Understanding Basic and Social Needs

The video tutorial discusses the importance of basic and social needs, explaining how they motivate individuals and families. It covers the essential components of basic needs, such as food, water, shelter, clothing, education, and healthcare, and explores social needs like acceptance and belonging. The tutorial then introduces budgeting, detailing how to allocate family resources effectively. It outlines the components of a family budget, including food, education, health, and savings, and provides steps for creating a budget. An example of budget allocation is also presented to illustrate practical application.

What motivates us to work hard according to the introduction?

• Peer pressure

• Government policies

• Our basic and social needs

• Our desire for luxury

Which of the following is NOT considered a basic need?

• Food

• Water

• Shelter

• Entertainment

What is included in security and safety needs?

• Designer clothes

• Healthcare and education

• Luxury cars

• Vacation trips

Which of the following is a social need?

• Acceptance

• Owning a house

• Having a car

• Eating out

Why is budgeting important?

• To avoid paying taxes

• To impress others

• To buy luxury items

• To ensure expenses do not exceed income

What percentage of a family budget typically goes to food?

• 50-60%

• 30-40%

• 70-80%

• 10-20%

What is the first step in creating a budget?

• Know your income or allowances

• List all your debts

• Consult a financial advisor

• Buy a budgeting app

In the example family budget, what is given a small percentage?

• Recreation

• Education

• Shelter

• Food