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Money Management and Consumer Education
Question
Wired Faculty App

Suggest two ways each family members can increase their money and real income with the use of assets and skills.

Answer

Increase money income by using assets

  1. Give a portion of house on rent
  2. Grow vegetables on vacant land (if available) and sell

Increase money income by using skills

  1. Make articles and sell
  2. Use skills to do a job ( tutor, carpenter, tailor)

Increase real income by using assets

  1. Grow vegetables in own garden/ kitchen garden
  2. Judicious use of family assets

Increase real income by using skills

  1. Use of bargaining skills to save money
  2. Use skills to do own work

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Some More Questions From Money Management and Consumer Education Chapter

Compare the features of LIC and National Saving Certificate (NSC).

Give two reasons to maintain the household account by a family.

Write two advantages each of recurring savings scheme of Bank and Public Provident Fund (PPF) scheme.

Rajesh works as a clerk. His son studies in a professional college. He finds it hard to meet their monthly expenses. In what four ways can his son help in reducing his expenses and use his skills to increase their real income?

Give four suggestion from the area of Nutrition and Human development to justify that knowledge of Home Science can lead to self- employment.