Test. I Read the questions cautiously and encircle the letter of the correct answer. 1. What kind of income does proper utilization of all these can increase the real income of the family? a. Money Income b. Real Income c. Family Income d. Psychic Income 2. What do you call the combined money earned by father and mother (if she/he is working) and other working members of the family? a. Income b. Dividends C. Bonus d. Salary 3. What is the money that an individual or business receives in exchange for providing goods or services? a. Rentals b. Income c. Bonus d. Dividends 4. These are items you used and have to pay for. a. Expenses b. Income d. Variable c. Budget 5. Knowing the exact amount of money you expect to allocate. a. Expenses b. Income c. Budget d. Variable Test. II. Write True if the statement is correct and False if the statement is incorrect. 1. Managing income means spending it wisely. 2. Salaries of parents are considered family income. 3. The process of organizing involves checking and assessing whether the planned activities were carried out. 4. Budgeting is used up in the course to avoid hardship. 5. Too much variable expenses cannot affect the family budget.
