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Family And Consumer Management
Test Description: Money Management
Instructions: Answer all questions to get your test result.
1) The money received at the end of the month as pay
A
Salary
B
Budget
C
Income
D
Wage
2) The process involved in planning how to spend money.
A
Money
B
Budget
C
Wage
D
Budgeting
3) All the following are reasons for saving money except:
A
Unnecessary Shopping
B
Retirement
C
Emergencies
D
Special goals
4) Saving should always be included in a budget whether personal or family:
A
False
B
True
C
Sometimes
5) Which is not a method of payment?
A
Trust
B
Layaway
C
Debit card
D
Cheque
6) An object used as a medium to pay for goods and services
A
Expenditure
B
Saving
C
Budget
D
Money
7) The way in which one choices to spend his or her income is:
A
Salary
B
Income
C
Budget
D
Expenditure
8) Payment received every two weeks describes
A
Income
B
Salary
C
Money
D
Wage
9) The difference between a wage and a salary is:
A
Wage is payment received monthly while salary is payment received weekly.
B
Salary is payment received monthly while wage is payment received fortnightly.
C
Salary is how we spend money while wage is payment received every two weeks.
D
Wage is money earned from salary while salary is money received at the end of a month.
10) All the following are reasons for budgeting except:
A
Helps one to live within their income
B
Help you spend whenever on anything.
C
Help to achieve goals
D
Keep spending under control
*select an answer for all questions
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