30 Questions
What is the primary purpose of saving money?
To minimize economic insecurity
What happens to medical aid expenses as a person advances in age?
They increase according to advancement in age
What is the result of careful planning in a family budget?
Savings
What is the benefit of saving money for future use?
It provides financial security and independence
What is the primary objective of saving money?
To bring financial security
What type of savings scheme provides financial benefits after a stipulated period?
Fixed deposit scheme
What is included in indirect real income?
Paid help and services
What is the primary source of income for an individual after retirement?
Pension
What is the term used to describe the satisfaction derived from consumption of material goods and money income?
Psychic income
What is the main factor that determines the period of service?
Age of the person
How is pension typically calculated?
Based on the average of the basic pay drawn during the last ten months of service
What is the term used to describe the money paid regularly by the government or company to an individual who has stopped working due to old age?
Pension
What is the primary purpose of seeking feedback in time management?
To make necessary changes in goal, planning, and prioritization
What is the fundamental aspect of time allocation?
Distributing time for different activities
Why is time management essential for achieving goals?
To make conscious choices about time utilization
What is the outcome of eliminating wasteful activities in time management?
Improving productivity
What is the significance of being aware of available time in time management?
To make intelligent choices about time utilization
What is the importance of time management in achieving daily routine goals?
To ensure proper planning and utilization of time
What is the primary purpose of the RTGS system in India?
To provide an instant interbank money transfer facility for large transactions
What is the key difference between RTGS and NEFT?
RTGS is a real-time settlement system, while NEFT is a deferred settlement system
Who is eligible to use NEFT or RTGS services?
Only individuals with a savings or current account
What is the time frame for the beneficiary bank to credit the recipient's account in RTGS?
30 minutes
What is the primary purpose of UPI?
To enable instant real-time payment systems for inter-bank transactions
What is the difference between a fixed deposit and a recurring deposit?
A fixed deposit is a one-time deposit, while a recurring deposit is a regular deposit
What is the primary outcome of effective time management?
Higher work rate and improved performance
How does time management help in achieving a balance in life?
By allowing time for a wide range of activities
What is a key benefit of time management in terms of work?
It gets work done cheaper, faster and better
How does time management help in increasing free time?
By providing guidelines for workload distribution and delegation
What is a common excuse people give for not developing their personal skills and interests?
Lack of time
What is an example of utilizing time management to reduce workload?
Using paid help for mechanical work
Test your understanding of the different sources of family income, including indirect real income, and the types of income, such as psychic income and real income. Learn how to differentiate between them and their significance in economics.
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