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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
Income
B
Wage
C
Budget
D
Salary
2) The process involved in planning how to spend money.
A
Budget
B
Money
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
Sometimes
C
True
5) Which is not a method of payment?
A
Cheque
B
Debit card
C
Layaway
D
Trust
6) An object used as a medium to pay for goods and services
A
Expenditure
B
Money
C
Saving
D
Budget
7) The way in which one choices to spend his or her income is:
A
Budget
B
Expenditure
C
Salary
D
Income
8) Payment received every two weeks describes
A
Money
B
Salary
C
Wage
D
Income
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 how we spend money while wage is payment received every two weeks.
C
Wage is money earned from salary while salary is money received at the end of a month.
D
Salary is payment received monthly while wage is payment received fortnightly.
10) All the following are reasons for budgeting except:
A
Keep spending under control
B
Help you spend whenever on anything.
C
Helps one to live within their income
D
Help to achieve goals
*select an answer for all questions
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