Practice Budgeting and Financial Management - 7.2.3.1 | 7. Practical Work | ICSE Class 11 Home Science
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7.2.3.1 - Budgeting and Financial Management

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is a budget?

💡 Hint: Think about how you want to spend your money.

Question 2

Easy

Name one example of fixed and one of variable expenses.

💡 Hint: Consider regular bills vs. occasional purchases.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is the purpose of a budget?

  • To save money
  • To track income and expenses
  • To spend freely

💡 Hint: Remember the main reason for a budget.

Question 2

True or False: Fixed expenses can vary each month.

  • True
  • False

💡 Hint: Think about what monthly bills are consistent.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Imagine you are responsible for managing a household budget of $5,000 a month. You have set aside $1,200 for rent, $600 for food, and $400 for utilities. If you also plan to save $800 for future expenses, what remaining amount do you have for entertainment, transportation, and other expenses?

💡 Hint: Total your expenses and subtract from the initial budget.

Question 2

If you start with a budget of $1,500 for groceries for the month but spend $200 on the first week and $300 on the second week, how can you adjust your spending for the remaining weeks to stay within budget, considering you have two weeks left?

💡 Hint: Divide the remaining budget by the weeks left.

Challenge and get performance evaluation