Income and Expenditure Flashcards
Income
Income is the money received by a person or household.
Regular Income
Regular income is a predictable amount received every week or month.
Irregular Income
Irregular income is unpredictable in size and frequency.
Child Benefit
Child benefit is a monthly social welfare payment,paid by the State to all parents or guardians of children up to a certain age.
State Pensions
State pensions are paid by the State to all citizens over a certain
age. They provide a basic income and are funded by taxpayers.
Private Pensions
Private pensions are paid by some employers to former employees when they reach retirement age. The amount received depends on the former employee’s length of employment and how the pension was invested.
Personal Pensions
Personal pensions are paid by a life assurance company or an investment firm.This is a type of private pension for anyone who
is self employed or can’t join an employer plan.
Benefits in Kind (BIK)
Benefits in kind are things that you get for free from an employer that you would otherwise have to pay for.They are a non-cash form of income.
Spreadsheets
Spreadsheets are computer software programs that are very useful for recording and editing numerical data.
Expenditure
Expenditure is the amount of money that we spend over a particular period of time.
Fixed Expenditure
Fixed expenditure is a predictable (fixed) sum of money that has to be paid regularly, regardless of how much, or how little we use the item.
Irregular Expenditure
Irregular expenditure refers to an unpredictable (irregular) sum of money that has to be paid out regularly, but whose value varies depending on how much we use or consume.
Discretionary Expenditure
Discretionary expenditure refers to spending on non-essential items.These are goods that should be bought only after all essential necessities, like food and electricity are paid for.
Current Expenditure
Current expenditure is spending money on day to day items that will get used up quickly and only provide a benefit for a short period of time.
Capital Expenditure
Capital expenditure is spending money on items that will provide a benefit for a long time before they wear out.
