H.E. Reviewer 1 of 3

Which of the following is an example of a material resource that a family may have?

• Time management skills

• Emotional support from friends

• A car for transportation

• A strong work ethic

Which of the following is an example of a nonmaterial resource that a family may need?

• Money for rent and bills

• Food and clothing

• Access to healthcare services

• Education and knowledge

Which of the following is a source of family income?

• Time management skills

• Emotional support from friends

• Wages from a job

• Good health habits

Which of the following is an example of a basic need that should be included in a family's budget?

• Entertainment expenses

• Travel expenses

• Food and clothing expenses

• Luxury items expenses

What is the purpose of having a savings/emergency budget in a family's budget plan?

• To have extra money to spend on luxury items

• To have money set aside for unexpected expenses or emergencies

• To have a budget for social activities and events

• To have money set aside for vacation expenses

What is the first step in preparing a feasible and practical budget?

• Setting financial goals

• Identifying sources of income

• Tracking expenses

• Creating a savings plan

What is the purpose of tracking expenses in a family's budget plan?

• To identify areas where the family can cut back on spending

• To ensure that the family is spending all their income

• To increase the family's income

• To create a savings plan for the family

What is the purpose of creating a savings plan in a family's budget?

• To have money set aside for unexpected expenses or emergencies

• To have extra money to spend on luxury items

• To increase the family's income

• To ensure that the family is spending all their income

What is the purpose of setting financial goals in a family's budget plan?

• To identify areas where the family can cut back on spending

• To ensure that the family is spending all of their income

• To increase the family's income

• To create a plan for the family's future financial success

10. Which of the following is an example of a tool used for measuring?

• Scissors

• Tape measure

• Sewing machine

• Thread