Home Managment

Question 1

Income

Answer 1

Money that households receive

Question 2

Wages

Answer 2

Money paid weekly by how many hours you’ve worked

Question 3

Salary

Answer 3

Money paid fortnightly or monthly at a fixed rate

Question 4

Social welfare payments

Answer 4

Paid to individuals who are unable to earn a wage or salary

Question 5

Gross tax

Answer 5

Money before deductions

Question 6

Net income

Answer 6

Money after deductions

Question 7

Statutory deductions and one example

Answer 7

Compulsory deductions eg usc (universal social charge), paye (pay as you earn) , prsi (pay related social insurance), pension payments

Question 8

Non-statutory deductions and one example

Answer 8

Paid by choice eg health insurance, private pension, savings plan, union membership fee

Question 9

4 common family expenses

Answer 9

Housing, groceries, clothing, medical, household, education, childcare, savings, entertainment

Question 10

Saving

Answer 10

Putting money away with a plan to spend it in the future

Question 11

Buying on credit

Answer 11

Borrowing money to pay it back at a later date