Practice Money Management - 8 | Chapter 3: Resource Management | ICSE Class 12 Home Science
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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

Define budgeting in one sentence.

πŸ’‘ Hint: Think about how you manage your finances.

Question 2

Easy

List an example of a need and a want.

πŸ’‘ Hint: Consider what is essential vs. what is desired.

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 budgeting?

  • A plan for savings
  • A plan for spending
  • A plan for investing

πŸ’‘ Hint: Consider the overall purpose of a budget.

Question 2

True or False: Needs and wants are the same.

  • True
  • False

πŸ’‘ Hint: Think about basic survival requirements.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

You have a monthly income of $3,000. Your fixed expenses are $1,500 for rent, $300 for utilities, and $400 for food. How much can you allocate for savings and discretionary spending after fixed expenses?

πŸ’‘ Hint: First calculate total fixed expenses before subtracting from income.

Question 2

If your budget shows you are frequently overspending on restaurants, what steps can you take to adjust your budget?

πŸ’‘ Hint: Think about alternative spending or how to reduce expenses.

Challenge and get performance evaluation