Expenditure (Junior Cert Business Studies): Flashcards
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Practise the cards
15 cards from this deck
Expenditure definition
Expenditure definition
Money spent to satisfy needs and wants
Weekly payment examples
Weekly payment examples
Transport costs (bus fares, petrol)
Monthly payment examples
Monthly payment examples
Rent, mobile bills, subscription services
Bi-monthly payment frequency
Bi-monthly payment frequency
Every two months (e.g., electricity bills)
Quarterly payment frequency
Quarterly payment frequency
Every three months (e.g., banking charges)
Annual payment examples
Annual payment examples
Car tax, insurance premiums (once per year)
Expenditure priorities principle
Expenditure priorities principle
Pay for necessities first, then wants
Opportunity cost definition
Opportunity cost definition
Item/experience given up when choosing something else
Financial cost definition
Financial cost definition
Actual amount of money paid for an item
False economy definition
False economy definition
Cheap item that costs more long-term due to poor quality
Impulse buying definition
Impulse buying definition
Purchasing items without planning or real need
Retailer impulse buying strategy at checkout
Retailer impulse buying strategy at checkout
Place sweets & magazines near checkout counters
Overspending definition
Overspending definition
Spending more money than you earn
Key rule to avoid overspending
Key rule to avoid overspending
Never spend more than you earn
Budgeting definition
Budgeting definition
Detailed plan matching income to planned expenditure