Income-Expense

True or False: Income is money (or some equivalent value) that an individual or a business receives, usually in return for providing a good or service.

• True

• False

Which one is an example of income?

• Salary

• Rent

• Insurance

• Vacation expenses

Which one is NOT an example of income?

• Salary

• Allowance

• Recycling

• Expenditure on entertainment

What is an outflow of money to another person to pay for a good or service?

• Income

• Expense (or expenditure)

Which one is a fixed expense?

• Rent

• Expenditure on Clothing

• Gifts

• Meals at restaurants

Which one is a variable expense?

• Insurance premium

• Expenditure on gasoline

• Medical check-ups

• Expenditure on hobbies

What type of expense is expediture on groceries?

• Fixed expense

• Variable expense

• Periodic expense

• Discretionary expense

What type of expense is car servicing?

• Fixed expense

• Variable expense

• Periodic expense

• Discretionary expense

What type of expense is vacation expenses?

• Fixed expense

• Variable expense

• Periodic expense

• Discretionary expense

What type of expense is tuition fees?

• Fixed expense

• Variable expense

• Periodic expense

• Discretionary expense