Sponsor Area
Money Management and Consumer Education
Question
Suggest Sunil two ways of increasing his monthly income and convince him to record his monthly expenses. Suggest a suitable format for monthly record of his expenses.
Solution
- It helps judicious spending, aware of wasteful expenditure.
- Money lasts throughout the month.
- Can compare prices and expenses of the previous month.
- Prioritise expenses.
| Month | Name of things | 1st Week | 2nd Week | 3rd Week | 4th Week | Total Amount |
| Feb | House Rent | |||||
| Petrol | ||||||
| Grocery | ||||||
| Food | ||||||
| Drink | ||||||
| March | --- | --- | --- | --- | --- | --- |
Question
Identify eight possible mistakes consumers make which may prevent them from filing a complaint in the consumer court.
Solution
Eight possible mistakes a consumer makes:
- Did not take the authentic bill.
- Did not get warranty card stamped.
- Did not buy a product with standard mark.
- Did not buy from an authorised dealer.
- Did not read instructions before reading the product.
- Did not send the registered AD to opposite party about the complaint.
- Did not file within two years.
- Did not submit an affidavit to support her complaint.
- Did not approach the right forum.
- Did not fill complete details like name address, etc
Question
Compare any five features of Monthly Income Scheme( MIS) and National Saving Certificate (NSC).
Solution
| MIS | NSC |
| In this scheme, an individual has to invest a fixed amount. | Any individual can purchase these certificates from the post office which are available there in the denomination of Rs 100,500, 1000,5000, and 10,000. |
| This account can be opened singly or jointly. | These are issued for five and ten years. |
| This account can be opened singly or jointly. | These are issued for five and ten years. |
| For a single account, one can deposit a maximum of Rs.4.5 lakh while for a joint account the maximum deposit is Rs 9 Lakh. | Under this scheme, 8.5% compound interest per annum is payable at maturity (Rs 100 invested will yield |
| An additional bonus of 10% is also given after completion of the maturity period, i.e 5 years. | The maximum limit on which tax rebate can be available is Rs. 1,50,000. |
Question
How will you convince the members of a family to regularly save some portion of their income?
Solution
Regularly saving some portion of income helps us in -
- Inflation,
- Emergencies/unforeseen expenses,
- Provide security,
- Meet future goals
- retirement
- Raise standard of living
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Mock Test Series
Mock Test Series