you know and understand each Key Term. q I know and understand this Key Term. q I am still a bit uncertain about what this Key Term means. q I don’t understand this Key Term yet.
When you revise each chapter, tick the boxes again to indicate how much you have learned.
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Income is the money received by a person or a household. q q q Regular income is a predictable amount of money received every week or every month.
Irregular income is unpredictable in size and frequency.
Child Benefit is a monthly social welfare payment, paid by the State to all parents or guardians of children up to age 18, while they are still in education.
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State Pensions are paid by the State to all citizens over a certain age. They provide a basic income and are funded by taxpayers.q q q
Private Pensions are paid by some employers to former employees when they reach retirement age. The amount received depends on the former employee’s length of employment and how the pension was invested.
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Personal Pensions are paid by a life assurance company or investment firm. This is a type of private pension for anyone who is self-employed or can’t join an employer plan.
Benefits-in-kind (BIK) are things that you get for free from an employer that you would otherwise have to pay for. They are a non-cash form of income.
Spreadsheets are computer software programs that are very useful for recording and editing numerical data.
Expenditure is the amount of money that we spend over a particular period of time.
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Fixed expenditure refers to a predictable (fixed) sum of money that has to be paid out regularly, regardless of how much, or how little, we use an item.
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Irregular expenditure refers to an unpredictable (irregular) sum of money that has to be paid out regularly, but whose value varies depending on how much we use or consume. q q q
