waecE-LEARNING
Home Management Paper 2, May/June. 2010  
Questions: 1 2 3 4 5 6 Main
General Comments
Weakness/Remedies
Strength

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 






Question 6

Explain four ways of providing economic security for the family.


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Observation

Most candidates talked about the role of a father to protect the family instead of ways to provide economic security like explanation of savings, investment etc.

The required answers to the question are as follows:

           i.          Savings
           ii.         Insurance
           iii.         Investment
           iv.         Contribution or Ajo, OsusuJlsusu, Adashi, thrift collection
           v.          Cooperatives

                        i.   Savings -This result from the careful management of income and expenditure so that,                                 there is something left to put aside for the future. This can then be used in case of                                 emergency, retirement or investment .

                        ii. Insurance: is a contact between an individual or company/businesses and an insurance                                company. It is a form of savings as well as a means of providing security against financial loss                                resulting from burglary, fire, accident etc.

                        iii.   Investment - is a form of business where money is put into the buying of properties, stocks,                                 shares, bonds etc. These investments yield dividends and they can be sold to make profit.                                 The family can also invest in farm and gardens.

                        iv.   Cooperatives - cooperative societies are business organizations formed by people who have                                 similar interest. There are three types of cooperatives which are producers, consumers and                                 credit and thrift cooperatives. Profits made by the cooperative society are shared among                                 members. They also give loan to members at a very low interest rate.

                          v. Contribution/osusu/isusu/ajo/adaoshi and thrift collection- They are all an informal ways of                                 putting money aside for future use in the family. It is normally organized by groups of people.                                 The arrangement for the collection and payment varies from group to group



 






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