Year 9 Commerce Quiz

Gross income is:

• Income after taxes and deductions

• Total income before any deductions

• Income from investments only

• Income after paying fixed expenses

Net income is:

• Total income before any deductions

• Income after taxes and deductions

• Income from a part-time job

• Income before paying fixed expenses

What is a tax rate?

• The amount of money you save each month

• The percentage of income paid as tax

• The amount of money spent on groceries

• The interest rate on a loan

Which of the following is a variable expense?

• Mortgage

• Car payment

• Utilities

• Insurance

Insurance is:

• A type of investment

• Protection against financial loss

• A fixed expense

• A variable expense

Utilities include:

• Rent and mortgage

• Electricity, water, and gas

• Groceries and clothing

• Entertainment and dining out

Which is a strategy to save money?

• Spending more on entertainment

• Creating a budget and sticking to it

• Ignoring your expenses

• Increasing your fixed expenses

Which is a strategy to earn more money?

• Reducing your working hours

• Investing in education and skills

• Spending more on luxury items

• Ignoring job opportunities

Miscellaneous expenses are:

• Regular monthly bills

• Unexpected or irregular expenses

• Fixed expenses

• Income from investments

Interest is defined as:

• The cost of borrowing money

• A type of bank account

• A financial institution

• A loan agreement