JSS 1 Business Studies Flashcards: Meaning and Steps for Developing a Savings Plan

Question 1

What is a savings plan?

Accepted Answer

a written guide for reaching a savings goal

Question 2

What is the first step in developing a savings plan?

Accepted Answer

set a specific savings target

Question 3

Why must a savings target be measurable?

Accepted Answer

to track progress toward it

Question 4

The period allowed to reach a target is its ____.

Accepted Answer

duration

Question 5

The number of times money is saved is the savings ____.

Accepted Answer

frequency

Question 6

The sum deposited each time is the savings ____.

Accepted Answer

amount

Question 7

To save ₦12,000 in six months, the monthly amount is ____.

Accepted Answer

₦2,000

Question 8

Saving ₦750 weekly for eight weeks produces ____.

Accepted Answer

₦6,000

Question 9

A goal of “save some money soon” is weak because it is not ____.

Accepted Answer

specific

Question 10

State the measurable savings goal in this lesson.

Accepted Answer

Save ₦15,000 for textbooks.

Question 11

A savings plan should reflect the saver’s ____.

Accepted Answer

income and essential expenses

Question 12

If a monthly target is too high, the saver should ____.

Accepted Answer

adjust the amount or duration realistically

Question 13

What record shows whether deposits follow the plan?

Accepted Answer

savings tracker

Question 14

Missing one deposit should lead the saver to ____.

Accepted Answer

review and revise the plan

Question 15

Why should a savings goal have a purpose?

Accepted Answer

It motivates consistent saving.

Question 16

What should be done after reaching one savings target?

Accepted Answer

set or begin the next suitable goal

Question 17

For irregular income, a practical plan may save a ____ of each payment.

Accepted Answer

percentage

Question 18

A student needs ₦9,000 in three months. How much monthly?

Accepted Answer

₦3,000

Question 19

After identifying the savings duration, state the next planning step.

Accepted Answer

determine the amount to save

Question 20

Why should progress be reviewed regularly?

Accepted Answer

to detect shortfalls and make adjustments

Strong work.