Income And Expenditure Flashcards
Regular income
Income received periodically
Wages, Jobseeker’s Allowance
Additional income
Income received occasionally
Bonus, overtime
Benefit-in-kind
Any non-money rewards
Company car, discounted insurance
Statutory deductions
Deductions that must be paid to the government by law
PAYE, PRSI
Voluntary deductions
Deductions chosen to be taken
Health insurance, pension contributions
What is on a payslip/wage slip
Name Period covered Gross pay Deductions Net pay
Gross pay
Total income earned without deductions
Net pay
Gross pay minus deductions
Current expenditure
Day to day spending on items that last less than a year
Food, petrol
Capital expenditure
Money spent on items that last more than a year
A house, a car
Fixed expenditure
Money spent periodically
Mortgage repayments, rent
Irregular expenditure
Money spent at varying times
Grocery, petrol, clothes
Discretionary expenditure
Money spent on luxury items
A holiday, presents, magazines
Opportunity cost
Item not chosen when making a decision between two things
Financial cost
Amount of money paid for something
