Income

Which of the following is considered the official duration for family income calculation for official purposes?

• A) Monthly income

• B) Weekly income

• C) Annual income

• D) Daily income

Identify from the list which is NOT a source of income?

• A) Wages

• B) Dividends

• C) Tips and donations

• D) Expenditure

Which of the following is an example of non-monetary income that may contribute to a family's overall well-being? A) Wages B) Salary C) Gifts D) Commissions give answer

• A) Wages

• B) Salary

• C) Gifts

• D) Commissions give answer

What are the two most important functions of money?

• A) Accumulation and investment

• B) Medium of exchange and measurement of value

• C) Storage and capital formation

• D) Savings and investments

How does money contribute to standard of living?

• A) By serving as a medium of exchange

• B) By facilitating savings and investments

• C) By being durable for long time periods

• D) By working as a standard of deferred payments

Growing vegetables in the kitchen garden is an example of ______

• Money income

• Psychic income

• Real direct income

• Real indirect income

_____ is the satisfaction that results from the ownership and utilisation of goods and services

• Psychic income

• Barter system

• Fringe benefit

• Money income

Education allowance is an example of ____

• Fringe Benefits

• Barter system

• Money Income

• Psychic Income

The proper utilization of resources to achieve the goals and objectives is called ______

• Price

• Plan

• Management

• Investment

Financial Management has a general meaning in the context of the family for the management of____

• Income

• Resources

• Business

• Life