Nan
7. What type of family income can be converted into goods and services
and a part of it maybe diverted into savings for future use?
a. Real Income
c. Psychic Income
b. Total Income
d. Money Income
8. Which of the following is not a real income?
a. Inherited land property
c. Dairy and poultry farming
b. Community facilities
d. A Trip to Sagada Cave
9. Which type of
real income refers to the commodities and services received
by the family on payment?
a. Direct income
c. Indirect Income
b. Money income
d. Psychic Income
10. Which of the following situation does not show wise spending of
income?
a. Lino has a list of what to buy before going to the supermarket.
b. Lita bought a little amount of the things needed everyday and a bulk of
the things seldom used.
c. Lily went to market and bought fruits and vegetables that are in season.
d. Liza, a baker, bought substitute ingredients for expensive items needed in
her bakery
11. What refers to the money assigned to a particular purpose?
a. Expenses b. Income c. Budget
d. Finance b.
12. What component of family budget is a fixed monthly budget and is
considered a basic need for the safety and protection of the family members against
heat and rain?
a. Shelter
b. Education
c. Clothing
d. Utilities
b.
13. What component of a family budget is designed to help the family build
a better future?
a. Social and moral obligations c. Household operations
b. Pre-need plans
d. Rest and Recreation
14. How can savings increase?
a by investing
c. by spending
b. by having a piggy bank
d. by being thrifty
15. In economics, what is defined as the things that help people to survive?
a. wants
c. savings
b. shelter
d. needs
16. What factor affecting the family income refers to the basic needs and
other things the family members desire to have?
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