Answer:

What are the different family resources?

Family resources are the means that can be used by the family to cope with difficult situations; these include social, cultural, religious, economic and medical resources.

What are the components of a family budget?

There are a number of monthly expenses that your parents may have to pay including:

Housing (rent or mortgage costs)

Household expenses (groceries; clothing)

Transportation (car payments, gas for the car, public transit)

Insurance (for the house, the car and life insurance)

Medical and health (prescriptions; doctor's appointments)

Communications (cell phone, cable or satellite TV, Internet)

Financial (loans; credit card payments)

Taxes (personal income tax and state taxes)

What are the sources of family income?

Total family income is first classified by its four major sources: earnings of a male head, earnings of a wife or female head, earnings of other family members, and property or transfer income.

How can you spend your income wisely?

The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings.

Is it important to manage family income? Why?

-Yes

Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt.

hope it helps...