Budget

Question 0

Regular Income

Answer 0

Regular income is income received periodically, e.g. every week/fortnight/month. We can usually predict how much we can receive.

Question 1

Income

Answer 1

Income is the money, goods or services a household receives, either regularly or irregularly.

Question 2

Irregular Income.

Answer 2

Irregular income is any occasional income that me be received; however, we cannot assume that it will be received.

Question 3

Benefit-in-kind.

Answer 3

Benefit-in-kind is any NON money income received for work done.

Question 4

Gross pay

Answer 4

Gross pay is the total income earned by a person.

Question 5

PAYE

Answer 5

Pay As You Earn is the income tax for employees. The money deducted by the employer for PAYE purposes is sent to the government.

Question 6

Overtime

Answer 6

Overtime is a payment received for working more than the required minimum number of hours.

Question 7

Deductions

Answer 7

Deductions from gross pay are sums of money that are taken by the employer from gross pay.

Question 8

Net Pay

Answer 8

Net pay is gross pay less all the deductions.

Question 9

COD

Answer 9

COD stands for cash on delivery

Question 10

CWD

Answer 10

CWD stands for cash with delivery

Question 11

Trade Discount

Answer 11

Trade Discount is a reduction in the selling price given between people in the same line of business.