WorksheetsEarned v. Unearned Income
Total questions: 15
Worksheet time: 8mins
A SMART goal is:
A goal that is Specific, Measurable, Achievable, Relevant, and Time-bound.
A goal that is vague and open-ended.
A goal that is only focused on long-term outcomes.
A goal that does not require a deadline.
Which of the following is an example of a short term goal?
Finishing your homework by tonight
Becoming a doctor
Retiring at age 60
Buying a house in 10 years
Which of the following best describes an intermediate goal?
A goal that is set to be achieved in the medium term, such as graduating from college in four years.
A goal that is achieved immediately, like finishing a meal.
A goal that is set for the distant future, such as retiring at age 65.
A goal that is unrelated to personal development.
A long term goal is an objective you plan to achieve over an extended period. Which of the following is an example of a long term goal?
Saving money to buy a house in 10 years
Finishing a homework assignment tonight
Eating lunch today
Taking a short walk after dinner
Which of the following lists two responsible uses of money and two irresponsible uses of money?
Saving for emergencies, paying bills on time; overspending on wants, ignoring a budget
Gambling, donating to charity; saving for retirement, shopping for groceries
Paying bills late, investing in education; buying unnecessary items, saving for emergencies
Ignoring a budget, saving for emergencies; paying bills on time, overspending on wants
A good financial choice/decision that would help you achieve your goal is:
Creating a budget and saving regularly
Spending all your money immediately
Ignoring your financial goals
Relying only on luck for financial success
Which of the following is a potential obstacles that could stand in your way of reaching your goals?
Lack of motivation
Abundant resources
Constant support
Unlimited time
Are wages earned or unearned and wihch choice best describes a scenario of how this is used in the real world.
Earned. Wages are money paid for work done, usually hourly. Example: A cashier earns wages for hours worked at a store.
Unearned. Wages are money received from investments. Example: Earning interest from a savings account.
Earned. Wages are gifts received from family members. Example: Receiving birthday money from parents.
Unearned. Wages are money won in a lottery. Example: Winning cash from a scratch-off ticket.
Are Private Sources of income earned or unearned and which best describes a scenario of how this is used in the real world.
Unearned. Private sources are money received from investments or gifts. Example: Receiving dividends from stocks.
Earned. Private sources are money received from working overtime. Example: Getting a bonus for extra hours worked.
Unearned. Private sources are only from government benefits. Example: Receiving unemployment benefits.
Earned. Private sources are money received from selling products. Example: Profits from a small business.
Is a Salary earned or unearned and which scenario describes how this is used in the real world.
Earned. Salary is a fixed regular payment for employment. Example: An office worker receives a monthly salary.
Unearned. Salary is money received from investments. Example: Earning interest from a savings account.
Earned. Salary is a one-time lottery win. Example: Winning a cash prize in a contest.
Unearned. Salary is a government grant. Example: Receiving a scholarship from the government.
Which of the following choices correctly answers the following questions about Government Transfer Payments? Is it earned or unearned and which scenario best describes how this is used in the real world.
Unearned. Government transfer payments are money given by the government, not for work done. Example: Receiving unemployment benefits.
Earned. Government transfer payments are wages paid for government jobs. Example: Working as a government employee.
Unearned. Government transfer payments are profits from selling goods to the government. Example: Selling supplies to a government office.
Earned. Government transfer payments are bonuses for community service. Example: Volunteering at a public event.
The phrase “pay without work” refers to which of the following?
Receiving money without doing any job or service.
Getting paid extra for overtime work.
Earning a salary through hard work.
Receiving a bonus for good performance.
The biggest difference between a salaried employee and an hourly wage employee is:
Salaried employees receive a fixed amount regardless of hours worked, while hourly employees are paid based on hours worked.
Hourly employees receive benefits, while salaried employees do not.
Salaried employees are always paid more than hourly employees.
Hourly employees have more job security than salaried employees.
How can people who's pay check can very week to week or month to month prepare themselves to be able to pay their bills during times when their income fluctuates?
By saving money during periods of high sales
By spending all their earnings immediately
By relying only on credit cards
By ignoring their bills until sales return
Government transfer payments are funded by which of the following, and how can these programs help give individuals financial stability?
They are funded by tax revenues and can provide financial support to individuals in need.
They are funded by private donations and can increase government debt.
They are funded by selling government assets and can reduce unemployment rates directly.
They are funded by foreign aid and can increase inflation.
