Created by ameliajaneee
over 10 years ago
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Question | Answer |
Wage | Money received by workers, usually on a weekly basis, for services they provide to an employer |
Commission | Percentage of sales received by a salesperson for his or her sales. e.g. real estate agent |
Dividend | Sum payable as profit for shares |
Social welfare payment | Payment made by a government to help people in need, e.g. centerlink |
Overtime | Work done outside of regular hours, e.g. public holidays |
Salary | fixed amount of money paid on regular basis, e.g. full time job |
Superannuation | way of saving so an employee has some money for retirement |
Rent | Payment made by a tenant to an owner for the use of the owners building or land |
Royalites | Sum paid to authors, musicians as a percentage of the proceeds from their work |
Profit | What remains after all business expenses are deducted from sales revenue |
Fee | Money paid to others for their services, e.g. solicitors |
Fixed expenses | Expenses that are the same amount every time, e.g. rent, bills, taxes |
Variable expenses | expenses that change overtime |
Reasons for saving | - purchase an expensive item - superannuation - Holiday - unexpected illnesses, accidents or emergencies - saving money in bank account 'goal saver' - sense of pride and achievement - secure future |
Reasons for borrowing money | 1. immediate satisfaction 2. convenience 3. improve quality of life 4. forced saving |
reasons against borrowing money | 1. interest charges 2. impulse buying 3. additional costs 4. loss of control 5. inability to repay 6. false sense of security |
Saving involves... | being committed to a long term plan and allowing for the occasional hiccup or spending indulgence |
income? | money received on a regular basis from work, property, business, investment or welfare payments |
net income? | the amount left after income tax is deducted |
Savings plan | commitment to regularly put aside money for future use |
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