Personal finance II - JSS3 Business studies Past Questions and Answers - page 2
11
How do individuals adjust their budget?
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A
By increasing income
B
By decreasing expenses
C
By ignoring financial goals
D
By following trends
12
What is the primary goal of budgeting?
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A
To spend as much as possible
B
To save as little as possible
C
To track spending and achieve financial goals
D
To ignore financial goals
13
How can understanding the scale of preference benefit individuals in personal finance?
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A
By increasing expenses
B
By decreasing income
C
By prioritizing financial decisions and goals
D
By ignoring budgeting
14
What does a budget surplus indicate?
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A
Spending less than income
B
Spending more than income
C
Saving more than income
D
Saving less than income
15
Why is tracking income and expenses important in personal finance?
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A
To spend impulsively
B
To ignore financial goals
C
To ensure financial stability and achieve goals
D
To increase debt
16
What is consumption in personal finance, and why is it important?
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17
How does understanding the scale of preference help individuals in managing their finances?
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18
What steps are involved in preparing an individual budget?
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19
What are fixed costs and variable expenses in a budget, and how do they differ?
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20
What is a budget deficit, and how can individuals address it?
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