Family and Resource Management

Anything that is generally and universally accepted for the payment of goods, services and debts is called...

• legal tender

• goods

• money

• fixed expenses

All of the following are functions of money except?

• To make use of the family chequing account

• A medium of exchange

• A measure of value

• A measure of wealth

Money for transportation, food and clothing are all referred to as...

• Gross income

• Fixed expenses

• Goods

• Flexible expenses

Rent, Mortgage and Taxes are all referred to as ..

• Flexible expenses

• Debt

• Goods

• Fixed expenses

Money that is received after deductions is referred to as....

• Income

• Net income

• expenditure

• gross income

Money that is earned before deductions is referred to as..

• income

• gross income

• expenditure

• net income

A plan for future income and expenditure is called a (a)  

Money that is earned is called (a)  

The planning and control of monetary resources is called (a)  

An amount of money that has been spent is called (a)