Financial responsibility

Question 1

What is a financial responsibility

Answer 1

The process of managing money and other similar assets in a way that is considered productive and is also in the best interest of the individual or the family or the business company.

Question 2

List some things we should save for (7)

Answer 2

Healthcare, education, mortgage, taxes, cars, bills, insurance (7)

Question 3

What is money?

Answer 3

Anything that people use to buy goods and services and repay debt. It is also called currency and may vary from country to country.

Question 4

What is a need?

Answer 4

Things that we must have in order to survive

Question 5

What is a want?

Answer 5

Things you would like to have to simply enjoy

Question 6

Savings… what is that?

Answer 6

The money you put aside for future use rather than spending it immediately.

Question 7

Precautionary

Answer 7

financial responsibilities

Question 8

Transactionary

Answer 8

Accumulate savings for purchase of necessary items

Question 9

Speculative

Answer 9

Use of money for investment to get high returns

Question 10

List some benefits of saving

Answer 10

Financial independence for future needs.
Increased standard of living from the interest you earn from having savings.
Comfort for emergencies
Can buy a need instead of borrowing money from a bank

Question 11

Name some hindrances to savings

Answer 11

Inflation- the rise of prices of most goods and services
Failure to stick to the budget
Living beyond means
Low-interest rates for savings (financial institutions)
Low salaries
Large Family
Credit cards
Lack of financial education
High cost of living