buisness Flashcards
1
Q
2 types of income??
A
regular and irregular income
2
Q
regular income
A
weekly/monthly payment eg pension salary
3
Q
irregular income
A
once off eg bday money bonus
4
Q
what is income
A
received by an individual or a household
5
Q
a need is something we ………. for ……survival
A
require survival food water shelter
6
Q
a want is something we …….. but can live withought
A
desire
7
Q
5 resources types
A
reliance endipendent developing pre retirement and retirement stages
8
Q
what is expenditure
A
any money spent by and individual or household eg rent morgage
9
Q
3 types of expenditure
A
fixed irregular and discretionary expenditure
10
Q
opportunity cost
A
an item we do not choose to buy
11
Q
impulse buying
A
when we buy items withought planning and considering if we need it
