Management of Household Financial Resources (Leaving Cert Home Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
ShowHide
Practise the questions
12 questions from this quiz
What is a household in economic terms?
What is a household in economic terms?
A fundamental economic unit in society
Which economic function involves purchasing goods and services to meet needs?
Which economic function involves purchasing goods and services to meet needs?
Consumption
What is an example of a household production activity?
What is an example of a household production activity?
Growing vegetables in a home garden
What does the distribution function within a household involve?
What does the distribution function within a household involve?
Allocating resources among family members
How do household savings and investments contribute to the economy?
How do household savings and investments contribute to the economy?
They build economic wealth
How does age typically affect income during retirement?
How does age typically affect income during retirement?
Income decreases significantly
What can contribute to gender-based income disparities?
What can contribute to gender-based income disparities?
Career interruptions for childcare
What does higher socio-economic status typically correlate with?
What does higher socio-economic status typically correlate with?
Better access to education & jobs
How can culture affect household financial dynamics?
How can culture affect household financial dynamics?
Joint family systems pool income
What is gross income?
What is gross income?
Total income before any deductions
What is net income?
What is net income?
Income after all deductions are made
What characterises employment income for most households?
What characterises employment income for most households?
The largest and most stable source