Income ch1

Income

The money received by an individual or household

Regular income

Received at set intervals

Irregular income

Received from time to time

Wage/Salary

Is a payment received for work

Grant

A sum of money given to an individual or business that doesn’t have to be paid back

Jobseeker’s Allowance

Payment made by the government to people who are unemployed and looking for work

State pension

Money the government pays to people who are retired and no longer have a salary or wage

Child benefit

Monthly payment to parents of children under 18 when the child is in full time education

Overtime

Payment to employees for any extra hours they have worked

Bonus

Payment to employees at a certain time of year for reaching a target

Loan

Sum of money that’s borrowed from a financial institution but must be repaid with interest

Dividend

Share of profits that is paid to shareholders of a company

Interest

Is the reward someone gets if they safe money with a financial institution

Tax refund

Money has been paid as tax then returned by the tax office

Inheritance

Money or valuables received when a family member or friend dies

Benefit in kind

Non money income in return for work

Need

Something we require for survival

Want

Something we would like but could live without

Financial life cycle

Shows the financial needs and wants that people have at stages of their life and the sources of income they use to pay for those things