What I may already know: • People need money to buy the things that they need and want. • Money can come from a number of sources. • People have different financial needs at different times in their lives.
Learning Intentions
In this chapter, I will learn: • What income is. • The difference between regular and irregular income. • The different types of income for individuals and households. • How to identify benefit-in-kind. • The difference between needs and wants. • The impact needs and wants have on individuals, society and the environment. • That financial needs change at different stages of life.
Key Words: Income
Regular income Irregular income Wage Grant
Jobseeker’s Benefit
State Pension Child Benefit Overtime
Bonus Loan
Dividend Interest Tax refund
Benefit-in-kind (BIK) Need Want
WHAT IS INCOME?
Everything we buy – from small items such as a packet of crisps or a magazine, to big items such as a car or a house – has to be paid for. To pay for things, we need money. The money received by a person or household is known as income.
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Income is money received by an individual or a household.
