Understanding the Concept of Affordability

What is the primary focus of the concept of affordability?

• The talent to save money

• The skill to negotiate prices

• The capacity to meet expenses within one's income

• The ability to purchase luxury items

Which of the following is a key factor affecting affordability?

• Brand loyalty

• Income level

• Personal preferences

• Geographical location

What role does income play in determining affordability?

• It is the sole determinant

• It is one of the factors

• It has no impact

• It decreases affordability

How can one improve their affordability?

• By increasing expenses

• By spending more on luxury items

• By ignoring budget plans

• By managing finances effectively

Which strategy is NOT effective in improving affordability?

• Tracking spending habits

• Increasing unnecessary expenses

• Seeking financial advice

• Creating a budget