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Money Management and Consumer Education

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Question
CBSEENHO12026962
Wired Faculty App

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

  1. It helps judicious spending, aware of wasteful expenditure.
  2. Money lasts throughout the month.
  3. Can compare prices and expenses of the previous month.
  4. Prioritise expenses.

Month Name of things 1st Week 2nd Week 3rd Week  4th Week  Total Amount 
Feb House Rent          
  Petrol          
  Grocery          
  Food          
  Drink          
             
March   ---   ---   ---   ---   ---   ---

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Question
CBSEENHO12026963
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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:

  1. Did not take the authentic bill.
  2. Did not get warranty card stamped.
  3. Did not buy a product with standard mark.
  4. Did not buy from an authorised dealer.
  5. Did not read instructions before reading the product.
  6. Did not send the registered AD to opposite party about the complaint.
  7. Did not file within two years.
  8. Did not submit an affidavit to support her complaint.
  9. Did not approach the right forum.
  10. Did not fill complete details like name address, etc

Question
CBSEENHO12026993
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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
CBSEENHO12027000
Wired Faculty App

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 -

  1. Inflation,
  2. Emergencies/unforeseen expenses,
  3. Provide security,
  4. Meet future goals
  5. retirement
  6. Raise standard of living

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