Managing Family Income Quiz

What is defined as the income from all sources in a family?

• Expenditure

• Family Income

• Savings

• Budget

Which of the following is NOT a source of family income?

• Salary from a job

• Rent from property

• Interest from bank

• Household chores

What is the term for money spent to fulfill needs?

• Budget

• Expenditure

• Income

• Savings

What is the purpose of managing family income?

• To reduce income

• To save money

• To avoid budgeting

• To increase expenses

Which of the following is a characteristic of a good budget?

• Inflexible

• Accurate estimates of income

• No prioritization

• High expenditure

What is a spending plan also known as?

• Budget

• Income report

• Savings plan

• Expenditure list

How can a family save money according to the text?

• By using free facilities

• By ignoring income

• By avoiding budgeting

• By increasing expenses

What should be prioritized when making a spending plan?

• Wants over needs

• Ignoring priorities

• Needs over wants

• Equal priority for all

Which factor does NOT influence how much a family spends?

• Income

• Size of family

• Age of family members

• Location of residence

What is the recommended percentage of income to save each month?

• 5%

• 10%

• 15%

• 20%