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? Â
housing
transportation
utilities
entertainment
What is the term for the amount of money spent on goods and services?Â
income
expense
debt
savings
How does setting financial goals help in household budgeting?
by providing motivation and direction
by increasing debt Â
by ignoring financial responsibilities
by spending money impulsively
Household budgeting is very essential in order to manage resources Â
TrueÂ
FalseÂ
Here are some budgeting terms exceptÂ
money income Â
gross income
school income Â
family income Â
What is the factor to consider before preparing a budget?Â
income
expense
debt
WeatherÂ
Household budgeting doesn’t help the familyÂ
TrueÂ
FalseÂ
How often should a household budget be reviewed and adjusted?
MonthlyÂ
AnnuallyÂ
NeverÂ
QuarterlyÂ
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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