benefit | This is paid by the State to people who are out of work to provide them with a basic level of income. |
| Child Benefit | This is a monthly social welfare payment paid by the State to all parents or guardians of children up to age 18, while they are still in education. |
| Interest on Savings | This is the amount of interest earned as a percentage of the amount saved. |
| Pensions | This is paid to retired people. These are usually far less than a wage. |
| Overtime payments | This is a form of irregular income that may be received in some jobs for working extra hours in a week. |
| Commission | This is extra income earned by sales people depending on how many items they sell. |
| Bonus Payments | These are financial rewards for achieving a work target, such as completing a building project on time. |
| Benefit in kind | This is a non-payment form of income that you receive for free from your employer that you would otherwise have to pay for. Example: A company car. |
| Fixed Expenditure | This refers to a predictable (fixed) sum of money that has to be paid out regularly, regardless of how much, or how little, we use an item. |
| Irregular Expenditure | This refers to an unpredictable sum of money that has to be paid out regularly, but whose value varies depending on how much we use or consume. |
| Discretionary Expenditure | This refers to spending on non-essential items. These are goods that should only be bought after all essential necessities, like food and electricity are paid for. |
| Current Expenditure | This means spending money on day-to-day items that get used up quickly and only provide a benefit for a short period of time. |
| Capital Expenditure | This means spending money on items that will provide a benefit for a long time before they wear out. |
| Opportunity Cost | This refers to the item you must do without in order to buy another item. |
| State Pension | This is paid by the State to all citizens over a certain age. They provide a basic income and are funded by taxpayers. |
| Private Pension | This is paid by some employers to formers employees when they reach retirement age. The amount received depends on the former employee's length of retirement and how the pension was invested. |
| Public Pension | This is paid by a life assurance company or investment firm. This is a type of private pension for anyone who is self-employed or can't join an employer plan. |
Created by:
MsHayes1
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