Household income and expenditure
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11 Terms
What is regular income
Income that’s received every month/week
Examples of regular income?
Wages, child benefit, pension
What is irregular income?
Income that is not fixed
Examples of irregular income
Overtime, bonuses, inheritance
What is a benefit-in-kind
A non-cash form of income
3 types of expenditure?
Fixed, irregular, discretionary
what is discretionary expenditure?
Wants example- holidays, cinema
What is fixed expenditure?
Bills that come at a fixed date example- mortgage, rent
What is irregular expenditure?
Bills that can vary in price/date example- groceries, electricity, water
What is an opportunity cost?
The option you miss out on by spending your resources on something else
What is a financial cost?
How much an item costs
Note 
Flashcards (46)