Financial Planning — Flashcards
Maharashtra Board · Class 9 · Mathematics
22 flashcards for Financial Planning (Maharashtra Board Class 9 Mathematics) to test yourself on key terms and facts.
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What is financial planning? Define its main purpose.
Answer
Financial planning is the process where an individual first spends on primary necessities, saves the remaining amount, and then uses these savings to make carefully considered investments. The main pu…
List 3 predictable expenses and 3 unpredictable expenses that require financial planning.
Answer
Predictable expenses: (1) Education of children, (2) Buying a vehicle, (3) Old age requirements. Unpredictable expenses: (1) Natural disasters, (2) Medical expenses for family members, (3) Loss due to…
What is the relationship between risk and gain in investments?
Answer
In investments, there is a direct relationship between risk and gain. It is possible to make big gains by taking greater risk, but greater risk can also lead to greater loss. Investors must carefully …
Why do banks and postal departments offer safer investments compared to shares and mutual funds?
Answer
Banks and postal departments offer safer investments because they provide guaranteed returns with minimal risk. Shares and mutual funds carry higher risk because the money is invested in businesses or…
Define direct taxes and give two examples.
Answer
Direct taxes are taxes that are paid directly by the taxpayer to the government. Examples include: (1) Income tax, (2) Wealth tax, (3) Professional tax. These taxes cannot be transferred to another pe…
Define indirect taxes and give two examples.
Answer
Indirect taxes are taxes that are not paid directly by the taxpayer but are collected through intermediaries. Examples include: (1) Central sales tax, (2) Value Added Tax (VAT), (3) Service tax, (4) E…
What is an assessee in income tax terminology?
Answer
An assessee is any person who is liable to pay income tax according to the Income Tax Rules. This includes individuals, companies, firms, or any other entity that earns taxable income and is required …
Distinguish between Financial Year and Assessment Year with an example.
Answer
Financial Year: The period during which taxable income is earned (April 1 to March 31). Assessment Year: The financial year immediately following the financial year, during which tax for the previous …
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