Why does saving have a place in livelihood planning?
Answer and explanation
Correct answer: Financial preparation for future needs and emergencies
Saving is an important part of livelihood planning because it provides financial support for future needs, such as education, health care, or repair of work equipment, and for unexpected emergencies. It helps a family manage essential expenses even when income temporarily falls. Increasing expenditure is not the purpose of saving. Exam tip: link saving with financial security and emergencies.
Frequently asked questions
What is the correct answer to this question?
Financial preparation for future needs and emergencies
Why is this the correct answer?
Saving is an important part of livelihood planning because it provides financial support for future needs, such as education, health care, or repair of work equipment, and for unexpected emergencies. It helps a family manage essential expenses even when income temporarily falls. Increasing expenditure is not the purpose of saving. Exam tip: link saving with financial security and emergencies.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Work, careers and livelihood.
