Money & Income


 Money is something widely to accepted in payment for goods.

Currency is a money used in a country like euros, dollars, yen, etc.

  • Cash is money in notes (banknotes) and coins.
  • Coins or paper currency issued by government as a medium for exchanges, as a means of payment.
  • Most money consists of bank deposit. Bank deposit is money that people and organizations have in bank accounts.

 

Personal Finance

 

Income is amount of money one gets from labour, business, and property.

Income includes  salary or wages, overtime, commission,  bonus, fees, social security, and  pension.

  • Salary is a money paid monthly by an employer. Wages are a money paid by the day or hour that usually received weekly. Salaries and wages are often paid after deductions such as social security charges and pension contributions.
  • Overtime is a money received for working extra hours.
  • Commission is a money paid to salespeople and agents that certain percentage of the income the employee generates.
  • Bonus is a extra money given for meeting a target or for good financial results.
  • Fees are a money paid to professional people such as lawyers and architects.
  • Social security is a money paid by the government to unemployed and sick people.
  • Pension is a money paid by a company or the government to a retired person

Outgoing is amounts  of money that people have to spend regularly.

Outgoing includes  living expenses, bills, rent,  mortgage, health insurance, and tax.

  • Living expenses are a money spent on everyday needs such as food, clothes, and public transport.
  • Bills are requests for the payment of money owned for services such as electricity, gas and telephone connections.
  •  Rent is a money paid for the use of a house or flat.
  • Mortgage is a repayments of money borrowed to buy a house or flat.
  • Health insurance is a financial protection against medical expenses for sickness or accidental injuries.
  • Tax is a money paid to finance government spending.

Budget is A financial plan showing how much money a person or organization expects to earn and spend.

One thought on “Money & Income

  1. Pingback: ECONOMICS « No-V

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