Local: Managing Income and Understanding Career Paths Quiz

Which of the following describes the main difference between earned and unearned income?

What is the main difference between gross and net income?

Why is it important to review payslips and income statements regularly?

In managing fluctuating income, what is one recommended strategy?

How might life stages affect income needs and financial priorities?

Entrepreneurship may start with low initial income but can potentially yield higher earnings over the long term compared to traditional employment.

Maintaining a budget that includes both essential and discretionary spending helps ensure that expenses do not exceed income.

Please match the word with its definition.

Please match the word with its definition.

Arrange these steps in reviewing your finances from first (#1) to last (#4). Available choices: Check gross and net income / Compare expenses against your budget / Identify discrepancies in pay or deductions / Make adjustments to spending or savings based on findings

Arrange these types of events from the most predictable (#1) to the least predictable (#4) in terms of their financial impact. Available choices: Regular monthly bills / A planned home purchase / An unexpected medical emergency / A sudden job loss

Reflecting on what you’ve learned about income management, career choices, and budgeting, what is one specific action you can take to improve your financial stability, and why?