Management of Income

Income is...

• Whatever is spent in the form of money

• Whatever is earned in the form of money

The sources of income are...

• Getting Rent

• Buying a new mobile phone

• Salary of the family members

• Interest received from the banks

• Savings from the money earned

Expenditure means...

• Salary earned by family members

• Rent payed by tenants

• The money that is being spent

Spending money on things is known as...

• Interest

• Rent

• Salary

• Expenditure

Saving money is important because...

• It can be wasted

• It can be used when you retire

• It can be used by the family during emergencies

• It can be used for future needs

Expenditure needs to be lesser that the total income.

• True

• False

A spending plan is...

• Buying new things all the time.

• Encourages you to spend money carelessly.

• A planned approach to spend money wisely.

• Harmful for the family members