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