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Chapter 1 - income
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Name the 5 stages of the financial cycle
Reliance Stage, Independence stage, Development stage, Pre Retirement, Retirement
What is the purpose of recording income ?
To track and plan future spending.
Give one example of a want
Phones or holiday
Give one example of a need
Food or Water
What is the main difference between a need and a want?
Needs are essential, wants are not
Define the term dividend.
Share of company profits paid to shareholders.
Give one example of government income support.
Jobseeker’s Allowance or Child Benefit
What is the difference between a wage and a salary?
A wage is paid hourly/weekly; a salary is a fixed yearly amount.
True or false: A grant must be repaid
False
What does BIK stand for
Benefit in Kind
Give one example of irregular income.
Bonus, overtime, or gift.
Give one example of regular income
Weekly wages or monthly salary.
What is Income?
Money received by an individual or a household
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