Household Income

Question 1

Explain regular income

Answer 1

The income received at regular intervals, eg. Wages

Question 2

Explain irregular income

Answer 2

Income received now and again, the timing and amount are less predictable and cannot be guaranteed eg. Presents

Question 3

Explain benefit in kind (bik)/perks

Answer 3

A non cash income eg. Company car or medical cards

Question 4

Explain overtime

Answer 4

The extra hours a person works in a day after they have completed their normal working time

Question 5

What are the ways of calculating employees gross pay?

Answer 5

Time rate, piece rate, commission and salary

Question 6

What is piece rate?

Answer 6

The employee is paid per item produced eg. Employee paid €1.25 per box of grapes picked, employees packs 60 boxes, €1.25x60=€75.00

Question 7

What is commission?

Answer 7

A salesperson is given a percentage of the selling price to encourage them to sell eg. Insurance however if they sell nothing they earn nothing

Question 8

What are some examples of income?

Answer 8

Employed person: Wages and salaries, Unemployed person: Lottery win, Retired person: pensions, Student: pocket money and presents

Question 9

How is PAYE used by the government?

Answer 9

It’s used by the government for in the running of the country eg. Health services and education