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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.

Solution

Increase money income by using assets

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

Increase money income by using skills

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

Increase real income by using assets

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

Increase real income by using skills

Use of bargaining skills to save money
Use skills to do own work

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.

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