Personal Finance: Income Quiz

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

• Money received or earned by an individual.

• Money spent by an individual.

• Money saved by an individual.

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

• Birthday money received

• Wage earned

• Government grant awarded

• Bank loan received

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

• Purchase a new vehicle

• Borrow money

• Earn rent from a second property

• Get a promotion to increase wages

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

• Commission earned on sales

• Job Seeker's Allowance (JSA)

• Bonus received from a business

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 of the following is NOT an example of a human want

• Television

• Designer clothing

• Games Console

• Shelter

Identify which one of the following is NOT an example of a service

• Insurance

• Vehicle servicing

• Internet provision

• Grocery items

• Energy provision

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

• Rent

• Bank loan repayments

• Car repayments

• Buying a new car outright

• Gas and electricity bill

What is fraud?

• Winning the lottery

• Having your identity stolen

• Type of loan

• Someone taking your information