LWEO

chapter 2

chapter 2

Money to live on

In this chapter you will do a lot of calculations. Calculating with percentages is central in this. You will need a perfect command of this in subjects such as economics and management and organisation (M&O). The theme of the second block of this chapter is ‘Dealing with money’. The Nibud distinguishes three categories of expenses: household expenses, fixed charges and reservations. By drawing up a budget you can see whether expenses are in accordance with the income. Apart from pocket money, teen jobs are the most important source of income for youngsters. It is provided by law that youngsters should at least be paid the minimum youth wage when they work. When talking about wage we distinguish between gross and net wages.
The following numeracy skills will be discussed:
• rounding off numbers
• calculating weighted and unweighted averages
• converting amounts from weeks to months and, quite extensively,
• calculating with percentages.

 
links
Pay indicator (www.loonwijzer.nl)
How much clothing money? (www.nibud.nl)
About weighted and unweighted averages (www.economielokaal.nl)
Youngsters Information Point (www.jip.org)
Coolest teen job (www.leukstebijbaan.nl)

 

glossary

Glossary chapter 2

absolute change
Total change: new value minus old value.
balanced budget
If the expected income is equal to the expected expenditure, we speak of a balanced budget.
budget
Overview of expected income and expected expenditure for a coming period.
budget survey
Survey of the spending pattern of (groups of) consumers.
collective bargaining agreement (cao)
An agreement between employer(s) and organised employees about the wages and other employment conditions.
fixed charges
The monthly (or annually) recurring expenditure (charges) such as expenditure for the rent of the house, paying back a loan, expenses for water and electricity, etc.
housekeeping money
The money that is used for the maintenance of the household (family).
participation council
(MR) Codetermination council at school in which the teachers and the parents/pupils hold seats.
percentage point
The absolute difference between values that are expressed as a percentage.
relative change
(= change in terms of percentage) Change in percentages or relative to the initial value.
reserving
Putting money aside for later. For instance to buy a car later.
trade union
(= collective industrial organisation) Organisation of employees (usually per business sector).
unweighted average
Average whereby the separate weights are not taken into account. Sum of a number of numbers or quantities, divided by their number, i.e. with equal weighting factors.
weighted average
Average whereby the separate weights are taken into account. The weighted average is a series of numbers of which not every number counts equally for the average. The weights of the separate quantities are usually indicated by the term weighting factors.
works council
(OR) Codetermination organisation in an enterprise.