Jnr Si - Money Matters - Income and Expense

What is commission?

• Money earned from renting out a property

• A fixed amount of money paid by an employer to an employee

• An extra amount of money paid based on an agreement for providing additional services

• Money received as a gift

What is profit considered as?

• Occasional income

• Fixed income

• Variable income

• Income from inheritance

What is the definition of salary?

• Money owed to someone

• An amount of money paid for work done over a longer period of time

• An amount of money paid for work done in a shorter period of time

• Money spent on living expenses

What are variable expenses?

• Expenses that are essential for daily life

• Expenses that do not change over time

• Expenses that change over time

• Expenses that are incurred occasionally

What is the importance of monitoring income and expenses?

• To manage money carefully and plan activities

• To spend more money than you have

• To increase debt

• To avoid saving money

What are high priority expenditures?

• Expenses that are essential for daily life

• Expenses that are not essential for daily life

• Expenses that are incurred occasionally

• Expenses that do not change over time

What is debt defined as?

• Money earned from renting out a property

• Money received as a gift

• The amount of money owed

• An amount of money paid by an employer to an employee

What is the definition of wage?

• An amount of money paid for work done in a shorter period of time

• Money owed to someone

• An amount of money paid for work done over a longer period of time

• Money spent on living expenses

The formula to calculate Simple Interest is: Principal Amount X (a)   X Period of Time

What is the significance of creating a budget?

• To track income and expenses

• To ignore financial planning

• To increase debt

• To spend money randomly