Budgets Flashcards
What is Income
Money someone receives
Name two types of income
Regular and irregular
What is regular income
When are you know you are going to receive. You receive it periodical you. You will know how much you are going to receive.
Define wages
Received based on the number of hours worked
Define salaries
Income received regardless of the number of hours worked
What is jobs keeper benefits
Received by people who are unemployed
What are pensions
Received by people who have retired from work
What is child benefits
Receive monthly by parents. Amounts received this based on number of children in the family
What is commission
Additional income calculated as a percentage of sales
What is interest on savings
Received from banks by people who save money with them it’s a percentage out of the Mount suit
What is pocket money
Received by children from parents, guardians
What is a irregular income
Extra income that made you received. We cannot be sure that it will be resealed
What is Bonus payment
Extra payment for employees if targets are reached
What are dividends
Received by people who own part of a company (shared) and receive part of the profits made in a company
What is overtime
Money received for working more hours than you have to you. People usually paid at a higher hourly rate for any extra hours that they work
Define Time and a half
People are paid 1.5 times the basic hourly rate
Define doubletime
The person who is paid basic rates when they work extra hours
What is benefit in kind
Income you receive that is not money
What is gross pay
Total income earned by someone. Before deductions from your wages
What is net pay
It is the amount of the employee receives after deductions from their wages
What are deductions
They’re taking away from your gross pay and what you are left with is called net pay
Name the two types of deductions
Voluntary deductions and statutory deductions
Define statutory deductions
They must be paid by law
Name the three types of statutory deductions
PAYE– Dash pay-as-you-earn
PRSI– Pay related social insurance
USC– Universal social change
