INCOME & EXPENDITURE Flashcards
1
Q
Name the 10
different sources of income
A
- Wages
- Salary
- Savings
- Benefits
- Pension
- Landlordship
- Inheritance
- Loans
- Gifts & Pocket Money
- Investments
2
Q
What are the FACTORS AFFECTING INCOME & EXPENDITURE?
A
- Age
- Employment
- Location
- Spending
- Shopping
- Eating Out
- Transport
- Clothes
- Heating costs
- Housing costs
- Insurances
- Recreation
- Technology
3
Q
How might AGE affect income & expenditure?
A
A person’s age will influence INTERESTS & ACTIVITIES
4
Q
How might EMPLOYMENT affect INCOME & EXPENDITURE?
A
Type of employment • self employment • short term contracts • annual bonuses Will all affect income & expenditure
5
Q
How might LOCATION affect INCOME & EXPENDITURE?
A
Will affect expenditure due to access to social opportunities & transport costs
6
Q
How might FOOD SHOPPING affect INCOME & EXPENDITURE?
A
Shopping for food needs to take into account the individual’s dietary needs.
7
Q
how might HEATING COST affect INCOME & EXPENDITURE?
A
Heating costs are dependant upon who lives in the household (elderly or baby)
8
Q
Ways to REDUCE EXPENDITURE?
A
- Conserve energy
- Skills
- Savings
- Transport
- Clothing
- Shopping around
- Increase earning power
- Communication
