NIOS Class 10th Home Science (216) Important Question & Answer Ch 16

NIOS Class-10th Chapter wise Important Topics

HOME SCIENCE(216)

Ch- 16 Managing Income

Ques 41. Define family income. Explain different sources of income.

Answer - Family income: Family income is the income from all sources like salary of family members, rents, and interest received from banks and savings from using skill of family members.

Different sources of income are:

• Income can be salary from a job,
• part time classes, rent from a house or shop,
• interest received from bank
• sale of shares and other investments.
• It may also be earning from the use of your skills or profit from your household produce etc.
• skills like stitching clothes for family members
• growing vegetables at home for your consumption
• knitting sweaters for family members.

✅ Click here to access all accurate and important topics!
Click here for Home Science (216)

Ques 42. What are the characteristics of a good budget ?

Answer - Characteristics of a good budget are:

1. Accurate estimation of income: To find out the exact amount of income that will be available for expenditure. (A family's gross income differs from its take-home pay).
2. Accurate estimates of expenditure: The expenditure estimate should be as accurate as possible.
3. 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.

For example, some families budgeting for October- November will need extra outlay on spending on festivals and other occasions.)

4. Flexible: A budget is made flexible by allowing sufficient margin on certain items.

For example, some money can be easily diverted from entertainment in case of an unexpected high medical expenditure.

✅ Click here to access all accurate and important topics!
Click here for Home Science (216)