Income and Spending

Identify which one of the following best describes the term 'income'.

• Money spent by an individual.

• Money saved by an individual.

• Money received or earned by an individual.

Identify which one of the following is not an income source.

• Wage earned

• Bank loan received

• Bank loan repayment

• Cash gifted

• Government grant awarded

Identify which one of the following is not a way in which an individual can increase their income.

• Earn rent from a second property

• Start a business to create a profit

• Sell an unnecessary asset eg an old games console

• Purchase a new vehicle

• Get a job

Identify which one of the following provides an income to people who are unemployed.

• Bonus received from a business

• Job Seeker's Allowance (JSA)

• Commission earned on sales

Identify which one of the following is the correct name of the government department which is responsible for unemployment benefit payments in Scotland.

• The Department for Work and Pensions

• The Department for Unemployment Benefits

• The Department for Supporting Income

Identify which one of the following best describes the term 'spending'.

• Purchasing goods and services.

• Selling goods and services.

• Returning goods and services.

Identify which one of the following is not an example of a human want.

• Television

• Designer clothing

• Shelter

• Games console

Identify which one of the following is not an example of a good.

• Potatoes

• Handbag

• Haircut

• Tracksuit

Identify which one of the following is not an example of a service.

• Energy provision

• Internet provision

• Vehicle servicing

• Groceries

• Insurance

Identify which one of the following is not an example of a monthly household outgoing.

• Transport costs

• Rent or mortgage payments

• A new car bought outright

• Car repayments

• Gas and electricity bills