Home Economics for Grade 7

What is a budget?

• A budget is a list of all the products a company sells.

• A budget is a financial plan for managing income and expenses.

• A budget is a document for tracking employee performance.

• A budget is a type of investment strategy.

Why is it important to save money?

• To avoid paying taxes altogether.

• It is important to save money for financial security and to prepare for emergencies.

• To spend more on entertainment and leisure.

• To buy luxury items immediately.

What are the basic needs of a household?

• Food, water, shelter, clothing, sanitation

• Transportation, entertainment, gardening

• Electricity, internet, furniture

• Education, healthcare, insurance

How can you reduce household expenses?

• Increase spending on luxury items.

• Ignore all bills and expenses.

• Invest in high-risk stocks without a plan.

• Create a budget and cut unnecessary expenses.

What is the difference between wants and needs?

• Wants are always more important than needs.

• Wants are essential for happiness; needs are not.

• Wants are non-essential desires; needs are essential requirements for survival.

• Needs are things we can live without.

What is a grocery list and why is it useful?

• A grocery list is a collection of coupons for discounts.

• A grocery list is a diary for tracking personal expenses.

• A grocery list is a type of recipe for cooking meals.

• A grocery list is a tool for organizing and planning grocery shopping, making it useful for ensuring all needed items are purchased and helping to manage spending.

How can you plan a healthy meal on a budget?

• Buy pre-packaged meals for convenience

• Skip meal planning and eat out frequently

• Focus only on expensive organic foods

• Plan meals using seasonal produce, whole grains, and lean proteins while shopping with a list and preparing food at home.

What are some ways to earn extra money as a student?

• Part-time jobs, freelancing, tutoring, selling crafts, participating in surveys, dog walking, babysitting.

• Buying lottery tickets

• Starting a YouTube channel

• Investing in stocks

Why is it important to compare prices before buying?

• It is important to compare prices before buying to ensure you get the best value for your money.

• You should always buy the first option you see.

• Price comparison is irrelevant if you trust the seller.

• Comparing prices is only necessary for large purchases.

What role does recycling play in household economics?

• Recycling has no impact on resource conservation.

• Recycling increases household expenses significantly.

• Recycling is primarily a government responsibility, not a household concern.

• Recycling helps reduce costs, conserve resources, and can generate income, benefiting household economics.