Name two ways households can reduce their expenditure.
Shop around for better deals, plan meals, reduce energy use, avoid impulse buying.
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15
Give two examples of benefit-in-kind.
company car/ free meals /gym /health benefits.
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seesaw
Swap points!
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gift
Win 15 points!
Okay!
gift
Win 10 points!
Okay!
thief
Give points!
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15
What is opportunity cost?
The benefit you give up when choosing one option over another.
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seesaw
Swap points!
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gift
Win 20 points!
Okay!
gift
Win 25 points!
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baam
Lose 25 points!
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15
What is the purpose of a household budget?
To plan income and expenditure so that spending doesnât exceed income.
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25
What does it mean if a household has a budget surplus?
Income is greater than expenditure.
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boom
Lose 50 points!
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rocket
Go to first place!
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fairy
Take points!
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25
thief
Give points!
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15
What is the difference between regular and irregular income
Regular income is received on a set schedule (e.g., weekly wages), while irregular income is received occasionally or unpredictably (e.g., gifts or bonuses).
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25
What should a household do if it has a budget deficit?
Expenditure is greater than income.
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10
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20
If total income is âŽ2,000 and total expenditure is âŽ2,150, what is the budget outcome?
A deficit of âŽ150
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25
What is the difference between fixed, irregular, and discretionary expenditure?
Fixed â stays the same each time (e.g., rent), Irregular â changes depending on use (e.g., electricity), Discretionary â optional spending (e.g., cinema).
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20
Name two services offered by financial institutions.
Saving accounts, loans, debit/credit cards, direct debits, insurance, online banking.
