TLE Written Test No. 1: Family Budget

What refers to the money assigned to a particular purpose?

• expenses

• income

• budget

• finance

What component of family budget is a fixed monthly budget and is considered a basic need for the safety and protection of the family members against heat and rain?

• shelter

• education

• clothing

• utilities

What component of a family budget is designed to help the family build a better future?

• social and moral obligations

• pre-need plans

• household operations

• rest and recreation

How can savings increase?

• by investing

• by having a piggy bank

• by spending

• by being thrifty

In economics, what is defined as the things that help people to survive?

• wants

• shelter

• savings

• needs

What factor affecting the family income refers to the basic needs and other things the family members desire to have?

• amount of income

• needs and wants of the family

• size and composition of the family

• values of the family

What type of spending did you use when your family went to Asin Hot Spring last summer?

• spending for comfortable living

• splurge spending

• spending for savings

• spending for major purpose

What will you do to keep track of your family's income?

• keep a record of expenses

• record your income

• keep all receipts

• mark your calendar

What could be the major reasons why one family's budget is different from another family's budget?

1. size of the family members

2. clothing

3. savings

4. location of residences

5. household operations

6. family income

• 1,2,3

• 1,3,5

• 1,4,6

• 2,4,6

How much money is reserved for food if the allocation is 32% of Php 27,500.00 family's monthly income?

• Php 8,250.00

• Php 8,080.00

• Php 8,520.00

• Php 8,800.00