chapter 1 Income (Benefit-in-kind (BIK) or perks (employee receiving a…
chapter 1 Income
it is important that individuals and families keep a record of their expected income
what is income?
Income is money received by an individual or household.
sources of irregular income
a dividend is a share of company profits that is paid to shareholders of a company.
sources of regular income
received at a set time such as weekly, fortnightly, or monthly e.g. monthly wages or a weekly pension.
received from time to time e.g. birthday money or a bonus.
needs and wants
something you need to survive e.g. food&water
something you would like but could live without e.g.smart phone
needs and wants change at different stages in peoples lives
Benefit-in-kind (BIK) or perks
employee receiving a company car
waitress being provided free or discounted lunch
business paying health insurance for its employees.
fashion retail assistant being given free of discounted clothes to wear at wok