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What is Income?
Money received by an individual or a household
Give one example of regular income
Weekly wages or monthly salary.
Give one example of irregular income.
Bonus, overtime, or gift.
What does BIK stand for
Benefit in Kind
True or false: A grant must be repaid
False
What is the difference between a wage and a salary?
A wage is paid hourly/weekly; a salary is a fixed yearly amount.
Give one example of government income support.
Jobseeker’s Allowance or Child Benefit
Define the term dividend.
Share of company profits paid to shareholders.
What is the main difference between a need and a want?
Needs are essential, wants are not
Give one example of a need
Food or Water
Give one example of a want
Phones or holiday
What is the purpose of recording income ?
To track and plan future spending.
Name the 5 stages of the financial cycle
Reliance Stage, Independence stage, Development stage, Pre Retirement, Retirement
