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- 1. Multiple Choice
Identify which one of the following best describes the term 'income'.
Money spent by an individual.
Money saved by an individual.
Money received or earned by an individual.
- 2. Multiple Choice
Identify which one of the following is not an income source.
Wage earned
Bank loan received
Bank loan repayment
Cash gifted
Government grant awarded
- 3. Multiple Choice
Identify which one of the following is not a way in which an individual can increase their income.
Earn rent from a second property
Start a business to create a profit
Sell an unnecessary asset eg an old games console
Purchase a new vehicle
Get a job
- 4. Multiple Choice
Identify which one of the following provides an income to people who are unemployed.
Bonus received from a business
Job Seeker's Allowance (JSA)
Commission earned on sales
- 5. Multiple Choice
Identify which one of the following is the correct name of the government department which is responsible for unemployment benefit payments in Scotland.
The Department for Work and Pensions
The Department for Unemployment Benefits
The Department for Supporting Income
- 6. Multiple Choice
Identify which one of the following best describes the term 'spending'.
Purchasing goods and services.
Selling goods and services.
Returning goods and services.
- 7. Multiple Choice
Identify which one of the following is not an example of a human want.
Television
Designer clothing
Shelter
Games console
- 8. Multiple Choice
Identify which one of the following is not an example of a good.
Potatoes
Handbag
Haircut
Tracksuit
- 9. Multiple Choice
Identify which one of the following is not an example of a service.
Energy provision
Internet provision
Vehicle servicing
Groceries
Insurance
- 10. Multiple Choice
Identify which one of the following is not an example of a monthly household outgoing.
Transport costs
Rent or mortgage payments
A new car bought outright
Car repayments
Gas and electricity bills
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