Income is the money you earn from

Question

(1 point)
Responses

having a job
having a job

selling goods you make or grow
selling goods you make or grow

investing in a business
investing in a business

all of the above

Which of these is NOT an expense you could use your income to pay for?

(1 point)
Responses

Food
Food

Clothing
Clothing

a new mountain bike
a new mountain bike

fresh air and sunshine

Solve this equation: Income - Expenses = ?
(1 point)
Responses

Cash
Cash

credit card
credit card

Savings
Savings

strikeouts

What are two good reasons to save your money:
(2 points)
Responses

to buy something expensive
to buy something expensive

to have in case of an emergency expense
to have in case of an emergency expense

to become financially dependent
to become financially dependent

to increase debt

Some important expenses, like a house or car or your education, require a lot of money. To pay for them, you may decide to
(1 point)
Responses

Work more to earn more money
Work more to earn more money

Search for pirate treasure
Search for pirate treasure

Borrow money from a bank
Borrow money from a bank

Become a basketball superstar with a multimillion dollar contract

The money you borrow has to be paid back. It is considered a _______.
(1 point)
Responses

Doubt
Doubt

Debt
Debt

Download
Download

Domino

When you borrow money from a bank, you must pay it back and also pay an extra amount the bank charges. This is _____________
(1 point)
Responses

Interest
Interest

Surplus
Surplus

Deficit
Deficit

Frosting

If you borrow money, you must have a ________ that helps you plan how to pay it back.

(1 point)
Responses

Penguin
Penguin

Debt
Debt

Budget
Budget

Wish
Wish

Answer 1

Here are the answers to your questions:

1. Income is the money you earn from:

   • Response: all of the above

2. Which of these is NOT an expense you could use your income to pay for?

   • Response: fresh air and sunshine

3. Solve this equation: Income - Expenses = ?

   • Response: Savings

4. What are two good reasons to save your money:

   • Responses:
     • to buy something expensive
     • to have in case of an emergency expense

5. Some important expenses, like a house or car or your education, require a lot of money. To pay for them, you may decide to:

   • Response: Borrow money from a bank

6. The money you borrow has to be paid back. It is considered a _______.

   • Response: Debt

7. When you borrow money from a bank, you must pay it back and also pay an extra amount the bank charges. This is _____________.

   • Response: Interest

8. If you borrow money, you must have a ________ that helps you plan how to pay it back.

   • Response: Budget

Feel free to ask if you have any more questions!