WorksheetsTOPIC 1: INCOME & EXPENSE
Total questions: 25
Worksheet time: 13mins
Which of the following best defines income?
Money you receive as a gift
Money you earn from your job or other sources
Money you spend on expenses
Money you save in a bank
Which statement best defines self-employed?
Working for oneself or as the owner of the business rather than for an employer
Being paid a salary by a company each month
Doing volunteer work without pay
Investing money and not working at all
In the scenario of a person running a donut business alone for several years, which is a likely benefit of being a sole trader?
Keeping all the profits and making independent decisions
Sharing profits equally with partners
Having a guaranteed paid vacation from an employer
Avoiding all business risks and responsibilities
In the same donut business scenario, which is a likely challenge of being a sole trader?
Managing many tasks alone and working long hours
Always having coworkers to share duties
Receiving a fixed monthly salary regardless of sales
Having government pay all business expenses
Income obtained through stealing is classified as which type?
Halal income
Haram income
Income earned by honestly selling produce at a market is classified as which type?
Halal income
Haram income
Which type of income is money you have to actively work for, like income from a job or your business?
Active income
Passive income
Portfolio income
Net income
Which type of income is money you receive without actively doing work, such as a pension or allowance?
Active income
Passive income
Portfolio income
Gross income
Which type of income comes from investments such as stocks, dividends, or interest?
Active income
Passive income
Portfolio income
Net income
Which statement about active income versus passive income is correct?
Active income continues even if you stop working; passive income stops when you stop
Active income stops when you stop working; passive income is not dependent on your daily work
Both active and passive income require full-time daily labor
Neither active nor passive income can come from a business
Gross income is best described as which of the following?
Income you earned before taxes and other deductions
Income after taxes and other deductions
Income from investments only
Income paid as an hourly wage
Net income is best described as which of the following?
Income you earned before taxes and other deductions
Income after taxes and other deductions
Income from selling goods at a market
Income given as a monthly salary
In some countries, you must pay a portion of your income to the government as what?
Income tax
Sales receipt
Loan repayment
Interest rate
In Brunei, instead of paying income tax, a portion of your salary is deducted toward which program?
GST
TAP
VAT
Zakat
Which description matches a salary?
A fixed amount paid on a monthly basis regardless of hours worked
An amount paid based on an hourly or daily rate
Money received from investments
Money given as a one-time bonus only
Which description matches wages?
A fixed monthly amount regardless of hours worked
An amount paid to an employee based on an hourly or daily rate
Income after taxes and other deductions
Money earned from renting property
Which phrase best defines expenses?
Money paid or spent for goods and services
Money you earn or receive from work
Money given as a gift
Money kept in a savings account
Which is an example of a need-based expense?
Buying movie tickets
Paying rent or utilities
Taking a vacation
Upgrading a gaming console
Which type of expense stays the same every month, such as rent or car loan payments?
Variable expense
Fixed expense
Optional expense
Irregular income
Which is the best action if your expenses are more than your income?
Reduce spending and/or increase income by budgeting
Ignore it and keep spending on wants
Take on more debt to cover all wants
Spend savings on non-essentials first
Going for a vacation is considered what type of expense?
Essential Expense
Discretionary Expense
Fixed Expense
Variable Expense
Which of the following is an example of fixed expense?
Utilities
Eating Out
House Rental
Car Repair
Which of the following is NOT an example of variable expense?
Utilities
Car loan repayment
Entertainment
Eating Out
What is the primary difference between fixed and variable expenses?
Fixed expenses remain constant; variable expenses can change
Fixed expenses are always higher than variable expenses
There is no difference between fixed and variable expenses
Fixed expenses change monthly; variable expenses remain constant
Which of the following best describes the difference between essential and discretionary expenses?
Essential expenses are necessary for survival, while discretionary expenses are non-essential and can be adjusted.
Essential expenses are optional, while discretionary expenses are mandatory.
Essential expenses are always higher than discretionary expenses.
Essential expenses include luxury items, while discretionary expenses include basic needs.
