JSS 1 Livestock Farming Flashcards: Meaning, Uses and Saving of Money for Livestock Farming

Question 1

What is money?

Accepted Answer

anything generally accepted for payment and settlement of debts

Question 2

Barter is the exchange of ____.

Accepted Answer

goods or services without money

Question 3

Money acts as a medium of exchange by ____.

Accepted Answer

making transactions easier

Question 4

When animal prices are compared in naira, money serves as a ____.

Accepted Answer

unit of account

Question 5

Money kept for future use serves as a ____.

Accepted Answer

store of value

Question 6

Saving means ____.

Accepted Answer

setting aside part of current income for future use

Question 7

A livestock farmer may save to buy feed, replace stock, improve housing, or ____.

Accepted Answer

meet emergencies

Question 8

A savings goal should specify purpose, amount, and ____.

Accepted Answer

target date

Question 9

Saving ₦4,000 monthly for six months produces ____.

Accepted Answer

₦24,000

Question 10

If a feeder costs ₦18,000 and ₦11,500 is saved, the shortfall is ____.

Accepted Answer

₦6,500

Question 11

A regulated bank or cooperative supports saving through security and ____.

Accepted Answer

record keeping

Question 12

A savings card should include date, amount deposited or withdrawn, and ____.

Accepted Answer

balance

Question 13

Which is NOT a good saving practice: spending every surplus, saving regularly, using a budget, or checking balances?

Accepted Answer

spending every surplus

Question 14

The owner’s accumulated savings are a ____ source of start-up funds.

Accepted Answer

personal

Question 15

Money from relatives may be a gift, loan, or ____.

Accepted Answer

investment

Question 16

Family funding terms should be recorded to prevent ____.

Accepted Answer

future disagreement

Question 17

Business money should be separated from personal funds to make performance easier to ____.

Accepted Answer

measure

Question 18

A budget plans expected income, expenses, and ____.

Accepted Answer

savings

Question 19

If livestock sales are ₦100,000, expenses ₦70,000, and savings ₦12,000, cash remaining is ____.

Accepted Answer

₦18,000

Question 20

An emergency fund should pay for ____.

Accepted Answer

unexpected essential needs such as urgent veterinary care

Strong work.