Household Income

Méabh Butterly
Mind Map by Méabh Butterly, updated more than 1 year ago
Méabh Butterly
Created by Méabh Butterly over 1 year ago
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Description

INCOME REFERS TO MONEY RECEIVED OVER A SOME TIME

Resource summary

Household Income
  1. INCOME
    1. INCOME REFERS TO ALL THE MONEY RECEIVED OVER A PERIOD OF TIME
      1. OVER SOME TIME
    2. WAYS OF CALCULATING INCOME
      1. TIME-RATE= MONEY RECEIVED FOR THE AMOUNT OF HOURS YOU DO
        1. PIECE-RATE= MONEY RECEIVED FOR THE AMOUNT OF WORK YOU DO
          1. OVERTIME= MONEY RECEIVED FOR WORKING MORE HOURS THEN THEIR NORMAL AMOUNT
            1. COMMISSION= GETTING A PERCENTAGE OF ITEMS SOLD
              1. BONUS= GETTING MORE MONEY FOR REACHING A CERTAIN TARGET
      2. SOURCES OF HOUSEHOLD INCOME
        1. WAGES AMD SALARIES: INCOME RECEIVED AS A REWARD FOR WORK.
          1. PENSIONS:INCOME PAID TO THOSE HAVE RETIRED FROM WORK.
            1. CHILD BENEFIT: A PAYMENT MADE TO PARENTS/ GUARDIANS OF CHIDREN
              1. JOBSEEKER'S BENEFIT: A PAYMENT TO INDIVIDUALS WHO ARE UNABLE TO FIND EMPLOYMENT
                1. WORKING FAMILY PAYMENT: A PAYMENT MADE TO HOUSEHOLDS WITH LOW LEVELS OF INCOME. A SUPPLEMENT IS A TOP UP PAYMENT
                  1. INTEREST ON SAVINGS: FINANCIAL INSTITUTIONS SUCH AS BANKS, BUILDING SOCIETIES, THE POST OFFICE AND CREDIT UNIONS REWARD THOSE WHO SAVE MONEY WITH THEM BY PAYING INTEREST ON THEIR SAVINGS
                    1. DIVIDENDS ON SHARES: A DIVIDEND IS THE PORTION OF COMPANY PROFITS PAID TO SHAREHOLDERS. ANYONE WHO BUYS SHARES OF A COMPANY IS CALLED A SHAREHOLDER. SHAREHOLERS ARE THE OWNERS OF A COMPANY AND MAY BE REWARDED FOR THEIR INVESTMENT BY RECEIVING A DIVIDEND
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