Q14_Individual (Income,Saving,Loans) Quiz

Alex works full-time as an accountant earning $6,000 per month. He also works as a Grab driver every weekend, earning an additional $1,000 per month on average. Apart from these, Alex provides tuition services to his neighbor’s kids cheaply and he is provided $100 for his services monthly.

What should be reported for his income?

• Wage and salary: $6,000;

  Other income from Trade or Business: $0

• Wage and salary: $7,100;

  Other income from Trade or Business: $0

• Wage and salary: $6,000;

  Other income from Trade or Business: $1,000

• Wage and salary: $6,000;

  Other income from Trade or Business: $1,100

Answer explanation

Income from driving private hire car as a side-line and providing tuition services are considered other income from Trade or Business and should be reported in the respective section.

In addition to the basic monthly wage ($6,000) provided by his company, Alex is also provided various allowances. He is provided a $100 leisure/welfare allowance monthly and also provided a work-related transport allowance of $150 per month.

What should be reported for his wage and salary?

• $6,250

• $6,150

• $6,100

• $6,000

Answer explanation

For wage and salary received, to include other non-work related allowances, but exclude allowances for work-related expenditure. The work-related allowances should be recorded in the ‘Other employment income/Employment income in-kind’ section instead.

Bob was diagnosed with lung cancer recently and have been receiving regular payouts of $2,000 a month from his Critical Illness insurance policy thereafter. Upon the diagnosis of his illness he also receives a lump sum insurance claims payout of $100,000. Other than these payouts, he also receives payout of $1,000 monthly from the life insurance policy he bought since his earlier days.

What should be reported for the amount he receives under the regular insurance payout section?

• $3,000 monthly

• $2,000 monthly

• $1,000 monthly

• $103,000

Answer explanation

Amount reported should exclude lump sum insurance claims payout (should be reported in the ‘Others/Income Sources Not Elsewhere Classified’ section).

Betty lives in a 5-room HDB flat, with 1 room sublet to a tenant for $1,000 monthly. Each of her 2 children also provides her with $1,000 living expenses monthly. She is living with one of her children, whereas her other child is married and has moved out.

What should be reported for the cash allowance/contribution and rental income she receives?

• Contribution: $2,000; Rental Income: $2,000 monthly

• Contribution: $1,000; Rental Income: $2,000 monthly

• Contribution: $2,000; Rental Income: $1,000 monthly

• Contribution: $1,000; Rental Income: $1,000 monthly

Answer explanation

Contributions received by Betty should exclude those given by children staying in the same household. Income from subletting a room in the house should be reported under rental income.

Mr. Lee has S$200,000 in his DBS Multiplier Account and S$100,000 in his overseas bank account. Through many years of hard work, he has also accumulated S$200,000 in his various CPF accounts.

What is the estimated savings (cash/deposit) that Mr. Lee should report?

• S$200,000

• S$300,000

• S$400,000

• S$500,000

Answer explanation

The savings reported should include a) deposits in savings/current accounts, including regular savings accounts, children’s/trust saving accounts, CDA etc., with local and foreign banks, finance companies and credit unions and b) savings/cash kept at home or in overseas bank accounts. Savings reported should exclude savings in CPF accounts.