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NIOS Class 10 Home Science Chapter 16 Managing Family Income
Also, you can read the NIOS book online in these sections Solutions by Expert Teachers as per National Institute of Open Schooling (NIOS) Book guidelines. These solutions are part of NIOS All Subject Solutions. Here we have given NIOS Class 10 Home Science Chapter 16 Managing Family Income, NIOS Secondary Course Home Science Solutions for All Chapters, You can practice these here.
Managing Family Income
[Book – II] HOME SCIENCE
TEXTUAL QUESTION WITH ANSWERS
Intext Questions 16.1.
Q.1. Choose the correct option from the choices given to complete the statement:
(a) Income means:
(iv) All of the above.
Ans: (iv) All of the above.
(b) Family Income means:
(i) Income of all related person living in the household.
(ii) Commodities and services produced in the country.
(iii) Right to consume goods and services.
(iv) All the above.
Ans: (i) Income of all related person living in the household.
Intext Questions 16.2.
Q.1. Fill in the table drawn below by writing the budget head against each expenditure. The first item has been done for you.
|1.Repair of tap||House|
|2. Buying a pack/strip of Aspirin tablets|
|3. Going to a friend’s house by bus|
|4. Eating out|
|5. Buying a toothbrush|
|6. Buying a water bottle for school|
|7. Getting a telephone connection installed at home|
|8. Paying electricity bills|
Ans: 1. House.
2. Medical expenses.
7. Public utility.
8. Public utility.
Intext Questions 16.3.
Q.1. Write T for true and F for false in the space provided before each statement. If false, write the correct answer in the line given below each question:
(a) ___________ Budget is the process of allocating income among various uses.
(b) ___________ Family goals affect the budget.
(c) ___________ A budget forces you to decide what is more important than the other.
(d) ___________ A budget can’t help in achieving long term goals.
Ans: False- A budget can help in achieving long term goals.
(e) ___________ Budgeting helps in the management of your finance.
(f) ___________ The main purpose of a budget is to allow you to live within your income.
(g) ___________ Income of the family members does not influence the budget.
Ans: False – Income of family members influence the budget.
(h) ___________ Making a budget helps in saving money.
(i) ___________ Major amount from the income is spent on food.
Ans: False – He was concerned about other people – friend.
Now you must have understood the importance of managing money as it is an important resource. Your family members work very hard to earn money. It should not be wasted.
You must start managing the money you get as pocket money. Also help your parents understand the importance of money management and help them in preparing a budget.
Q.1. Define any two of the following:
(a) Money – Income.
(b) Direct and Indirect Income.
Ans: (a) Money – Income: Whatever is earned in the from of money which comes into the family is called it’s income. This income may come from various sources.
(b) Direct and Indirect Income: It is the good and facilities enjoyed by a family directly, without the use of money.
It is the good and facilities enjoyed by a family indirectly, with the use of money or in exchange of goods.
(c) Budget: Budget is a tentative estimate of a family’s income and expenditure over fixed period of time.
Q.2. Give any five points highlighting the importance of ‘Family Spending plan ‘.
Ans: Importance of family “Spending plan”
1. Keep in mind all the income and facilities available to you for the period for which you are making the spending plan.
2. List all the requirements (commodities and services)needed by the family members for that period.
3. Prioritize these needs.
4. Allocate funds keeping in the total income. This will help in effective utilization of money and other resources.
5. Balance the spending plan. This will also help to save some money.
Q.3. List the characteristics of a good budget.
Ans: CHARACTERISTICS OF A GOOD BUDGET:
(a) Accurate estimates of income: Find the exact amount of income that will be available to you for expenditure. (Gross income of the family differs from its take home pay).
(b) Accurate estimates of expenditure: The expenditure estimate should be as accurate as possible. Look up the budget of the previous years or the record of past expenditures and savings.
(c) Reasonably accurate allocation of money: The resources on expenditures side should be reasonably accurate; the family must be able to determine its present needs and wants and anticipate future changes (e.g. for some families budgeting for October-November will need extra outlay on spending on festivals and other occasions.)
(d) Flexible A: A budget is made flexible by allowing sufficient margin on certain items. It should allow you to divert some money from one item to another as per your need. For example, some money can be easily diverted from entertainment in case of an unexpected high medical expenditure.
Q.4. Request your friends to discuss and plan their family’s spending plan. If they are not willing to do it:
• Give two reasons to convince them about the importance of a spending plan.
• Let them develop their spending plans.
• Give suggestions for Improving it by supporting with reasons for each flaw in the plan.
Ans: To expand according to the income. It is necessary to make plan of spending. According to spending plans we spend money for our primary needs. According to this we spend money for our primary needs. According to this we save some money from our income for future planing.
Q.5. Define the term ” spending plan” and explain the factors on which the allocation of money on different items is decided.
Ans: Spending plan: A spending plan is a planned approach to spend money. It is based on the total income of family. It helps the family to live within their income and also save money for future needs and emergencies.
Factors: (i) Income: The total family income from all sources will basically help to decide how much can be spent on various items. More the income more will be the money spent for purchasing different items.
(ii) Size of family: More the number of family members more will be the expenditure on food and clothing. Hence, the family will be able to spend less on entertainment and luxurious etc.
(iii) Age of family members: If there are school going children, expenditure on education, school uniform, stationery etc., Will be more.
(iv) Place of residence: In big cities like Delhi and Mumbai, cost of living, food, house rent, travel expenses and school fee are higher than in small towns and villages.
(v) Skills: If some family members have certain skills like making preserves or doing household repairs like repairing electrical equipments carpentry etc., Then the family will have to spend less on getting the repairs done.
(vi) Savings: Keeping in mind the future needs.
Q.6. Make a simple spending plan for the following families:
(a) A family of four consisting of the parents and two children aged 12 and 17 years. They live in a rented house in Delhi. The father gets a salary of Rs 5,000.
Ans: Family members: Income = ₹ 5000
|Items of expenditure||Amount in ₹|
|4. Household expenses||200|
(b) A family of six, grandparents, parents and two school going children 8 years and 12 years old. They live in a village and have a small farm which brings them an income of Rs. 3,000. The school in the village does not charge any fees from its students.
Ans: Family members – 6 income -3000
|Items of expenditure||Amount in Rs.|
SOME OTHER IMPORTANT QUESTIONS FOR EXAMINATION
Multiple Choice Questions
Tick (✔) the correct answer:
1. The money that is kept for future use is known as:
Ans: (a) Saving.
2. Allocation of money for Expenditure depends upon:
(a) Income of family.
(b) Size of family.
(c) Age of family members.
(d) All of the above.
Ans: (d) All of the above.
3. Which of the following statements is not correct?
(a) The less the income, more will be the expenditure on various items.
(b) The members in a family determine the extent of expenditure.
(c) A spending plan helps the family to live within the income .
(d) None of the above.
Ans: (a) The less the income, more will be the expenditure on various items.