Ncert Solutions Home Science Class 12 Chapter 10 Notes PDF

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Home Science Class 12 Chapter 10 Notes PDF, Ncert Solutions Home Science Class 12 Chapter 10 Notes PDF, Home Science Class 12 Chapter 10 Notes PDF

Ncert Solutions Home Science Class 12 Chapter 10 Notes PDF

Class12th 
Chapter NameFamily Income And Expenditure
Chapter number10
Book NCERT
SubjectHome Science
Medium English
Study MaterialsImportant questions answers
Download PDFHome Science Class 12 Chapter 10 Notes PDF

Family Income And Expenditure

In the present chapter, essential information regarding family income and expenditure has been presented. Under this, the income received from family sources of income has been discussed.

Money management means organizing, controlling and evaluating all types of income so that maximum satisfaction can be achieved for the family. Family income means “Family income is the flow of money, goods, services and satisfaction that comes from the authority of the family to fulfill its needs and desires and to fulfill its responsibilities. Family income is divided into three categories-

(i) Monetary income (ii) Real income (iii) Spiritual income

The family’s means of earning money are salary, wages, pension and gratuity, interest and dividend, rent, provident fund, profit chit, lottery and gifts. 

Real income is the flow of goods and services that is available in a given period to meet family needs. The satisfaction gained from the experiences gained through monetary and real income used for the physical and mental health of the family members is called spiritual income.

Ncert Solutions Home Science Class 12 Chapter 10 Notes PDF

The daily needs of human beings are divided into three parts. Essential comfort luxuries Daily expenditure is divided into three categories: fixed expenditure, semi-fixed expenditure and other expenditure. Supplementing the family income is very important for the following reasons – inflation, to reach the desired higher standard of living to fulfill life goals. For a larger family life cycle, a secure future in case the family expands. 

Making a family budget based on available income and expenditure, developing human resources and reducing household expenses through various efforts, etc. Increase in family income can be done in many ways like through part-time job, through home industries, through small scale industries, through proper investment of saved money. 

Increase in the real income of the family, proper use of the available material resources, in fact, by determining the appropriate policy regarding family income and expenditure and working in a planned manner, family life continues happily.


VERY SHORT ANSWER TYPE QUESTIONS


Q. 1. What are the types of domestic accounting? 

Ans. There are three types of household accounting statements:

(i) Daily accounts.

(ii) Weekly and monthly accounts.

(iii) Annual accounts.

Q. 2. What is real income?

Ans. Real Income- In this, the services and facilities which the family members receive for a certain time is called real income. It can be direct or indirect.

Q. 3. Write two sources of direct income.

Ans. (1) Facilities received from the workplace in addition to salary, such as house, scooter, etc. (2) Getting fruits and vegetables from the home garden.

Q. 4. What are the main components of family income?

Ans. Family income can be divided into three components, these are monetary income, real income and spiritual income.

Q.5. What is the need and utility of supplementing family income?

Years. 

(1) Fulfillment of family goals. 

(2) Inflation.

(3) Secure future.

(4) To meet the needs of a large family.

Q.6. What do you call monetary?

Ans. Monetary income: Receipt of rent includes the total income which is received in currency. Various sources of this income are – salary, remuneration, gifts, profit on savings, money received as house rent, bonus etc.

Q.7. What are the means of supplementing family income?

Years. 

(1) Adopting methods to increase income.

(2) Part-time job.

(3) actual job

(4) Equitable investment.

(5) Proper investment of material resources.

Q.8. What is spiritual income?

Anis, the satisfaction obtained from monetary income and real income is called spiritual income, for example, some people get satisfaction by investing their income in units and others by buying property. 

Q.9. What is the concept of family income?

Ans. Family income is the total inclusion of income received from various sources, goods, facilities and satisfaction of family members etc. which fulfills the needs of all the members of the family.

Q. 10. Write two reasons for keeping track of family expenses.

Ans. (1) Expenditure beyond this can be controlled.

(2) By keeping records of profits, the total income and expenditure of the family can be known.

Q. 11. What is the meaning of keeping household accounts?

Ans. Household accounting is defined as a written statement of income and expenditure at a specific point in time. This statement presents the details of expenditure on goods and materials required by the family.

Q. 12. What is meant by economy?

Ans. Economy means arranging money, organizing, controlling and evaluating all types of income so that maximum family goals and needs can be fulfilled and the future can also be secured.


SHORT ANSWER TYPE QUESTIONS


Q. 1. Explain the difference between real income and spiritual income. 

Ans. Real Income: In this, the services and facilities received by the family members for a certain period of time is called real income. This income is obtained through the efforts of family members or through money transfer.

Spiritual Income: The satisfaction obtained from monetary income and real income is called spiritual income. This income is mostly personal and untouchable. Not every person has the same experience of spiritual income.

Q. 2. What are the characteristics of family income?

Ans. 1. Family income depends on the national income of a country. In prosperous times, per capita income is higher.

2. National income is not distributed equally among all the countrymen, as a result of which the society gets divided into different income classes – lower class, middle class and upper class. 

3. There is variation in family income also according to occupation. Doing some business gives more income and some gives less.

4. According to the class and community of which a person is a member, his income is also determined. People belonging to the farming class have less income than those belonging to the business class. 

5. Family income also depends on the number of earning members in the family. If the husband is the only earning member in the family and there are five earning members, then the loss is comparatively less.

6. Depends on the education and qualification of the head of the family. The income of educated people is more than that of uneducated people.

7. Income also depends on the family life cycle. If it is the initial stage of the family then you are more than just to satisfy the needs of the husband and wife, etc. 

Q.3. Explain the difference between direct and indirect income? 

Ans. Also mention the direct real income received directly in return for services. Facilities and goods are called direct real income. For example, house to live in, telephone, uniform. Many times in villages, landlords and landowners give their land to poor farmers for farming and take a certain share of the produce in return. This is an example of direct real income.

Indirect real income – This income is received through the qualities of the family members. Knowledge of a particular subject or proficiency in any work also reduces household expenses and thus indirectly generates income. For example, a housewife’s knowledge of kitchen and hobby of gardening not only reduces the expenses on vegetables but also provides fresh and nutritious vegetables to the family.

Q. 4. Explain the difference between monetary income and direct income.

Ans. Monetary Income-Monetary income refers to the purchasing power that a family receives in the form of currency at a given time. Such as salary, wages, pension, interest and dividends, rent, provident fund, benefits, chits, lotteries and gifts. Direct Income – Direct real income is the income that family members receive without spending money. It is mainly in the form of goods and facilities; Such as facilities received from the workplace in addition to salary, such as house, scooter, car.

Q.5. Write four measures to increase (supplementation) family income.

Ans. Following are four ways to increase family income:

(1) By making a family budget, making details of family income and expenditure and reducing unnecessary expenses. 

(2) By developing human resources, such as knowledge, work skills, strength etc., household work can be done on one’s own. 

(3) By doing part time job, women can stay at home and do household work.

(4) Income can also be increased by saving some money from the family income and depositing the saved money in the bank under fixed deposit scheme and earning additional interest on it.

Q.6. Write four reasons for the need to supplement family income.

Ans. Following are the four reasons for the need to supplement family income: 

(1) Achievement of family goals – Every family sets its family goals according to the available income, but it is sometimes difficult to achieve these goals in this limited income. Therefore, it becomes necessary to increase income through additional resources.

(2) Inflation – With the increasing population, the prices of available resources of our country increase. Increasing demand does not keep pace with rising prices.

(3) Secure Future- Every person faces obstacles in his plans for the future of his family.

(4) Catering to Large family: Generally people belonging to backward class have large families. Poverty, illiteracy and ignorance are the reasons behind the family. 

Q.7. Write four benefits of keeping track of household expenses.

Ans. Advantages of Maintaining Household Records – There are many benefits of maintaining records of household expenses. Family income can be put to good use in this. Keeping such records can have the following benefits.

1. Excess expenditure can be curbed 

2. Wastage can be reduced.

3. By keeping records of profits, the total income and expenditure of the family can be known.

4. How much should be spent on various items can be estimated.

5. The habit of borrowing can be stopped. It has been seen many times that after taking a loan, there is difficulty in repaying its installment. 

6. It becomes easier to maintain balance between income and expenditure. Saving for the future is an integral part of it. 

7. The details of household expenses make it easier to achieve family goals.

Q. 8. Explain the difference between indirect income and spiritual income.

Ans. Indirect income: Income received due to the knowledge and efficiency of family members is indirect real income. It is very difficult to estimate the indirect real income of any family, because it is difficult to calculate the monetary value of the knowledge and work efficiency of the family members. 

For example, fruits and vegetables obtained from the home garden, services obtained from various equipment available in A, etc.

Substantial income: Substantial income refers to the satisfaction derived from the use of monetary and real income of a family at a given time. For example, when a housewife, based on her experiences, buys food items or clothes etc. from a specific market, the satisfaction she gets from it is spiritual income.

Q.9. The monthly income of a family is ten thousand rupees. List all the possible factors that may affect the expenditure of this family. 

Ans. (1) Family size – In a larger family, more is spent on food and clothes.

(2) Age of family members – Families going to school and college spend more on books, fees and uniforms.

(3) Accommodation – If the house is away from the city then the cost of travel ticket increases every day.

(4) Skill – If the women of the family are proficient in weaving skills then they can save expenses on purchasing swain.

(5) Joint family – There is less expenditure on rent, electricity, electrical appliances like television, freed etc. in a joint family.

(6) Desires of the family- If the family gives more importance to education then more is spent on books.

(7) Community resources: If the library is used more then the use of books is less.

(8) If bus is used then expenditure on petrol is less.

Q. 10. Give four suggestions to a family to increase its real income. 

Ans. Increasing family income – Increasing income can be done in many ways considering the family situation.

(1) Through part time job: Most of the Indian housewives spend their time in running the household and are unaware of the need for proper time management. One of the main reasons for this is that they rarely need extra time and waste their leisure time sitting idle. If a housewife arranges her time properly and takes up a part-time job, she can support her family. improve economic situation

(ii) Through home industries – If a housewife is unable to go out of the house and do a job, then she can earn money through simple industries at home. Many types of work can be done at home, like sewing clothes, preserving fruits and vegetables in season and selling them in the market, making papad badis etc. and selling them. A housewife can improve the economic condition of her family along with making good use of her extra time by choosing food according to her work skills, convenience and interest.

(iii) Through small scale industries – In today’s scientific era, when many household tasks are done by such devices which save both time and energy, then a lot of time is saved for the housewife and other members of the family. During this time, family income can be increased by starting any small scale industry.

(iv) Proper investment of saved money: All families definitely save some amount from their monthly expenses. If instead of keeping the saved money at home, it is invested properly, then additional money can be earned in the form of interest or dividend.

Q. 11. Write two sources of direct real income. How is such income different from indirect real income?

Ans. Direct Income – Direct income means all those goods and services that a family receives for direct use without spending money. If a manager working in a firm gets a free house to live in addition to the monetary income, then this is his direct real income. Similarly, the utility of getting fruits and vegetables from the garden of the house, clothes from the sewing machine, income received from the house etc. 

Services performed by family members, such as cooking, cleaning, facility to read books and newspapers in public library, proper knowledge of purchasing goods etc. are the sources of this income. Police system, parks, free education, health services etc. also come under this.

Direct (Indirect Income) – Indirect real income includes those goods and services which are obtained through monetary income, such as buying durable and cheap clothes while buying clothes, buying nutritious food items. 

If the cloth is purchased strong and durable, then it provides its services for a long time, as a result of which some savings are achieved by not buying cloth again and again.

Q.12. Every family should maintain details of household accounts. Present six reasons in favor of this statement. 

Ans. Benefits of accounting 

1. Keeping accounts makes it easier to spend. It is known how much has been spent on which item.

2. Maintaining accounts prevents disputes over transactions. Shopkeepers cannot cheat in any way.

3. If the goods have been borrowed then it is known how much goods have arrived, the price paid and how much is left to be paid.

4. Expenses of one month can be compared with those of another month. If the expenditure is more than expected in the first month then it can be controlled.

5. Keeping accounts leads to judicious expenditure which is helpful in saving for unexpected expenses in future.

6. If the habit of keeping accounts is inculcated in children, then they develop the habit of thinking and spending money.


LONG ANSWER TYPE QUESTIONS


Q. 1. How can family income be increased?

Ans. If the income is not sufficient even after doing economic activities, then there are many subsidiary businesses or professions which the person does for his family in his spare time. Can start with the help of members or can increase his family income. Ancillary industries supplement the family income. The income received from these is called auxiliary or secondary income. Those professions and work which are given more importance and in which a person spends most of his time and through which he earns most of his income, are called the main occupations of the family.

1. Household or Subsidiary Occupation – The lack of income can be compensated to a great extent through home industries, which makes good use of free time and increases income. Rearing of milk yielding animals is a good subsidiary industry. Apart from selling milk, things made from milk can also be sold like ghee, butter, khoya, cheese etc. Poultry farming can be done at home. 

If there is some land left in the house, fruits or vegetables can be grown in it and one can earn income by selling it in the market. At home, women can make mats or baskets, weave, sew clothes, do embroidery, make toys and dolls. Bee’s business is also called a home industry in which mostly women work. Fruits and vegetables can be preserved and brought to the market. Family members can make soap, paper envelopes, baskets, carpets etc.

The Government of India has established Small Industries Service Institutes to provide assistance to small scale industries, which provide all types of assistance to people to start small scale industries.

2. Through part time job: If a housewife saves some time by completing her daily tasks, then she can increase her income by doing part time job in her free time. Like typing, giving tuition etc. 

3. Preservation and Storing of food: If food items are preserved or stored according to the season, then economy can be achieved. It is cheaper to collect grains for the whole year during the season. Tomato sauce, chutney or other fruit jams, jelly pickles etc. can be made in season. 

4. Economy of Money: If even less income is spent frugally and judiciously, more needs can be satisfied. 

5. Proper investment of saving – Every housewife should save some of her income and invest her saved money in such a place to satisfy her future needs so that she can get the principal amount in the form of interest. Get some income in addition to this. The saved money should be kept in bank, post office etc. which also earns interest.

6. Proper use of available material resources: Many families have more material resources available than the needs of their members, which if used can increase the family income. For example, if a small family has a larger house than is required to live in it, it can be given on rent.

7. By developing human resources, money can also be saved by developing various human resources like knowledge, work skills, power etc. For example, if a housewife has knowledge of different markets for purchasing goods etc., then she can choose the best market as per her requirement, from where she can get good quality food items at reasonable prices. At the beginning of the month, a housewife can save money by purchasing things collected from the wholesale market and can use the remaining money to fulfill other needs.

Q. 2. Explain the difference between monetary income and real income with the help of an example. Give two suggestions to a family to increase its real income.

Ans. Monetary Income-

Monetary income: Receipt of rent includes the total income which is received in the form of money. Various sources of this income are – salary, remuneration, gifts, profit on savings, money received as house rent, bonus etc. Monetary income is spent on satisfying the comfort and convenience of the family members for a certain period of time. This time can be one day, one week, one month or even one year.

Real Income – In this, the services and facilities which the family members receive for a certain time is called real income. This income is obtained through the efforts of family members or through money transfer. Therefore, you call it real where family income is the inclusion of real income of the family members as per their ability, income from community resources and monetary income. The real you can be direct or indirect. Two suggestions to increase real income

(1) Proper use of available material resources – Many families have more material resources available to their members than they need, which if used properly can increase the family income. For example, if a small family has a house, If the house is bigger than required, it can be given on rent. Money can also be saved by developing skills, power etc. 

For example 

(2) By developing human resources – if she has knowledge of various human resources, such as knowledge, work skills, etc., then she can choose the best market as per her need, from where she can get good quality food items. Can be found at reasonable prices. At the beginning of the month, a housewife can save money by purchasing things collected from the wholesale market and can use the remaining money to fulfill other needs.

Q.3. What is the need to supplement family income?

Ans. No matter what class the family belongs to, every family wishes to increase its economic capacity as much as possible so that it can meet the innumerable increasing material needs day by day. Like a beautiful house to live in, beautiful clothes for the car to travel around, good food to eat etc. But due to limited sources of family income and rising inflation, these needs cannot be met.

 Apart from this, many times the coordination between family income and expenditure is not permanent. It has become necessary for employed people to use such means which can increase their income. Therefore there is a need to supplement the family income. The main reasons for this are as follows-

(1)) Continuously increasing inflation.

(2) To fulfill family goals.

(3) big family

(4) Having an expanding life cycle of the family.

(5) To reach the desired level. 

(6) For a secure future.

(1) Constantly increasing inflation: Inflation is increasing day by day to such an extent that it has become necessary to increase the family income. The prices of essential commodities used in daily life are increasing very rapidly, such as pulses, rice, ghee, sugar, clothes etc. It has become difficult for the common man to survive because his monthly income is not increasing as fast as the prices are increasing. In such a situation, it becomes extremely important to supplement the family income.

(2) To fulfill the family goals, the life characteristics of different families also differ. Like higher education, own house to live in, own motor car etc. These goals cannot be achieved with limited resources, hence money is required. These goals can be achieved only by supplementing the family income. 

(3) Big family: Although big families are decreasing nowadays, there are still some people who live in big families; Like people of low income group and agricultural class etc. People still have not understood the importance of small family. If the family is large and the income is low then the family members have to live with great difficulty. Even their basic needs are not fulfilled. Even in such a situation, it becomes necessary to supplement the income.

(4) Expanding life cycle of the family – The family life cycle can be divided mainly into four parts.

1. 25-30 2. 35-40 3. 40-45 4. Age after 55 years. Of these four life cycles, the one with the greatest expansion is that of 40-45 years of age.

In this stage the demand for income is highest. At this time, children are educated and prepared to stand on their own feet and their marriages are also arranged at this time. It is during this age that property is bought or created. 

This is why it becomes extremely essential to supplement the family income during this period. After this, this demand again reduces.

(5) To live the desired standard of living – Every member of the family wants his standard of living to be high. For this he wants to collect every such thing in his house. 

So that he gets rest and his status in the society also remains high like – use of radio, tape recorder, television etc. for entertainment, use of time and labor saving useful devices like mixer, grinder, toaster, refrigerator etc. to get rest. . To achieve all these, i.e. to increase economic capacity, it is very important to supplement the family income.

(6) For a secure future – Just as a house is required for survival in the present situation, similarly money is required for the future. The future can be made secure only if some savings are made from the present situation. This savings is necessary for the unexpected needs that may arise in the future, such as death of the house owner, marriage of children, accidents and illness etc. If you save in a tight or low income, the expenses of the family members will not be met. Finds. Therefore, it is very important to supplement the income for a secure future.

NCERT Solutions for Class 12 Commerce Stream


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