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a. Explain briefly THREE factors that the family must take into consideration before preparing the budget. b. The family in the scenario has a limited income and decides to purchase a food processor instead of a television set. Suggest 2 possible reasons for this decision.

a. Explain briefly THREE factors that the family must take into consideration before preparing the budget. b. The family in the scenario has a limited income and decides to purchase a food processor instead of a television set. Suggest 2 possible reasons for this decision.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer 3a and b
Focus Question 1. Most family members earn money by working for salaries. State THREE other means by which income is earned. 2. List THREE guidelines that should be followed to ensure that the family income is spent wisely. 3. A family consisting of a baby, a child attending nursery school and working parents decides to prepare a budget for three months. a. Explain briefly THREE factors that the family must take into consideration before preparing the budget. b. The family in the scenario has a limited income and decides to purchase a food processor instead of a television set. Suggest 2 possible reasons for this decision.
Transcribed Image Text:Focus Question 1. Most family members earn money by working for salaries. State THREE other means by which income is earned. 2. List THREE guidelines that should be followed to ensure that the family income is spent wisely. 3. A family consisting of a baby, a child attending nursery school and working parents decides to prepare a budget for three months. a. Explain briefly THREE factors that the family must take into consideration before preparing the budget. b. The family in the scenario has a limited income and decides to purchase a food processor instead of a television set. Suggest 2 possible reasons for this decision.
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