Household budgeting - JSS3 Home economics Past Questions and Answers - page 2
11
Which expense category includes money spent on housing, such as rent or mortgage payments?
A
housing
B
transportation
C
utilities
D
entertainment
12
What is the term for the amount of money spent on goods and services?
A
income
B
expense
C
debt
D
savings
13
How does setting financial goals help in household budgeting?
A
by providing motivation and direction
B
by increasing debt
C
by ignoring financial responsibilities
D
by spending money impulsively
14
Household budgeting is very essential in order to manage resources
A
True
B
False
15
Here are some budgeting terms except
A
money income
B
gross income
C
school income
D
family income
16
What is the factor to consider before preparing a budget?
A
income
B
expense
C
debt
D
Weather
17
Household budgeting doesn’t help the family
A
True
B
False
19
How often should a household budget be reviewed and adjusted?
A
Monthly
B
Annually
C
Never
D
Quarterly
20
What is the purpose of prioritizing expenses in a household budget?
A
to increase debt
B
to ignore financial responsibilities
C
to allocate resources effectively
D
to spend money impulsively
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