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Learners Assessment Challenge
1. Why is personal income important?
A. It ensures higher social status
B. It allows individuals to meet daily needs and plan for the future
C. It guarantees exemption from taxes
D. It replaces the need for budgeting
2. Which of the following best defines gross income?
A. Income after all deductions are removed
B. Income earned from illegal sources
C. Total income earned before taxes and deductions
D. Income received only from pensions
3. Disposable income refers to:
A. Funds allocated for emergencies only
B. The money left after paying taxes and mandatory deductions
C. Credit limits offered by banks
D. Interest earned on savings accounts
4. Which of the following is a passive source of income?
A. Salary from employment
B. Wages from casual labour
C. Rental income from property
D. Commissions from sales
5. A good example of earned income is:
A. Dividends
B. Profits from a business you don't manage
C. A monthly salary from your employer
D. Interest on fixed deposits
6. What is a key step in managing personal income effectively?
A. Spending first and saving what's left
B. Investing all income in high-risk ventures
C. Tracking expenses and creating a personal budget
D. Avoiding financial planning tools
7. Which of the following represents ethical income generation?
A. Embezzling funds and hiding profits
B. Running a licensed small business
C. Failing to declare income for tax purposes
D. Accepting bribes to perform duties
8. Which of the following is an unethical way to earn income?
A. Earning interest from a savings account
B. Operating an unregistered lottery
C. Seling legally registered products
D. Working part-time for a registered firm
9. Which one of the following is not a source of personal income?
A. Renting out a house
B. Business profits
C. Mobile loan
D. Dividends earned from shares
10. Below are ways of generating income using talents and abilities.Which one is false?
A. Drawing a portrait of the president and selling it to people
B. Buying and selling jewellery, carvings and artworks
C. Making a very beautiful sofa set for selling
D. None of the above
11. The following are ethical practices in generating personal income. Which one is not
A. Generating money from sports through doping
B. Finding a job to receive pay or earnings
C. Running a licensed business to generate income
D. Generating money from your talents, skills and abilities
12. Which of the following are passive income sources?
A. Dividends
B. Royalties
C. Capital gains
D. All of the above
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