Income And Expenditure Flashcards
Income
Money received by a person or household
Regular income
Predictable amount of money received every week or month
Irregular income
Unpredictable in size and frequency
Child Benefit
Monthly social welfare payment paid by the State to all parents or guardians of children up to age 18, while they are still in education
State Pensions
Paid by the State to all citizens over a certain age. They provide a basic income and are funded by taxpayers.
Private Pensions
Paid by some employers to former employees when they reach retirement age.
Personal Pensions
Paid by a life assurance company or an investment firm. This is the type of pension for someone who is self-employed or can’t join an employment firm.
Benefits in Kind (BIK)
Things you get for free from an employer that you would otherwise have to pay for. They are a non-cash form of income
Spreadsheets
Computer software programmes that are very useful for reading and editing numerical data.
Expenditure
The amount of money that we spend over a particular period of time
Fixed expenditure
Refers to a predictable sum of money that has to be paid out regularly, regardless of how much or how little we use an item
Irregular expenditure
Refers to an unpredictable sum of money that has to be paid out regularly, but who’s value varies depending on howh much we consume
Discretionary expenditure
Refers to spending on non essential items
Current expenditure
Spending money on day-to-day items that get used up quickly and provide benefit for a short amount of time
Capital expenditure
Is spending money on items that will provide a benefit for a long amount of time before they wear out
