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Grade 11 Consumer Studies - The Consumer - Summary
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Grade 11 Consumer Studies - The Consumer - Summary
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CONSUMER STUDIES- Grade 11 -
THE CONSUMER
Income & Expenditure of South Africa Households
INCOME & EXPENDITURE OF SA HOUSEHOLDS THE HOUSEHOLD BUDGET
Sources of income Managing financial resources
Expenditure patterns Principles of budgeting
Factors influencing expenditure patters Preparing and balancing a budget
SOURCES OF INCOME OF SA HOUSEHOLDS
Combined income of all the members of the household = Total amount of money that a family has
available to spend every month
Different households receive money from different sources
1. Salaries or wages
2. Government social grants and pensions
3. Family and friends
4. Business profits or investments
5. Casual wages
6. Rental income
7. Pension
8. UIF: Unemployment Insurance Fund
, 1. SALARIES OR WAGES:
Employed people either receive a salary or wages
Salary
Set amount that is paid every month
Pension, Medical aid, UIF and other contributions are deducted from your gross amount before
the employee is given his or her take-home income (Net Salary)
Salaried employers are allocated a specific number of days of leave and sick leave per year
E.g. Office Employees, Professional People and Managers
Wages
Paid according to the number of hours they work each week
Wages usually paid weekly
Overtime results in more money at the end of the week
No Work = No Pay
E.g. Factory Employees, Builders, Technicians, Seamstresses, Hairdressers, Waiters
2. GOVERNMENT SOCIAL GRANTS AND PENSIONS:
Portions of the population is partially or fully dependent on financial assistance from government
People eligible for social security grants
Elderly people
Disabled people
Poor families with children
War veterans
Households taking care of children and other people in need
Grants are received in cash at designated pay points
3. FAMILY AND FRIENDS:
Many Rural and Poor Families receive Financial Assistance from Family members who are
employed and live in other parts of the country (Urban Areas)
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