CHAPTER 1 – INCOME tsio 1. Copy and fill in the blanks.
a. Income is ___________ received by a person or household.
b. The income a person or household receives can be regular or ___________.
c. ___________ Allowance is a payment that is made by the government to people who are unemployed and looking for work.
d. A ___________ is a sum of money that does not have to be repaid, generally given by the government or European Union.
e. A ___________ is money borrowed from a financial institution that must be repaid with interest.
f. A ___________ is a non-money form of income.
g. The income we receive allows us to pay for the things that we ___________ and want.
2. Explain the difference between a need and a want.
3. List one source of income for each of the following and state if it is regular or irregular.
a. Student b. Unemployed person c. Pensioner d. Family.
4. Explain what is meant by regular income and give three examples.
5. What is the main difference between a loan and a grant?
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6. Suggest one possible benefit-in-kind that each of the following employees might receive.
a. A medical sales representative b. Hotel worker c. Flight attendant d. Teacher e. Workers in a chocolate factory.
7. Jenny wants to go on holiday with her friends. They looked at flights and accommodation online and the total cost of the holiday came to €1,200. Jenny only has €400 in savings.
a. How much more income does Jenny need?
b. Advise Jenny on her options for getting this income and outline the benefits and risks of each option.
8. The following pie chart represents the monthly income for Dave Kelly.
