Finance Unbox-ED ($) - Grade 3-5 - Session 003 - Quiz 1

Select all the statements that are true

• Income is money earned by selling goods and services
• Income is interest received from a bank
• Income is money received from rent
• All of the above

Select all the statements that are true

• Active income is income where one must do some work to earn it
• Passive income is income which one receives without doing any work
• Goods sold by a department store are an example of active income
• Services provided from home are an example of passive income

Select all the examples of passive income

• Salary received each month
• Rent received each month
• Interest received from a bank
• Lottery money received

Select the statement that is true

• Fixed expenses are expenses whose value do not change every month
• Variable expenses are expenses whose value change every month
• Both of the above
• None of the above

Select all the examples of fixed expenses

• Guitar class fees paid each month
• Fuel cost for the car each month
• School bus fees paid each quarter
• All of the above