Economics & Business Quiz

What is a budget?

• A. A plan for managing your money in a way that best meets your personal needs and wants.

• B. A list of all your expenses.

• C. A record of your income.

• D. A financial goal.

How does effective money management help people?

• A. It helps people to achieve their financial goals and organize their finances.

• B. It increases their income.

• C. It reduces their expenses.

• D. It eliminates the need for budgeting.

What is considered as income?

• A. Any money coming in such as wages/salary from a job, an allowance from parents and other income.

• B. Any money spent on expenses.

• C. Only wages from a job.

• D. Only allowances from parents.

What are expenses?

• A. Amounts that you spend, including anything you purchase, such as food or clothes.

• B. Money you save.

• C. Money you earn.

• D. Financial goals.

When should budgets be re-evaluated?

• A. When goals, income, or expenses change.

• B. Every month.

• C. Every year.

• D. Never.

Which of the following is a way to reduce your taxable income in Australia?

• Investing in stocks

• Donating to charity

• Buying luxury items

• Taking a vacation

Why might it be beneficial to use an accountant when trying to minimize tax?

• They can help you avoid paying any tax

• They are experts in tax and can help you minimize tax

• They can increase your taxable income

• They can help you evade tax

What is a share?

• A piece of ownership in a company

• A type of loan

• A form of currency

• A government bond

Where are shares often traded?

• On a stock exchange

• In a bank

• At a government office

• In a supermarket

What does ASX stand for?

• Australian Securities Exchange

• American Stock Exchange

• Asian Securities Exchange

• African Stock Exchange