Income and Expenses

How can understanding finance help a family?

• It helps in planning for the future

• It helps in spending all the money quickly

• It stops families from buying things they want

• It only helps with saving money

Which of the following is a common source of family income?

• Loans

• Tax

• Monthly salary

• Vacations

If a father earns $600 a week and a mother earns $500 a week, what is their total weekly income?

• $1000

• $1100

• $1200

• $900

Which of the following could be an additional source of family income?

• Buying unnecessary items

• Renting a room

• Spending money on luxury goods

• Ignoring bills

Rent payment is a fixed expense?

• True

• False

Utility bills is an example of a variable expense?

• True

• False

A family earns $1,500 from the father’s job, $800 from the mother’s job, and $200 from a side business. What is their total income

• $2,500

• $3,000

• $2,000

• $1,800

How can a family increase their income?

• By relying only on fixed income

• By ignoring all expenses

• By taking on additional jobs or starting a business

• By spending money without planning

A family earns $2,400 and spends $2,700. What is their financial situation?

• Surplus of $100

• Deficit of $300

• Surplus of $500

• Surplus of $300

A family earns $3,500 and spends $3,000. What is their financial situation?

• Deficit of $200

• Surplus of $200

• Surplus of $500

• Deficit of $500