Household budgeting - JSS3 Home economics Past Questions and Answers - page 1
6
What is the purpose of a household budget?
A
to spend money impulsively
B
to track income and expenses
C
to maximize debt
D
to ignore financial responsibilities
7
Which step should be taken first when creating a household budget?
A
setting financial goals
B
tracking income and expenses
C
ignoring income sources
D
spending money without a plan
8
What is the term for the amount of money earned by an individual or household over a specific period?
A
debt
B
income
C
expense
D
savings
9
How does tracking expenses help in budgeting?
A
by increasing debt
B
by ignoring financial responsibilities
C
by identifying areas where money is spent
D
by overspending on unnecessary items
10
What is the purpose of categorizing expenses in a household budget?
A
to increase debt
B
to ignore financial responsibilities
C
to track spending patterns
D
to spend money impulsively
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