Kerala SCERT Class 5 Social Science Chapter 4 Spend Carefully Question Answer Solution Here. Kerala Board Class 5 Students can find Here 4th Chapter Spend Carefully Notes provide by our Teacher. Important Question Answer from Chapter 4 Spend Carefully.
- Board- Kerala Board.
- Class – 5.
- Subject – Social Science Part 1
- Chapter – 4
- Chapter Name – Spend Carefully.
- Topic – Question Answer Solution.
Chapter: 4 : spend carefully
Answer The Following Questions: (Marks:1)
1.) What are the different sources of income?
Ans: The sources are: Government sevice, business, agricultural, industry etc.
2.) When person face economic crisis?
Ans: when individual’s expenses are more than their income then a person faces evonomical crisis.
3.) What do you mean by family budget?
Ans: Family budget means keeping records on the estimated income and expenses of a family.
4.) What do you mean by activity budget?
Ans: A budget which is prepared for a perticular activity or a programme is called activity budget.
5.) In India which time period is called financial period?
Ans: 1st April to 31st March.
Answer The Following Questions: (Marks: 2 / 3)
1.) What is thrift and why thrift is important?
Ans: Thrift means spending money carefully to meet desired requirements. This should be a part of our lifestyle. Thrift helps to ensure economic security. That’s why thrift is important.
2.) What should one do to ensure thrift?
Ans: To ensure thrift one should:-
- Avoid unnecessary expenses.
- Produce food grains, vegetables and fruits that can be cultivated at home.
- Avoid unnecessary luxury purchases.
3.) What are the difference between family budget and activity budget?
Family budget |
Activity budget |
Keeping records on the estimated income and expenses of a family is called family budget. | A budget prepared for a particular activity or a programme is called activity budget. |
Budget prepared for monthly expenses such as grocery, electricity charges etc. are an example of family budget. | Budget prepared for study tour is an example of activity budget. |
Answer The Following Questions: (Marks:5)
1.) What are the sources of income?
Ans: Employment is the one source of income for family. As income is generated in different ways,the sources of income are also different. The sources of income are:
A.) Government service: Through government service one can get salary every month.
B.) Business: Business is an important source of income. Through profitable business one can earn money and fulfill every essential needs.
C.) Renting out: By renting house, rooms,shop one can earn money.
D.) Bank deposit: some people deposit their money in bank and they get interest.
E.) Construction work: construction site workers earn wages on daily or monthly basis.
F.) Mahila pradhan agent: mahila pradhan agents receives commissions for their volunteer works.
2.) What do you mean by family budget? Write about the benefits of family budget? (2+3=5)
Ans: Families may not always keep records of their income and expenditure. Keeping records on the estimated income and expenses of a family can be called as a family budget.
Benefits of family budget:
Now a days maintaining family budget is very useful and important. The benefits of family budget are:
- Co-ordinate the expenses according to the family income.
- Essential requirements can be prioritised and met with accordingly.
- The need for thrift and saving can be realised.
- By maintaining family budget the unnecessary expenses are reduced