Income/Expenditures
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| income | money or other forms of wealth received by a household
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| regular income | income received on a regular basis such as a weekly wage
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| irregular income | income received now and again such as overtime pay
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| regular income - employed person | used for wages and child benefit
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| irregular income - employed person | inheritance, overtime
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| regular income - unemployed person | unemployment benefit, child benefit
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| irregular income - unemployed person | lottery winnings, casual working
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| regular income - retired person | pension and free travel
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| irregular income - retired person | winnings at bingo games, presents
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| regular income - student | grant, pocket money
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| irregular income - student | presents, casual work
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| benefit in kind | a non-cash form of income, also known as a perk (for example: the use of a company car or a mobile phone)
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| overtime | hours worked in an addition to your regular working week
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| child benefit | monthly payment by the Government to parents/guardians of kids under the age of 18
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| grant | a payment made by the Government to students while they are studying at college/secondary school
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| unemployed benefit | weekly payment made by the Government made to unemployed people
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| expenditure | refers to the money the customer spends during a particular period of time
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| fixed expenditure | items where cost doesn't change according to use, usually regular payments monthly or yearly (for example, the rent, mortgage repayments, loan repayments, car taxes)
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| irregular expenditure | items where cost does change according to use, which may be paid regularly but the amount differs (for example, groceries, diesel, light and heat)
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| impulse buying | when the customer buys something on the spur of the moment without asking himself/herself if he/she can really afford it and if we really need that particular item
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| opportunity cost | when the customer has the choice of buying two items and the item he/she doesn't choose is the opportunity cost
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| An example of an opportunity cost is: | "I have €1. I have the choice of buying an apple or a bar of chocolate. I pick the apple so the opportunity cost is the chocolate bar."
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| mortgage | a loan from the bank to enable a person to buy a house
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| budget | a plan of a household's future income and future expenditure for a given period of time
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| net cash | what you get when you add the total income and total expenditure together
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| unbranded | refers to goods not manufactured by a well-known producer
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| budget surplus | refers to "when your planned income is greater than your planned expenditure"
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| budget deficit | refers to "when your planned expenditure is greater than your planned income"
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| balanced budget | refers to "when your planned income is equal than your planned expenditure"
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Created by:
StephenEmmett
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