Family And Consumer Management Question Preview (ID: 51460)


Money Management. TEACHERS: click here for quick copy question ID numbers.

All the following are reasons for budgeting except:
a) Keep spending under control
b) Help to achieve goals
c) Helps one to live within their income
d) Help you spend whenever on anything.

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) Wage is money earned from salary while salary is money received at the end of a month.
d) Salary is how we spend money while wage is payment received every two weeks.

Payment received every two weeks describes
a) Salary
b) Wage
c) Income
d) Money

All the following are reasons for saving money except:
a) Emergencies
b) Retirement
c) Special goals
d) Unnecessary Shopping

Saving should always be included in a budget whether personal or family:
a) False
b) True
c) Sometimes
d)

Which is not a method of payment?
a) Cheque
b) Layaway
c) Trust
d) Debit card

An object used as a medium to pay for goods and services
a) Budget
b) Saving
c) Expenditure
d) Money

The way in which one choices to spend his or her income is:
a) Income
b) Salary
c) Expenditure
d) Budget

The money received at the end of the month as pay
a) Wage
b) Income
c) Salary
d) Budget

The process involved in planning how to spend money.
a) Budgeting
b) Money
c) Budget
d) Wage

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