Form 2A Modern Studies

Which of the following is considered a need?

• gaming console

• footwear

• jewellery

• vacation

Tom has a degree in mechanical engineering. Tom was only able to get a job as a pump attendant. Tom is considered to be

• over-employed

• unemployed

• under-employed

• employed

Money that is put away for future use is referred to as

• savings

• salary

• wages

• disposable income

Martha bakes cakes and sells to her community members. Martha is said to be

• under-employed

• self-emplyed

• over-employed

• unemployable

A plan on how money is spent is called a

• heist

• ordeal

• savings

• budget

Which of the following is a benefit of having a budget?

• Spending more money

• Creating a savings

• Buying more wants

• Working harder

Which of the following is the LEAST important consideration when creating a budget?

• Needs and wants

• Income and expenditure

• Financial aims

• The size of the house

Money that is earned and brought into the home is known as

• expenditure

• income

• outcome

• savings

Expenses like rent, the cable bill and the internet bill are classified as

• varied expenses

• discretionary expenses

• fixed expenses

• flawed expenses

Expenses that include the grocery bill, electricity bill and prepaid phones are known as

• variable expenses

• discretionary expenses

• fixed expenses

• savings