The question on money management was not well answered.  The candidates were explaining it as how salary is being spent.

The advantages of current account and types of insurance were well attempted.

Differences between primary and secondary needs were not well answered.

The required answers to the questions are as follows:

(a)      EXPLANATION OF MONEY MANAGEMENT

Money management is an organised process of allocating or using money to achieve specific goals/needs.  This can be effectively achieved through budgeting.

(b)       ADVANTAGES OF SAVINGS

-           For meeting future emergencies
-           It could serve as the only income after earning declines as a result of
             Retirement or loss of job
-           Money saved in the bank yields interest
-           Treasury bill, bonds etc can be used as collateral for loan or mortgage
-           It can be used for investment to build an estate or increase wealth
-           It reduces anxiety/stress.

(c)        TYPES OF INSURANCE

  -           Marine insurance
  -           Life insurance
  -           Automobile insurance
  -           Fire insurance
  -           Theft insurance
  -           Health insurance
  -           Education insurance/endowment policy
  -           Mortgage/Housing insurance

(d)       DIFFERENCES BETWEEN PRIMARY AND SECONDARY NEEDS

Primary needs are the very basic goods and services which the family cannot do without e. g. food, clothing and shelter while secondary needs are those goods and services which are needed to live well but the family can survive without them e.g. car, recreation, education, etc.