Economics: Sources of Family Income and Types of Income
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Economics: Sources of Family Income and Types of Income

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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Questions and Answers

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?

<p>It provides financial security and independence</p> Signup and view all the answers

What is the primary objective of saving money?

<p>To bring financial security</p> Signup and view all the answers

What type of savings scheme provides financial benefits after a stipulated period?

<p>Fixed deposit scheme</p> Signup and view all the answers

What is included in indirect real income?

<p>Paid help and services</p> Signup and view all the answers

What is the primary source of income for an individual after retirement?

<p>Pension</p> Signup and view all the answers

What is the term used to describe the satisfaction derived from consumption of material goods and money income?

<p>Psychic income</p> Signup and view all the answers

What is the main factor that determines the period of service?

<p>Age of the person</p> Signup and view all the answers

How is pension typically calculated?

<p>Based on the average of the basic pay drawn during the last ten months of service</p> Signup and view all the answers

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?

<p>Pension</p> Signup and view all the answers

What is the primary purpose of seeking feedback in time management?

<p>To make necessary changes in goal, planning, and prioritization</p> Signup and view all the answers

What is the fundamental aspect of time allocation?

<p>Distributing time for different activities</p> Signup and view all the answers

Why is time management essential for achieving goals?

<p>To make conscious choices about time utilization</p> Signup and view all the answers

What is the outcome of eliminating wasteful activities in time management?

<p>Improving productivity</p> Signup and view all the answers

What is the significance of being aware of available time in time management?

<p>To make intelligent choices about time utilization</p> Signup and view all the answers

What is the importance of time management in achieving daily routine goals?

<p>To ensure proper planning and utilization of time</p> Signup and view all the answers

What is the primary purpose of the RTGS system in India?

<p>To provide an instant interbank money transfer facility for large transactions</p> Signup and view all the answers

What is the key difference between RTGS and NEFT?

<p>RTGS is a real-time settlement system, while NEFT is a deferred settlement system</p> Signup and view all the answers

Who is eligible to use NEFT or RTGS services?

<p>Only individuals with a savings or current account</p> Signup and view all the answers

What is the time frame for the beneficiary bank to credit the recipient's account in RTGS?

<p>30 minutes</p> Signup and view all the answers

What is the primary purpose of UPI?

<p>To enable instant real-time payment systems for inter-bank transactions</p> Signup and view all the answers

What is the difference between a fixed deposit and a recurring deposit?

<p>A fixed deposit is a one-time deposit, while a recurring deposit is a regular deposit</p> Signup and view all the answers

What is the primary outcome of effective time management?

<p>Higher work rate and improved performance</p> Signup and view all the answers

How does time management help in achieving a balance in life?

<p>By allowing time for a wide range of activities</p> Signup and view all the answers

What is a key benefit of time management in terms of work?

<p>It gets work done cheaper, faster and better</p> Signup and view all the answers

How does time management help in increasing free time?

<p>By providing guidelines for workload distribution and delegation</p> Signup and view all the answers

What is a common excuse people give for not developing their personal skills and interests?

<p>Lack of time</p> Signup and view all the answers

What is an example of utilizing time management to reduce workload?

<p>Using paid help for mechanical work</p> Signup and view all the answers

Study Notes

Types of Income

  • Indirect real income includes paid help and services, such as maid servants, paid education, and paid hospital facilities.
  • Psychic income refers to the satisfaction derived from consuming material goods and money income, but it's difficult to measure.

Pension

  • Pension is a regular payment made by the government, management, or company to an individual who has stopped working due to old age or retirement.
  • The retirement age varies according to the type of job, and pension is calculated with reference to the average of the basic pay drawn during the last ten months of service.

Time Management

  • Time management is essential for achieving goals, as it helps to make conscious choices and prioritize activities.
  • Proper time management improves productivity, reduces wasted time and efforts, and allows for more free time.
  • Time management skills and tools help develop suitable work procedures, controlled operations, and balance between available time and allotted work.

Savings

  • Savings are essential for future and unexpected needs, and financial security.
  • The amount left after deducting total expenses from one's income is considered as savings.
  • Savings can be used to fulfill future needs, which can be planned or unplanned.

Importance of Savings

  • Savings minimize economic insecurity and provide financial security.
  • Savings help in provisioning for occasional expenses and provide a sense of independence in old age.
  • Savings can be used for future use, and some schemes provide financial benefits like fixed deposit schemes in banks.

Types of Saving Schemes of Banks

  • Saving Account
  • Current Account
  • Fixed Deposits
  • Recurring deposits
  • Pigmy Account

E-Banking

  • E-Banking includes services like ATM cards, insurance, ticket booking, and e-wallets.
  • Online banking allows customers to bank 24/7.
  • RTGS (Real-Time Gross Settlement) is an electronic payment system that allows individuals to transfer funds between banks within the country.
  • NEFT (National Electronic Funds Transfer) operates on a deferred settlement basis and is used for smaller transactions.

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