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Through this exercise, lets share our thoughts on the following questions?

What is money?
What are the functions of money?
What is income? Give a few examples of income
How can you add to family income?
Are Saving and investment same?
State 2 Saving / investment medium that you know of?

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Money is any item that is generally accepted as payment for goods and services.

Money functions as an exchange for goods and services.

Income is something that is earned by performing a job or a particular task. Now in these modern times, there are other mediums also from which you can earn money.

Ways in which you can add to the family income is by working yourself. By creating Passive income.

In the long term, saving and investment is the same. Savings is keeping money for the time you grow old or for your family. Investment is investing money for profit. Usually in India, Investment is referred to buying a land and keeping it till the its prices rise by a huge or an adequate margin.

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Saving and investment are different as in saving you trying to save the money you earned.  In investment you are investing the money in need of higher returns.
Eg of saving:- you save 5 percent of your salary every month.
Eg of investment:- you buy shares or debenture in a company.
Sweety

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the money you receive regularly as payment for your work. different type of incomes are:
Wages, Salary, Stipend. -Meyhar

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medium of exchange, a store of great value. Meyhar

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What is Money?
Money is an important resource when it comes to survival... To run the house, money becomes an essential component as nothing is free of cost..

What are the Functions of Money?
Beyond the basic needs, money helps us achieve our life's goals and supports — the things we care about most deeply family, education, health care, charity, adventure and fun. ... Money can give us the power to make a difference in the lives of others, but not the desire to do so.

What is income? Give a few examples of income.
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields

How can you add to family income?
Few ways in which one can add to family income would be to work hard in the field you're into and create a passive income... Earning a certificate is also a way in which one can add to family income

Are Saving and investment same?
The biggest difference between saving and investing is the level of risk taken. Saving typically results in you earning a lower return but with virtually no risk. In contrast, investing allows you the opportunity to earn a higher return, but you take on the risk of loss in order to do so.

State 2 Saving / investment medium that you know of?

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Chapter 16 Financial Management and Planning-Money 

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Chapter 16 Financial Management and Planning-Money 

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What is money? - Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. Money provides the service of reducing transaction cost

What are the functions of money?-  Store of Value, An unit of account and is a medium of exchange (To buy goods).

What is income? Give a few examples of income- Money received, especially on a regular basis, for work or through investments.
Egs- Labour. A salary or wage that is paid in return for work. Business Profits. The net income of a business that creates and captures value.
Tangible Assets.
Intangible Assets.
Capital Gains.
Interest.
Rent Seeking.

How can you add to family income?-  Parents Invest in their names, pay rents, buy health insurance , take a joint home loan, give a loan, etc..

Are Saving and investment same?- The difference between your monthly income and your expenses is what constitutes your "savings".

But when you multiply the money you save by putting it in various asset classes such as stocks, bonds, real estate or gold, you are creating wealth by "investing".

State 2 Saving / investment medium that you know of?- Debt mutual funds and Bank fixed deposit

Tanisha Tayal

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Income is a person's earnings. Eg: how much a person earns for his/her livelihood every month. We can add to family income by earning salary,wages,internship, part time jobs. Sweety

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 money is something  thats  makes anyone one happy . Money is a medium of exchange – it is something everyone is willing to accept in exchange for goods and services-Arushi 

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 money is something  thats  makes anyone one happy . Money is a medium of exchange – it is something everyone is willing to accept in exchange for goods and services-Arushi 

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What are the functions of money
-medium of exchange
-store of value
-transfer of value

What is income? Give a few examples of income
income is the amount of money received by a person, group or company during a certain period of time.
examples of income-Wages, Salary

How can you add to family income?

Are Saving and investment same?
no,
-Saving is the process of putting money aside for a future expense
-Investing money is the process of using your money to buy assets that grow in value over time and provide high returns in exchange for taking on more risk.

State 2 Saving / investment medium that you know of?

2 mediums of investment-Stocks, Mutual Funds
2 mediums of saving-regular deposit,

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Money is a resource that is needed to buy other resources. It circulates from person to person and country to country. -Meyhar

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Money helps us in buying utilities, money helps us to maintain a certain lifestyle. Sweety

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Money is something we need too buy utilities which will help us to survive. Sweety