Focus Question1. 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 spentwisely.3. A family consisting of a baby, a child attending nursery school and working parentsdecides to prepare a budget for three months.a. Explain briefly THREE factors that the family must take into consideration beforepreparing the budget.b. The family in the scenario has a limited income and decides to purchase a foodprocessor instead of a television set. Suggest 2 possible reasons for this decision.

Comments; Multiple questions asked Income - The money earned from various different sources by an…

Answered: Focus Question 1. Most family members…

Focus Question 1. Most family members earn money by working for salaries. State THREE other means by which income is earned.

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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