Analysed CashBook
What side of the account does a credit go on?
Right.
True or False: A wage/ salary is a source of regular income.
True
True or False: Child Benefit is a source of irregular income.
False
What is government revenue?
Income.
What does BIK stand for?
Benefit-In-Kind
Money coming into an account.
Give two types of regular income other than a wage/salary.
A grant, state pension, jobseeker's allowance, etc
Give two types of irregular income.
A loan, bonus, overtime, tax refund, dividend, interest.
Taxation
Is birthday money regular or irregular income?
Irregular
What side of the account does the balance c/d go?
Smaller side/ Side with smaller total.
Define the term 'regular income'
Regular income is money recieved at set intervals such as weekly or monthly.
Define the term 'Irregular income'
Explain and give an example of a state-sponsored body.
A government owned company. Example
Why might a company offer employees Benefit-In-Kinds?
Appropriate answer
What is the main difference between a budget and an analysed cashbook?
Actual vs Planned/ Budgeted
What is a grant?
A grant is a sum of money given to an individual or business that does not have to be repaid.
What is a loan?
A loan is a sum of money that is borrowed from a financial institution, such as a bank. It must be repaid with interest.
What is the main difference between a surplus budget and a deficit budget.
What is the difference between a loan and a grant?
Appropriate answer
Any appropriate response.
What is jobseeker's allowance?
Jobseeker’s Allowance is a payment made by the government to people who are unemployed and looking for work.
What is a 'dividend'?
A dividend is a share of profits from a company.
What is a 'tax refund'?
A tax refund is money that has been paid as tax and is then returned by the tax office.