Personal finance II - JSS3 Business studies Past Questions and Answers - page 1
What does consumption refer to in personal finance?
Saving money
Spending money
Investing money
Borrowing money
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How do individuals make consumption choices?
By maximizing their income
By minimizing their expenses
By maximizing their satisfaction with limited resources
By following trends
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What is the scale of preference?
A ranking of wants or needs based on their importance
A ranking of income sources
A ranking of expenses
A ranking of savings goals
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Why is understanding the scale of preference important in personal finance?
To increase income
To decrease expenses
To prioritize financial goals and decisions
To follow trends
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What is the purpose of preparing an individual budget?
To increase spending
To decrease income
To track spending and manage finances
To ignore financial goals
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What does a budget help individuals do?
Spend more money
Save less money
Track income and expenses
Ignore financial goals
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How often is a budget typically prepared?
Daily
Weekly
Monthly
Annually
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What are fixed costs in a budget?
Expenses that change frequently
Savings goals
Expenses that remain constant
Income sources
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What are variable expenses in a budget?
Expenses that remain constant
Expenses that change frequently
Income sources
Savings goals
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What is a budget deficit?
Spending less than income
Spending more than income
Saving more than income
Saving less than income
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