Form 1 Income and Expenditure

Quiz
•
Life Skills
•
6th Grade
•
Easy
Kelvida David
Used 1+ times
FREE Resource
38 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is income?
Money spent on goods and services
Money earned or received in exchange for labour
Money borrowed from a bank
Money saved for future use
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is expenditure?
Money used for savings
Money earned from a job
Money spent on goods and services
Money given as a gift
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of expenditure?
Getting a weekly paycheck
Depositing money into a savings account
Buying groceries for the month
Receiving a bonus from your employer
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a person's income is higher than their expenditure, they will have:
A budget deficit
A surplus
A balanced budget
More debt
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to balance income and expenditure?
To ensure financial stability and avoid debt
To spend as much as possible
To only focus on earning income
To avoid paying taxes
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of constant income?
A farmer selling crops in harvest season
A teacher earning a monthly salary
A musician getting paid for a concert
A store selling Christmas decorations
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A seasonal income is:
Earned at regular intervals throughout the year
Earned during specific periods based on demand
A fixed amount of money received every month
The money left after taxes and expenses
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