Personal finance II - JSS3 Business studies Past Questions and Answers - page 2
How do individuals adjust their budget?
By increasing income
By decreasing expenses
By ignoring financial goals
By following trends
What is the primary goal of budgeting?
To spend as much as possible
To save as little as possible
To track spending and achieve financial goals
To ignore financial goals
How can understanding the scale of preference benefit individuals in personal finance?
By increasing expenses
By decreasing income
By prioritizing financial decisions and goals
By ignoring budgeting
What does a budget surplus indicate?
Spending less than income
Spending more than income
Saving more than income
Saving less than income
Why is tracking income and expenses important in personal finance?
To spend impulsively
To ignore financial goals
To ensure financial stability and achieve goals
To increase debt
What is consumption in personal finance, and why is it important?
How does understanding the scale of preference help individuals in managing their finances?
What steps are involved in preparing an individual budget?
What are fixed costs and variable expenses in a budget, and how do they differ?
What is a budget deficit, and how can individuals address it?
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