Consumer Rights
A person who buys Goods & Services for their own use
What is a Consumer?
Money received by an individual or household
What is Income?
The amount of money spent by an individual or household
What is Expenditure?
A financial plan that shows expected income and expenditure for a period of time
What is a Budget?
Monthly or annual payment to employees, it is fixed and at regular intervals
What is a Salary?
A legal agreement between two or more people
What is a Contract?
Payment made by the government to people who are unemployed and looking for work
Jobseekers Allowance/ Jobseekers Benefit
The item we did NOT buy because we chose another item
What is Opportunity Cost?
Money an individual or household has at the start of a period
What is Opening Cash?
What is Commission?
This law states that goods must be of merchantable quality, fit for purpose, as described, and must correspond to the sample shown
What is the Sale of Goods & Supply of Services Act 1980?
When employees receive non-money income in the form of goods or services
What is Benefit-in-Kind
Expenditure where the amount does not vary with usage
What is Fixed Expenditure?
The amount of money an individual or household has at the end of a period
What is Closing Cash?
The total amount a person earns before deductions
What is Gross Pay?
This can be either a refund, repair, or a replacement
What is redress?
A cycle that shows the financial needs & wants people have at different stages of their lives
What is the Financial Lifecycle?
Expenditure where the amount varies with usage
What is Irregular Expenditure?
Fixed expenditure + Irregular expenditure + Discretionary expenditure
What is Total Expenditure?
The amount an employee is left with after deductions have been taken off
What is Net Pay?
A period of 14 days whereby a consumer can cancel their online order for any reason
What is a 'Cooling-off' Period?
Money the government pay to people aged 66 years of age who have retired from work
What is a Pension?
Expenditure for things we want but do not need
What is Discretionary Expenditure?
Total income - Total expenditure
What is Net Cash?
Mandatory deductions which must be paid by law eg PAYE
What are Statutory Deductions?