Chapter 2 - Household Income Flashcards
(15 cards)
What is regular income?
The income received at regular intervals i.e every week e.g. wages
What is irregular income ?
Income received now and again , cannot be guaranteed e.g. presents
What is benefit-in-kind (BIK)/ perks ?
Non-cash from of income e.g. company car
What is overtime?
Extra hours a person works in a day after they have completed their normal working time
What are examples of income for an employed person?
Regular income - wages and salaries
Irregular - Christmas bonus
What are the examples of income for an unemployed person
Regular - jobseeker’s benefit
Irregular - casual work
What are the examples of income for a retired person?
Regular - pensions
Irregular - win at bingo
What are the examples of income for a student?
Regular - grant
Irregular - presents
What is income ?
All the money you receive e.g. wages
What is a pension?
Income paid to those who are retired from work
What is child benefit?
A payment made every month to the parents of children
What is a grant?
Payment made to students while they are studying in college
What is a jobseeker benefit ?
Weekly payment made to people who are unable to find employment
What is disposable income?
Income that remains when all income taxes and compulsory payments have been made
What s discretionary income ?
Income left over after taxes and essential spending (food)
