Understanding Income and Expenditure

What does the word ‘income’ mean to you?

• Income is the money earned from work or investments.
• Income is a type of job.

• Income refers to the amount of time spent working.
• Income is the total number of employees in a company.

What does the word ‘expenditure’ mean to you?

• Expenditure refers to the amount of money saved.
• Expenditure is a type of job.

• Expenditure means the income generated from sales.
• Expenditure means the act of spending money.

Which type of income is profit?

• Regular Income

• Irregular Income

What is paid per hours worked or product made?

• A salary

• A wage

• A commission

Explain the difference between regular and irregular income?

• Regular income is always higher than irregular income.
• Irregular income is received monthly, while regular income is received annually.
• Regular income is consistent (e.g., salary), while irregular income is unpredictable (e.g., freelance payments).

Amy ears €10 an hour. If overtime was paid at a rate of time and a half what would Amy’s gross pay be?

• €10

• €15

• €20

• €30

What is the current retirement age in Ireland?

Making a choice between two items is known as?

• Financial Cost

• Opportunity Cost

The cost of an item is known as?

• Financial Cost

• Opportunity Cost

Impulse buying is?

• spontaneous purchase of goods or services.

• A planned purchase made after careful consideration.
• A type of investment in stocks or bonds.
• A purchase made only during sales events.