Income and Expenses

1. The concept of earning money without actually working is called ___________.

• Earned Income

• Passive Income

• Active Income

• Unearned Income

2. Which of these is not a variable expense?

• 
• 
• 
• 

3. You teach music to your neighbour for money each Saturday. What type of income is this?

• Active Income

• Passive Income

• Fixed Income

• Variable Income

4. Which of these is NOT a source of active income?

• Salary from job

• Wages earned by a construction worker

• Selling juice every evening of the week

• Winning the lottery

The two types of income are active and (a)   income.

(a)   are essential items for survival and well-being like food, water, etc.

(a)   are desirable but non-essential items.

Anil works as a teacher in Mumbai. He earns ₹40,000 per month. This is (a)   income.

Suma lives in a rented apartment in Delhi and pays ₹15,000 as rent every month. This is a (a)   expense.

Expenses can be divided into fixed and (a)   .