Cycle Test

Question 1

income

Answer 1

Money coming into your bank or household. Which you get from wages or salary.

Question 2

Examples of income

Answer 2

Work , pocket money, from family , gifts or from pension payments

Question 3

Expenses

Answer 3

Are costs . Things that you pay for and use . Possessions are not expenses it is the cost of running those possessions that is a expense.

Question 4

Examples of expenses

Answer 4

Shopping , stationery, books toiletries, cellphone, electricity , water, rent.

Question 5

Salary

Answer 5

Is a fixed amount paid or transferred to a worker for their performance at the end of every month

Question 6

Wage

Answer 6

Is a hourly , daily , weekly payment given to a worker for work finished in a hour , day or week. It depends on the number of hours the worker has worked.

Question 7

The difference between salary and wage

Answer 7

Salary is fixed . Wage is not fixed it varies depending on the performance of the worker

Question 8

GDP

Answer 8

Gross Domestic Product

Question 9

Economic growth

Answer 9

Rate of the country increasing or decreasing over time. If the economy is producing more goods and services than last year, the country is experiencing positive growth. If the amount of goods and services are decreasing it is called negative growth

Question 10

Gross domestic product

Answer 10

Is used to measure the economic growth in a country. GDP is the total value of the goods and services in a country per year. The GDP is measured as a percentage from the previous year.high economic growth = wealthy country.

Question 11

Recession

Answer 11

Where economic activity decreases and economic growth is low.

Question 12

Economic shock

Answer 12

An unpredictable event the causes widespread disruption. And can cause recession.

Question 13

Example of economic shock

Answer 13

Natural disaster or COVID-19