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Buisness > Winter Exams > Flashcards

Winter Exams Flashcards

1
Q

What is income?

A

is money or something value

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2
Q

What is regular income?

A

It is money that you receive every month or every week and you can depend on it

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3
Q

What is the wage?

A

It is weekly or monthly payment in return for work

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4
Q

What is unemployment benefit?

A

Weekly payments given to people that Is seeking work but unable to find work

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5
Q

What is child benefit?

A

Monthly payment given to parents
Of Children aged 18 years and under

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6
Q

What is a pension?

A

Monthly payment to give to people that over the age of 65 and retired from work

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7
Q

What is a irregular income?

A

It is money received from time to time and you can’t depend on it

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8
Q

What is overtime

A

Is working more hours than normal

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9
Q

What is a Bonus

A

It’s an extra sum of money

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10
Q

What is a commission?

A

A sales person is given a percentage of the selling price

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11
Q

What is interest?

A

It’s money earned from investing your money

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12
Q

What is benefit in kind

A

It’s a non-financial reward

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13
Q

What is expenditure?

A

It’s the amount of money we spend over a particular period of time

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14
Q

What can expenditure be?

A

Fixed irregular discretionary

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15
Q

What is fixed expenditure?

A

It’s a set amount of money that must be paid on a regular basis

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16
Q

What is a irregular expenditure?

A

It’s the amount of time in changes on a regular basis and depends how much or how little we use

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17
Q

What is discretionary expenditure?

A

It’s fun spending

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18
Q

What is current expenditure?

A

It’s spending money on day-to-day items

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19
Q

What is capital expenditure?

A

Is spending money on items that will provide longer than one year that will provide

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20
Q

What is the opportunity cost?

A

It’s the item or service you do without

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21
Q

What’s the financial cost?

A

It’s the price of an item

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22
Q

What’s a need?

A

A need is Items that we cannot do without in order to survive

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23
Q

What’s a want?

A

Items that we would like to have but are not essential

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24
Q

What income would a child get?

A

Pocket money,gifts

25
Q

Income that a teen/young adult would get

A

Pocket money , gifts , part time job

26
Q

Income that starting career would receive

A

Wages , overtime , social welfare

27
Q

Income that setting up a home would receive

A

social welfare , overtime , wages

28
Q

Income that growing a career and family would receive “

A

Wages, overtime, social welfare, child benefit

29
Q

What income would a pensioner receive.

A

Pension ,interest on savings

30
Q

What expenditure would a child buy

A

Toys, snacks

31
Q

What expenditure would a teen/young adult buy

A

Clothing, socialising, hobbies

32
Q

What expenditure would starting career buy.

A

Car, travel , rent

33
Q

What expenditure would setting up a home buy?

A

Household goods, utility bills , house purchase, holiday

34
Q

What expenditure would growing a career and family buy?

A

Family food and clothing, utility bills, children education costs, family car

35
Q

What expenditure would a pensioner buy?

A

Travel, leisure , medical expenses

36
Q

Tell me the 4 institutions

A

Bank, credit union , post office , building society

37
Q

What’s a current account?

A

It allows you to lodge and withdraw at any time

38
Q

Tell me 5 current account services

A

PayPal, atm , debit card , standing order

39
Q

What’s a debit card?

A

It allows money to be transferred electronically from the customers bank account to the retailers bank account

40
Q

What’s contactless payment?

A

It’s a quick way to pay for items that’s less than €50 and you don’t have to show ur details

41
Q

Debit card vs credit card differences

A

Buy now pay now , buy now pay later ,

42
Q

What’s a cheque?

A

A written instruction to a bank to pay a stated sum of money
from your bank account to a named person.

43
Q

What’s credit transfer?

A

Allows you to transfer money from
your own bank account to another person’s bank account.

44
Q

What’s a bank draft?

A

A written document that tells the bank to pay a stated
sum of money to a named person.

45
Q

What’s paypath?

A

This is an electronic way of
transferring an employee’s wages from
employer’s bank account to employee’s bank account

46
Q

What’s an employee?

A

a person who works for someone
else (a person or a company) for a wage or
salary.

47
Q

What’s an Employer?

A

a person or company that pays
people a wage or salary to work for them.

48
Q

Whats an overdraft?

A

This is permission to withdraw money for more
than the balance of money in your current account. Only
up to a certain limit.

49
Q

Advantages of an overdraft?

A

Helpful to pay for
household items in the
short term if you run out of money

50
Q

What’s the disadvantages of an overdraft?

A

High Interest is charged
(extra money on top of the
money you owe)
Notes Copy

51
Q

What’s PayPal?

A

Safe way to pay for goods online without
disclosing your credit card or bank account details.

52
Q

What’s a standing order?

A

is a planned automatic
payment to pay a regular fixed amount of money
from your bank account to a stated person’s bank account on specific dates/fixed time.

53
Q

What’s direct debit?

A

a planned automatic payment
to pay a variable amount of money from your
bank account to a stated person’s account at any
time.

54
Q

What’s a bank statement ?

A

This is a document issued by the bank that
shows you the money coming in and out of your current
account. These can be paper or electronic statements

55
Q

What’s online banking?

A

allows people to access their
current account at any time using a computer or mobile device that has internet access

56
Q

What’s digital wallet?

A

A digital wallet is an online service that allows you to make electronic
transactions.

57
Q

What’s foreign exchange ?

A

this involves banks
converting euro currency into other
foreign currencies like sterling, dollar
and yen.

58
Q

What’s the exchange rate?

A

this is the rate at
which money of of one country can be
changed for the money of another
country.
Notes Copy

Buisness (2 decks)

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