Income And Expenditure Flashcards

1
Q

Regular income

A

Income received periodically

Wages, Jobseeker’s Allowance

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2
Q

Additional income

A

Income received occasionally

Bonus, overtime

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3
Q

Benefit-in-kind

A

Any non-money rewards

Company car, discounted insurance

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4
Q

Statutory deductions

A

Deductions that must be paid to the government by law

PAYE, PRSI

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5
Q

Voluntary deductions

A

Deductions chosen to be taken

Health insurance, pension contributions

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6
Q

What is on a payslip/wage slip

A
Name
Period covered
Gross pay
Deductions
Net pay
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7
Q

Gross pay

A

Total income earned without deductions

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8
Q

Net pay

A

Gross pay minus deductions

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9
Q

Current expenditure

A

Day to day spending on items that last less than a year

Food, petrol

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10
Q

Capital expenditure

A

Money spent on items that last more than a year

A house, a car

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11
Q

Fixed expenditure

A

Money spent periodically

Mortgage repayments, rent

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12
Q

Irregular expenditure

A

Money spent at varying times

Grocery, petrol, clothes

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13
Q

Discretionary expenditure

A

Money spent on luxury items

A holiday, presents, magazines

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14
Q

Opportunity cost

A

Item not chosen when making a decision between two things

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15
Q

Financial cost

A

Amount of money paid for something

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16
Q

Impulse buying

A

Buying on the spur of the moment

17
Q

Income

A

Money earned

Wages, pocket money