Year 10 Financial Awareness MSCS Term 1 assessment

If an expense can NOT be removed from your budget to save money, it is considered a _____.

• Income

• Want

• Need

• Saving

What should you include when preparing a budget?

• Only list your expenses

• Only list your debts

• Income, Expenses, Savings

• Only list your income

Which of these is a fixed (same amount, same time) payment?

• Hobbies, healthcare, clothing

• Food, travel, entertainment

• Clothing, phone bill, holidays

• Mortgage, loans, rent

Medical care is an example of a ______

• Need

• Want

Which of these is a negative connotation that could be associated with wealth and money?

• Generosity

• Kindness

• Corruption

• Entrepreneurship

In what ways can setting up a new business be a way of using money as a force for good?

Select all correct answers.

• It contributes to the local economy

• It can provide a good or service that is in demand in the local community

• It provides employment to local people

• All options are correct

What is being described here:

"A method of determining the development of a nation by taking into account things like health, life expectancy, education, literacy and standard of living".

• Human Development Index

• MEDC

• United Nations

• Social Responsibility

Fill in the blank:

The _________ the Human Development Index (HDI) number, the higher the national development of a country.

• Higher

• Lower

Using your own money for the good of others is known as...

• A long-term goal

• Selfishness

• Social Responsibility

• Corporate Responsibility

What is being described here?

A not-for-profit group with genuine ambition to create change. They exercise financial transparency about the aid and donations they receive and have clear objectives. They have started projects that aim to end poverty and hunger by providing food and access to water as well as educational projects.

• Corporate Responsibility

• For-Profit Organisation

• Government owned organisation

• Non-Governmental Organisation (NGO)