State five budgeting terms - JSS3 Home economics Household budgeting Question

1. Family income: The income of a family include the money and other economic resources available to the family for meeting their need. Family income could either be gotten daily, weekly, monthly or yearly.

2. Money income: This is the total amount of money which the family has at a given period. It is the purchasing or buying power of a family at a given period. If not used wisely, it will cost the family dearly.

3. Gross income: This is the amount of money from a persons income.

4. Net income: This is the amount of money that remains after deductions have been made, such as tax, water rate and levies. It can also be referred to as their disposable income.

5. Budget: This is the plan made of how to spend the family income. The budget is normally prepared based on the net income.