Managing Money Tutorial

In the context of financial constraints, families might have to make ______.

• Luxurious purchases

• No sacrifices

• Possible choices or sacrifices

• Unlimited spending

What is the benefit of using a spending diary for a few weeks?

• Understanding spending patterns

• Increasing income

• Reducing taxes

• Planning vacations

What is the benefit of being good at saving money?

• To spend more on non-essentials

• To ensure financial security

• To avoid budgeting

• To increase spending.

What does 'Minimum wage' refer to?

• The lowest wage permitted by law.

• A tax levied by the government directly on income.

• Money received, especially on a regular basis, for work or through investments.

• A system of compulsory payments to provide state assistance.

What is 'Overtime'?

• Work done in addition to regular working hours.

• The lowest wage permitted by law.

• A tax levied by the government directly on income.

• Money received, especially on a regular basis, for work or through investments.

PAYE stands for Pay As You Earn and is a method by which employers take away deductions before you are paid. True or False?

• True

• False

A form of long-term investment to be used in retirement is called ______.

• Salary

• Pension

• Income

• Overtime

A way of getting paid for a job, usually a set amount paid directly into your bank account, is called ______.

• Income

• Salary

• Pension

• Overtime

Which of the following is a common method to save money?

• Setting aside a portion of income regularly

• Using a credit card for all purchases

• Spending more on luxury items

• Ignoring monthly bills

What is an emergency fund?

• A fund for vacation planning

• A fund for buying luxury items

• A savings account for unexpected expenses

• A fund for daily expenses