Business Studies

Things that are essential and must be prioritised

• Must have

• Needs

• Wish

• Want

Income is received weekly or monthly

• Irregular Income

• Regular Income

• Regulated Income

• Unregulated Income

A non-Cash form of income

• State Benefit

• Benefit in Time

• Benefit in Kind

• Social Welfare

Fixed Expenditure is

• Spending on non-essential items

• The same no matter how much we use

• Fluctuates with usage

• Spending on essential items

Opportunity Cost is

• The item we bought

• The item we had to do without

• The items that gave opportunity

• The Cost of goods

This stage in the personal financial lifecycle is when we buy / rent our own home

• Dependency Stage

• Dependency Stage

• Growth Stage

• All stages

This is a Tax on the interest earned on money on deposit in a bank (savings)

• Capital Gains Tax; CGT

• Value Added Tax; VAT

• Deposit Interest Retention Tax; DIRT

• Pay As You Earn; PAYE

This form of Taxation means that everyone pays the same percentage of tax no matter what their income is

• Progressive Tax

• Regressive Tax

• Consumption Tax

• Tax Credit

AER Annual Equivalent Rate takes into account that ____________ has been added to your savings

• Tax

• Interest

• Value

• Time

In Insurance this is added to your Premium owing to an increased element of Risk

• Premium

• Indemnity

• Loading

• Policy Excess