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Chapter 1 - income

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