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Chapter 2- Expenditure
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What is the opportunity cost if you buy a phone instead of concert tickets?
Concert tickets.
Explain the term financial cost.
The money paid for an item.
Why should needs be prioritised over wants?
Because they are essential for living.
How do you calculate net cash
Total income - Total Expenditure
Januarys closing cash becomes February's....
Opening Cash
If income is €2000, and expenditure is €1800, what is net cash?
€200
If rent is €800 per month, annual rent = ?
€9,600.
Why is it important to record expenditure?
To monitor and control spending.
Give one example of discretionary expenditure.
Cinema or holidays.
Give one example of irregular expenditure.
Groceries or Electricity
Give one example of fixed expenditure.
Rent or insurance.
Name the three types of expenditure.
Fixed, Irregular, Discretionary.
True or False: Expenditure should be higher than income.
False
Give two consequences of overspending.
Debt and unpaid bills.
What is impulse buying?
Buying without planning or thinking.
What is meant by opportunity cost?
The item you give up when choosing another.
What is expenditure?
Money spent by an individual or household.
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