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?