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2 cards from this section. Quick, good the night before a test.
What is income management?
Think about how families plan their finances.
Name one type of resource families need to manage.
What do families use to build their household?
What is the primary purpose of income management?
Consider what families want from their financial management.
True or False: All families create identical budgets.
Think about different family situations.
A family earns $3,000 monthly. They want to create a budget that allows for $500 savings, $600 for groceries, $800 for rent, and $400 for utilities. What are the remaining options for entertainment and leisure activities?
Subtract the total expenses from the income to find the remaining budget.
If a family's evaluation shows they consistently overspend on dining out, what steps should they take to adjust their budget?
Think about identifying patterns in spending to adjust future budgets.
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