Income and Financial Concepts Flashcard

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What is regular income?

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Income received at set intervals, such as weekly or monthly.

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What is irregular income?

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Income received from time to time.

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Jobseeker's Allowance or Jobseeker's Benefit

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A payment made to people who are unemployed and looking for work.

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What is Child Benefit?

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A monthly payment to parents or guardians of children under 16 years of age or under 18 years of age if the child is in full-time education.

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What is a grant?

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A sum of money that does not have to be repaid, generally given by the government or European Union.

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What is a loan?

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Money borrowed from a financial institution that must be repaid with interest.

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What is a tax refund?

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Money that has been paid as tax and is then returned by the tax office.

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Inheritance

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Money or valuables received when a family member or friend dies.

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What is non-money income in return for work called?

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Benefit-in-kind (BIK) or perks.

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What is a need?

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Something that we require for survival.