Why do traditional artists need financial literacy?
Answer and explanation
Correct answer: To understand income, expenses, savings, credit and profit
Traditional artists’ earnings may depend on sales, orders and seasonal demand. Financial literacy helps them calculate costs and selling prices, identify profit, save money and use credit wisely when needed. Avoiding customers can reduce sales, so option C is not correct. Exam tip: mention income-expenditure, savings and profit-loss management in your answer.
Frequently asked questions
What is the correct answer to this question?
To understand income, expenses, savings, credit and profit
Why is this the correct answer?
Traditional artists’ earnings may depend on sales, orders and seasonal demand. Financial literacy helps them calculate costs and selling prices, identify profit, save money and use credit wisely when needed. Avoiding customers can reduce sales, so option C is not correct. Exam tip: mention income-expenditure, savings and profit-loss management in your answer.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Traditional occupations in India - Visual arts.
