Managing Family Income_1

____________________income is the income from all sources like salary of family members, rents, and interest received from banks and savings from using skill of family members.

• Job

• Family

• Personal

Income means

• money

• house

• furniture

• All

Family income means

• income of all related persons living in the household

• commodities and services produced in the country

• right to consume goods and services

• all the above.

Whatever money we spend from the income for buying various things to fulfil our needs is called ______________

• Bill

• salary

• expenditure

_____________ is the money set aside by the family for use in times of need.

• saving

• purchasing

• wasting

• salary

A ________________ plan is a planned approach to spend money.

• spending

• saving

• wasting

• money

Keep in mind all the income and _______________ available to you for the period for which you are making the spending plan.

• time

• facilities

• souces

Allocate ______________ keeping in mind the total income. This will help in effective utilization of money and other resources.

• time

• funds

• resources

• energy

A spending plan

Discourages ‘_____________ buying’ i.e. keeping away from buying what you really do not need at a particular time.

• impulsive

• frequently

• stop

• constant

A budget is made flexible by allowing sufficient margin on certain items.

• True

• False