Questions and Answers
What do values represent in the context of resource management?
Which of the following is classified as a human resource?
How are long-term goals typically achieved?
In Maslow's hierarchy of needs, which level comes after safety needs?
Signup and view all the answers
What defines a short-term goal?
Signup and view all the answers
Which of the following is an example of a non-human resource?
Signup and view all the answers
Which of the following needs is considered physiological in Maslow's hierarchy?
Signup and view all the answers
What are the two categories of esteem needs according to Maslow?
Signup and view all the answers
What is a key characteristic of decisions in resource management?
Signup and view all the answers
What do safety needs in Maslow's hierarchy include?
Signup and view all the answers
What does self-actualization refer to in Maslow's hierarchy?
Signup and view all the answers
Which of the following is considered a source of family income?
Signup and view all the answers
Which resource includes community assets like parks and schools?
Signup and view all the answers
How is profit from business and investment typically defined?
Signup and view all the answers
Which category typically receives the largest share in family budget allocation?
Signup and view all the answers
What is the definition of 'expenses' in the context of family finance?
Signup and view all the answers
What does a family typically allocate for household operations?
Signup and view all the answers
Which expense is typically paid on a monthly basis?
Signup and view all the answers
What does the term 'savings' refer to in family budgeting?
Signup and view all the answers
What type of income does a pension represent?
Signup and view all the answers
What are medical and dental care expenses used for?
Signup and view all the answers
Which of the following is considered a basic need of the family?
Signup and view all the answers
What should you NOT do when managing family resources?
Signup and view all the answers
What is the primary difference between needs and wants?
Signup and view all the answers
Which of the following expenses is classified as a fixed expense?
Signup and view all the answers
In the family budget plan, what percentage of the income is allocated for food if the income is 20,000 pesos?
Signup and view all the answers
What is the allocated amount for food when 35% of a family income of 20,000 pesos is used?
Signup and view all the answers
Why is it recommended not to use a credit card for purchases?
Signup and view all the answers
Which of the following is NOT a guideline for smart and responsible spending?
Signup and view all the answers
What should be prioritized when creating a family budget?
Signup and view all the answers
Study Notes
Family Resources
-
Elements of Resource Management
- Values are guiding principles that are cherished, influencing behavior and aspirations.
- Goals can be explicit or implied; they encompass both short-term and long-term aspirations.
- Decisions involve a process that begins with planning and ends with evaluation, impacting resource management.
-
Classification of Family Resources
- Human resources are intangible qualities contributing to family well-being, such as education, skills, attitude, knowledge, strength, and time.
- Non-human resources are tangible possessions essential for achieving goals, including money, housing, vehicles, household equipment, and community assets like water, electricity, and public services.
-
Use of Resources to Achieve Goals
- Long-term goals require careful, stepwise planning over years, necessitating thoughtful consideration at each stage.
- Short-term goals are achieved quickly and require ongoing evaluation and prioritization.
Basic and Social Needs and Sources of Family Income
-
Maslow's Hierarchy of Needs
- Physiological Needs: Essential for survival (e.g., air, food, shelter).
- Safety Needs: Provided by family and society (e.g., medical care, police protection).
- Love and Belonging: Emotional needs for interpersonal relationships and group affiliations.
- Esteem: Comprising self-esteem (dignity, achievement) and the desire for respect from others (status, prestige).
- Self-Actualization: Realizing one’s fullest potential and seeking personal growth.
-
Sources of Family Income
- Wage or Salary: Earnings from employment paid to family members.
- Profit from Business and Investment: Earnings from investments and business operations.
- Lease of Property: Income derived from renting out real estate.
- Pension: Payments received by retired family members.
- Commission and Bonus: Additional earnings beyond regular salary as incentives.
Family Budget Allocation
-
Definitions
- Income: Money received for goods and services provided.
- Expense: Money spent for obtaining goods and services.
- Budget: A financial plan outlining projected income and expenses.
-
Budget Allocation Categories
- Food: Receives the largest portion of the budget.
- Utilities: Ongoing monthly expenses including electricity and water.
- Shelter: Costs associated with housing, whether rented or owned.
- Education: School fees paid annually or per semester.
- Savings: Funds reserved for emergencies or future needs.
- Household Operations: Budgets for household helpers and maintenance.
- Medical and Dental Care: Expenses related to healthcare and medical supplies.
- Clothing: Basic needs that vary according to family members' requirements.
- Rest and Recreation: Budget for leisure and entertainment activities.
- Social and Moral Obligations: Expenses for celebrations, such as birthdays.
Efficient Management of Family Resources
- Set clear family guidelines to manage resources effectively.
- Identify family goals to direct resource allocation.
- Develop a comprehensive plan to achieve set goals.
- Assess required financial resources to achieve objectives.
- Make informed decisions about budget prioritization.
- Allocate funds appropriately across all necessary items.
- Regularly evaluate the effectiveness of financial plans.
Understanding Needs and Wants
- Needs: Essential items required for survival and well-being.
- Wants: Non-essential items that enhance comfort and enjoyment.
Guidelines for Smart and Responsible Spending
- Avoid using credit cards for purchases.
- Ensure correct sizing and quantity when buying products.
- Stick to a prepared shopping list to prevent impulse buys.
- Go shopping when satiated to reduce unnecessary purchases.
- Limit frequency of shopping trips to control expenses.
Application of Family Budget Plan
-
Fixed Expenses: Consistent regular payments (e.g., rent, utilities).
-
Flexible Expenses: Irregular payments that may vary in cost (e.g., food, entertainment).
-
Sample Budget Calculation:
- For a family income of 20,000 pesos with 35% allocated for food:
- Allocated Amount for Food: 20,000 x 0.35 = 7,000 pesos.
- This represents the financial commitment for food expenses.
- For a family income of 20,000 pesos with 35% allocated for food:
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your understanding of family resources with this quiz focused on elements of resource management. Explore key concepts like values, goals, and decision-making processes that shape family dynamics. Prepare to enhance your knowledge and apply it in real-life scenarios.
