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Income & Expenditure

QuestionAnswer
What is income? Money coming in
Name 3 types of income? Regular, Additional, Benefits in kind (perks)
What is Net pay? Total income after deductions
What is Gross Pay? Total income before deductions
What is a statutory deduction? A deduction taken from your wages. Eg. PRSI, PAYE
What is a non statutory deduction? A voluntary deduction. Eg. Union
What is expenditure? Money going out.
Name 3 types of expenditure? Fixed, Irregular, Discretionary
What is fixed expenditure? "This is expenditure that stays the same every month eg. Rent, Mortgage "
What is Irregular expenditure? "This is expenditure that changes every month Eg. ESB, Telephone, Gas bills.  "
What is discretionary expenditure? "This is expenditure on once off or luxury items eg. Holidays, Cd’s, Designer Clothes "
Explain impulse buying This is when you buy goods that you did not plan too. E.g. You go into a shop to buy a paper and come out with a drink and bar of chocolate
Explain false economy "This is when you buy something that appears to be better value E.g. School bag in Pound shop for €5 V’s Brown Thomas €10. The cheaper bag appears better value but is ‘probably’ poorer quality"
Explain the term opportunity cost "This is the cost of the item you did not buy. E.g. You have a choice between an apple and an orange. They both cost €1 each but you only have €1, so you buy the orange. The opportunity cost is the cost of the apple"
Explain the term accrual "This is when you pay for something after you have used it. E.g. Telephone bill"
Explain the term current expenditure This is expenditure on day-to-day items. Eg. Food, petrol, wages
What is capital expenditure? "This is expenditure on long term items/assets such as roads, hospitals, schools (things that last a long time). "
Created by: dqualter
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