Income + Expenditure Flashcards
1
Q
What is a need and want
A
A need is something that we acquire for survival e.g water
A want is something that we like but could live without e.g new iPhone every year
2
Q
What is a dividend
A
A dividend is a share of profits that is paid to shareholders or a company
3
Q
What is a jobseekers Benefit ?
A
Job seekers allowance/ Benefit is a payment made by the government to peopl who we unemployed and looking for work.
4
Q
What is the opportunity cost
A
Opportunity cost Is the item we did not buy because we chose another item
5
Q
Give an example of fixed, irregular and discretionary expenditure
A
Fixed: rent
Irregular: groceries
Discretionary: concert tickets
