P6_GR.1-4

Any money paid for buying goods & services is known as_____.

• a. Profit

• b. Income

• c. Expense

Money received on birthdays is called _____.

• a. Needs

• b. Income

• c. Wants

_____ expenses are the expenses that can change from time to time.

• a. Fixed

• b. Essential

• c. Variable

______ expenses stay the same every month.

• Non-essential

• Fixed

• Variable

_____ involves recording of all income & expense.

• Income book

• Expense sheet

• Journal