Recording Income and Expenditure (Junior Cert Business Studies): Flashcards
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14 cards from this deck
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Practise the cards
14 cards from this deck
Regular income
Regular income
Money received consistently (e.g., pocket money, salary)
Irregular income
Irregular income
Money received occasionally or unpredictably (e.g., birthday money)
Fixed expenditure
Fixed expenditure
Regular payment where amount does not vary with usage
Irregular expenditure
Irregular expenditure
Payment where amount/timing depends on usage
Discretionary expenditure
Discretionary expenditure
Payment for things we want but do not need
Financial cost
Financial cost
Total money paid for item, including additional fees
Opportunity cost
Opportunity cost
What you give up when making a purchase decision
False economy
False economy
Purchase seeming cheap but leading to higher costs later
Impulse buying
Impulse buying
Spending money without proper planning or consideration
Example of fixed expenditure
Example of fixed expenditure
Rent, insurance, phone contracts, gym memberships
Example of irregular expenditure
Example of irregular expenditure
Groceries, electricity bills, petrol costs
Example of discretionary expenditure
Example of discretionary expenditure
Cinema tickets, takeaway meals, video games, holidays
Three categories of expenditure
Three categories of expenditure
Fixed, irregular, and discretionary
Two main categories of income
Two main categories of income
Regular and irregular income