Answer 3a and b Focus Question1. Most family members earn money by working for salaries.State THREE other means by which income is earned.2. List THREE guidelines that should be followed to ensure that the family income is spentwisely.3. A family consisting of a baby, a child attending nursery school and working parentsdecides to prepare a budget for three months.a. Explain briefly THREE factors that the family must take into consideration beforepreparing the budget.b. The family in the scenario has a limited income and decides to purchase a foodprocessor instead of a television set. Suggest 2 possible reasons for this decision.

The budget for a family is prepared to satisfy the current family need and future savings.

a. Explain briefly THREE factors that the family must take into consideration before preparing the budget. b. The family in the scenario has a limited income and decides to purchase a food processor instead of a television set. Suggest 2 possible reasons for this decision.

a. Explain briefly THREE factors that the family must take into consideration before preparing the budget. b. The family in the scenario has a limited income and decides to purchase a food processor instead of a television set. Suggest 2 possible reasons for this decision.

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter3: Financial Statements, Tools, And Budgets

Section: Chapter Questions

Problem 6DTM

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