How can money management skills be categorized? Choose the correct combination of skills.

Money management skills can be categorized in a way that highlights their different dimensions. The correct categorization includes conceptual, social, and practical skills.

Conceptual skills involve understanding financial principles and theories, such as interest rates, budgeting, and investment strategies. This knowledge allows individuals to make informed decisions regarding their finances.

Social skills pertain to communication and relationship-building in financial contexts, such as negotiating with lenders or collaborating with family members on budget decisions. These skills are essential for managing finances effectively, as they enable individuals to convey their needs and understand others' perspectives in financial discussions.

Practical skills are the hands-on abilities needed to manage money, such as creating a budget, tracking expenses, and executing transactions. These skills are crucial for applying theoretical knowledge in real-life scenarios.

This specific combination of conceptual, social, and practical skills offers a comprehensive framework for effective money management.