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Buisness > Winter Exams > Flashcards

Winter Exams Flashcards

(58 cards)

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1
Q

What is income?

A

is money or something value

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2
Q

What is regular income?

A

It is money that you receive every month or every week and you can depend on it

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3
Q

What is the wage?

A

It is weekly or monthly payment in return for work

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4
Q

What is unemployment benefit?

A

Weekly payments given to people that Is seeking work but unable to find work

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5
Q

What is child benefit?

A

Monthly payment given to parents
Of Children aged 18 years and under

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6
Q

What is a pension?

A

Monthly payment to give to people that over the age of 65 and retired from work

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7
Q

What is a irregular income?

A

It is money received from time to time and you can’t depend on it

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8
Q

What is overtime

A

Is working more hours than normal

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9
Q

What is a Bonus

A

It’s an extra sum of money

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10
Q

What is a commission?

A

A sales person is given a percentage of the selling price

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11
Q

What is interest?

A

It’s money earned from investing your money

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12
Q

What is benefit in kind

A

It’s a non-financial reward

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13
Q

What is expenditure?

A

It’s the amount of money we spend over a particular period of time

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14
Q

What can expenditure be?

A

Fixed irregular discretionary

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15
Q

What is fixed expenditure?

A

It’s a set amount of money that must be paid on a regular basis

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16
Q

What is a irregular expenditure?

A

It’s the amount of time in changes on a regular basis and depends how much or how little we use

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17
Q

What is discretionary expenditure?

A

It’s fun spending

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18
Q

What is current expenditure?

A

It’s spending money on day-to-day items

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19
Q

What is capital expenditure?

A

Is spending money on items that will provide longer than one year that will provide

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20
Q

What is the opportunity cost?

A

It’s the item or service you do without

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21
Q

What’s the financial cost?

A

It’s the price of an item

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22
Q

What’s a need?

A

A need is Items that we cannot do without in order to survive

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23
Q

What’s a want?

A

Items that we would like to have but are not essential

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24
Q

What income would a child get?

Study These Flashcards
A

Pocket money,gifts

25
Income that a teen/young adult would get
Pocket money , gifts , part time job
26
Income that starting career would receive
Wages , overtime , social welfare
27
Income that setting up a home would receive
social welfare , overtime , wages
28
Income that growing a career and family would receive “
Wages, overtime, social welfare, child benefit
29
What income would a pensioner receive.
Pension ,interest on savings
30
What expenditure would a child buy
Toys, snacks
31
What expenditure would a teen/young adult buy
Clothing, socialising, hobbies
32
What expenditure would starting career buy.
Car, travel , rent
33
What expenditure would setting up a home buy?
Household goods, utility bills , house purchase, holiday
34
What expenditure would growing a career and family buy?
Family food and clothing, utility bills, children education costs, family car
35
What expenditure would a pensioner buy?
Travel, leisure , medical expenses
36
Tell me the 4 institutions
Bank, credit union , post office , building society
37
What’s a current account?
It allows you to lodge and withdraw at any time
38
Tell me 5 current account services
PayPal, atm , debit card , standing order
39
What’s a debit card?
It allows money to be transferred electronically from the customers bank account to the retailers bank account
40
What’s contactless payment?
It’s a quick way to pay for items that’s less than €50 and you don’t have to show ur details
41
Debit card vs credit card differences
Buy now pay now , buy now pay later ,
42
What’s a cheque?
A written instruction to a bank to pay a stated sum of money from your bank account to a named person.
43
What’s credit transfer?
Allows you to transfer money from your own bank account to another person’s bank account.
44
What’s a bank draft?
A written document that tells the bank to pay a stated sum of money to a named person.
45
What’s paypath?
This is an electronic way of transferring an employee’s wages from employer’s bank account to employee’s bank account
46
What’s an employee?
a person who works for someone else (a person or a company) for a wage or salary.
47
What’s an Employer?
a person or company that pays people a wage or salary to work for them.
48
Whats an overdraft?
This is permission to withdraw money for more than the balance of money in your current account. Only up to a certain limit.
49
Advantages of an overdraft?
Helpful to pay for household items in the short term if you run out of money
50
What’s the disadvantages of an overdraft?
High Interest is charged (extra money on top of the money you owe) Notes Copy
51
What’s PayPal?
Safe way to pay for goods online without disclosing your credit card or bank account details.
52
What’s a standing order?
is a planned automatic payment to pay a regular fixed amount of money from your bank account to a stated person’s bank account on specific dates/fixed time.
53
What’s direct debit?
a planned automatic payment to pay a variable amount of money from your bank account to a stated person’s account at any time.
54
What’s a bank statement ?
This is a document issued by the bank that shows you the money coming in and out of your current account. These can be paper or electronic statements
55
What’s online banking?
allows people to access their current account at any time using a computer or mobile device that has internet access
56
What’s digital wallet?
A digital wallet is an online service that allows you to make electronic transactions.
57
What’s foreign exchange ?
this involves banks converting euro currency into other foreign currencies like sterling, dollar and yen.
58
What’s the exchange rate?
this is the rate at which money of of one country can be changed for the money of another country. Notes Copy

Buisness (2 decks)

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