Chapter 1 - Household Income Flashcards
1
Q
Define income.
A
The money received by a household.
2
Q
Define regular income.
A
Income received at regular intervals (i.e. every week or month) e.g. wage.
3
Q
Define irregular income.
A
Income that is received now and again e.g. presents.
4
Q
Define benefit in kind (BIK).
A
A non cash form of income e.g. a company car.
5
Q
Define overtime.
A
The extra hours a person works in a day after they have completed their normal working time.
6
Q
Define child benefit.
A
A payment made every month to the parents or guardians of children while they are still in education (up to 19 years of age).
7
Q
Define jobseeker’s benefit.
A
A weekly payment to unemployed people.
