Name: ________________________________________
Date: ___________________________
Summative # 2.2
TLE VI
A. Identify the following:
_______1. It is a plan for spending
_______2. One example of basic items that one needs from day to day
_______3. It is spending money for fun and satisfaction
_______4. It is the type of spending that is rewarding because one is assured of extra cash in the future
especially in times of emergency.
_______5. The combined earnings of the father, mother and other members of the family
______6. The one responsible in handling the family income
______7. It icludes health and medical expenses, special occasions like birthday, fiesta, surprise visit of friends
at home and others.
______8. A classification of expenses that include the amount that is set aside regularly for the daily expenses
of the family like food and transportation
_____9. A classification od expenses that includes recsreation gifts, clothing and others.
______10. A classification of expenses that includes adequate food, clothing trabsportation and other personal
needs
B. True or False. Write true if the statement is true and false if it is wrong.
___1. Cell phones, books, computers and laptops are basic items that one needs from day to day.
___2. One important consideration in making a list of expenditures is to know your priorities.
___3. Balance your income and expenditures
___4. Buy your needs first before anything else
___5. Fixed expenses may be increased or decreased depending on the money available.
___6. Needs are those things which the family needs to survive on a day to day basis.
___7. Know your income or allowances for a definite period of time --- monthly, weekly, daily.
___8. Spending for fun and satisfaction that comes occasionally can be pat of a budget.
___9. Budget is a plan for spending only.
___10. Needs first before wants
C. Explain.
1. Why is there a need to prioritize your needs when preparing a budget?
2. How do you balance your income and expenses when you have a very limited income?