Income & Expenditure

What is a resource?

• Is everything we receive over a period of time

• is something we earn

• A resource is anything that we can use in order to meet our needs or achieve our goals.

• is a purchase that appears to be good value for money

Land is an example of a __________ resource

What is a need?

• anything we can use in order to achieve our goals

• is something we would like to have but is not essential e.g. mobile phone

• Something we cant live without, it is essential for survival e.g. food

___________ is all the money received over a period of time

_______________ is a common source of household income

Additional income for working extra hours or as a reward for meeting certain targets in known as

• Regular income

• irregular income

statutory deductions

• every worker is required by law to pay

• workers may choose to pay them

Tick the examples of statutory deductions

• PAYE

• Pension

• PRSI

• Health insurance

Jack Kelly worked 48 hours last week. He earns €10 per hour for his standard week of 39 hours and overtime is paid at time and a half. His deductions were: income tax €36.50, PRSI €20.80 and USC €15.00. What was his gross pay earned.

• €960

• €480

• €390

• €525

Groceries, motor fuel and clothing are all examples of which type of expenditure

• Fixed expenditure

• Irregular expenditure

• Discretionary expenditure