Chapter 5 - Household Accounts and Filing

Question 1

Define contra entries.

Answer 1

Occur when households switch money from their bank account to cash, or when they take some of their cash and put it into the bank account. The household still has the same amount of money as they had before the switch.

Question 2

Define filing.

Answer 2

A system of storing documents and information in such a way that they can be found easily and quickly when they are required.

Question 3

List two ways in which information can be stored.

Answer 3

• Alphabetically; in order of letters.

* Numerically; lowest number first.

Question 4

List three types of information that a household should store.

Answer 4

• Household bills.
• Records of income (payslips).
• Letters regarding complaints, those written and received back.