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STD V Social Science (English Medium) Chapter 04 Spend Carefully

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Std 5 Social Science: Chapter 04 Spend Carefully - Questions and Aanswers | Teaching Manual



Chapter 04 Spend Carefully- Questions and Answers
1. Clarify the income and sources of income?
Answer: Reward generating ventures or assets can be termed as a source of income. for example, business is a source of income and profit out of business is income.

2. What are the different sources of income for families?
Answer: Government service, business, bank deposit, construction work,
Mahila Pradhan agent, agriculture, industry, land and other properties, services.... etc

3. What is thrift?
Answer: Thrift is the habit of spending our income effectively to meet our desired requirements.

4. What are the benefits of preparing a family budget?
Answer:
• Co-ordinate expenses in accordance with the income 
• Requirements can be prioritised and met accordingly. 
• The need for thrift and savings can be realised.

5. What is the activity budget?
Answer: A budget prepared for a particular activity or a programme is called an activity budget.

6. A financial year in India.....
Answer: April 1-March 31

7. Who prepares the annual budget?
Answer: Central and state governments

8. The month in which the government usually presents the budgets?
Answer: February 

Let us Assess
 1. Among the following which is not a source of income?
• Government job
• Agricultural job
• Household job
• Doctor job
Answer: 
• Household Job

2. Complete the table
3. Prepare a note on the importance 
of practising thrift in a family? 
Answer: Expenses of the family must be less than the income. Expenses exceeding income will lead to an economic crisis in the family. When expenses are less than income. There will be a surplus. We can attain economic security through better management of family income.

4. Suggest two methods to ensure economic security? 
Answer:
• Thrift should be a part of our Lifestyle.
• Expenses should be less than income.

5.' Thrift should become a part of life. Elucidate your opinion.
Answer: Thrift is the habit of spending our income effectively to meet our desired requirements. Thrift helps to ensure economic security. Thrift should be a part of our life. Thrift helps to ensure economic security.

6. Explain the reasons for variations in the family budgets?
Answer: Family budgets depend on the variation in income and expenses of each family. The income and expenditure of all families are not the same. So the family budget of families will be different.

7. As students, suggest areas when you can practice thrift.
Answer:
• Avoid luxury goods
• Produce food grains, vegetables, and fruits that can be cultivated at home.
• Don't waste money on unnecessary things.
• Don't waste water and electricity.
• Used cheap means of transportation 

8. Identify and state the important features of government budgets.
Which of the following are the important features of the government?
• Arrange expenditure in accordance with revenue. 
• Practiced thrift.
• Determining expenditure in advance and finding ways to generate the desired revenue.
• Balancing revenue and expenditure.
Answer:
• Determining expenditure in advance and finding ways to generate the desired revenue.


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