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Revision Notes

Financial Management and Planning — Revision Notes

CBSE · Class 11 · Home Science

Financial Management and Planning revision notes for CBSE Class 11 Home Science: 4 topics in quick points. Part of the CBSE Class 11 Home Science syllabus.

72 questions90 flashcards5 concepts

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Key Topics to Revise

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1. Financial Management and Financial Planning

  • Financial management means planning, controlling, and evaluating the use of all types of family income.
  • Its purpose is to give the family the greatest satisfaction from the resources at hand.
  • Financial planning is the budget-making stage of financial management.
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2. Types of Family Income

  • Family income is the sum total of income of all family members from all sources in a given time period.
  • For official purposes, family income is considered annual income in a financial year from 1 April to 31 March.
  • There are three types of family income: money income, real income, and psychic income.
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3. Income Management and Budget Making

  • Income management means planning, controlling, and evaluating the use of all types of income.
  • No two families with the same income will have exactly the same needs and desires.
  • A family should analyse all resources before making a plan of expenditure.
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4. Five Steps in Making a Budget

  • Step 1: List the commodities and services needed by the family members throughout the proposed budget plan.
  • Step 2: Estimate the cost of the desired items and the budget as a whole.
  • Step 3: Estimate total expected income.

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Full Notes

Key Concepts

Financial management means planningFinancial planning is the budgetMoney income is the purchasing powerReal income is the flowDirect income is a type

Frequently Asked Questions

What are the important topics in Financial Management and Planning for CBSE Class 11 Home Science?
Key topics in Financial Management and Planning include Financial Management and Financial Planning, Types of Family Income, Income Management and Budget Making, Five Steps in Making a Budget. Study these first, then practise questions on each for Class 11 exams.
How should I revise Financial Management and Planning for Class 11 exams?
Learn the core ideas first, then work through the 72 practice questions on Financial Management and Planning. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All CBSE Class 11 Home Science Revision Notes

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