1) Reward generating ventures or assets can be termed as ……………

Ans : source of income.

2) Define  employment .

Ans : Employment is an economic activity that generates income.

3) The source of income of each family are …………

Ans : different

4) What is the income of the family ?

Ans :  The earnings of family members from different sources are the income of the family.

5) Name some contexts in which families earn income.

Ans : 

• bank deposits                        – Interest

• Renting out buildings          – Rent

•  Business / industrial unit   – Profit

• Insurance                               – Commission

6) What is unexpected expenditure ?

Ans : The expenses to meet the unexpected events like accidents, natural calamities and diseases are called unexpected expenditure.

7) …………… exceeding income will lead to economic crisis.

Ans : expenses

8) …………… plays a vital role in economic security.

Ans : Saving

9) ………….. helps to ensure economic security.

Ans : Thrift

10) ……………… depends on the variation in income and expenses of each family.

Ans: Family budget

11) Define activity budget ?

Ans : A budget prepared for a particular activity or program is called activity budget.

12) In India, financial year is the period from ……….. to ……………

Ans : from April 1st to March 31st.

13) Requirements of families are met with ………

Ans : income