LIBF Unit 2- Topic 4 Budgeting

The British Cabinet Minister responsible for financial and economic matters

• The Bank of England Governor

• The Chancellor of the Exchequer

• Prime Minister

• Treasury Minister

Income after tax and other deductions have been taken off

• Net Income

• Gross Income

• Salary

• Wages

People who work for themselves and being able to pick what to do and when

• Salaried

• Employee

• Self-Employed

• Employed

An electronic payment out of an account, the amount can vary.

• Direct Debit

• Standing Order

• Bank Transfer

• Debit Payment

The total value of all goods produced and services provided by a country

• Taxable Income

• National Product

• Gross Domestic Product

• Gross Income

Income from savings, investments etc. that is not received by doing work.

• Earned Income

• Unearned Income

• Untaxed Income

• Taxed Income

A company that provides short-term loans to people who need to borrow until they get paid

• Insurance Company

• Personal Loan Company

• Credit Union

• Payday Lender

Things that we might like to buy if we have the money, but aren't essential to our standard of living.

• Essential Expenditure

• Exceptional Expenditure

• Discretionary Expenditure

• Discreet Expenditure

Bills that must be paid for by law

• Mandatory Expenditure

• Discretionary Expenditure

• Essential Expenditure

• Compulsory Expenditure

An electronic payment out of an account, it is used to make regular payments of the same amount.

• Bank Transfer

• Direct Debit

• Debit Card

• Standing Order