Skip to main content
Super TutorResources
Chapter 16 of 22
Revision Notes

Managing Family Income — Revision Notes

NIOS · Class 10 · Home Science

Managing Family Income revision notes for NIOS Class 10 Home Science: 4 topics in quick points. Part of the NIOS Class 10 Home Science syllabus.

81 questions42 flashcards3 formulas & key relations5 concepts

Interactive on Super Tutor

Studying Managing Family Income? Get the full interactive chapter.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for revision notes and more.

Try Super Tutor — Free

Free trial, no card needed.

Key Topics to Revise

1

1. Income, Expenditure, and Savings

  • Family income is the income from all sources like salary of family members, rents, interest received from banks, and savings from using skills of family members.
  • Income can come from salary from a job, part-time classes, rent from a house or shop, interest from bank, sale of shares and other investments, and use of skills.
  • Stitching clothes at home, growing vegetables at home, and knitting sweaters save money and add to family income.
2

2. Spending Plan or Budget

  • A spending plan is a planned approach to spend money based on the total income of a family.
  • A spending plan is also called a budget.
  • It is a list of requirements of family members with money allocated for each item.
3

3. How to Make a Spending Plan

  • There are five steps to make a spending plan.
  • Step 1: Keep in mind all the income and facilities available for the period.
  • Step 2: List all the requirements needed by the family members.
4

4. Saving, Allocation, and Example Family Budget

  • As a guide, it is advisable to save about 10% of the monthly income.
  • In the example expenditure table, food takes 35% of expenditure, housing takes 20%, and saving is allocated 10%.
  • Other example shares are clothing 5%, family recreation 5%, household operations 6%, education 5%, transportation 8%, medical expenses 3%, and furnishing 3%.

Get complete notes with diagrams and examples

Full Notes

Key Concepts

Family income is the income fromExpenditure is the money spent fromSaving is the money set asideA spending plan is a plannedThe relationship is INCOME = EXPENDITURE

Frequently Asked Questions

What are the important topics in Managing Family Income for NIOS Class 10 Home Science?
Key topics in Managing Family Income include Income, Expenditure, and Savings, Spending Plan or Budget, How to Make a Spending Plan, Saving, Allocation, and Example Family Budget. Study these first, then practise questions on each for the NIOS Class 10 board exam.
How should I revise Managing Family Income for the NIOS Class 10 board exam?
Learn the core ideas first, then work through the 81 practice questions on Managing Family Income. 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.

More resources for Managing Family Income

All NIOS Class 10 Home Science Revision Notes

For serious students

Get the full Managing Family Income chapter — start free.

Quizzes, flashcards, an AI doubt solver and a study plan for NIOS Class 10 Home Science. Free to start, no card needed.

Try Super Tutor Free
Try this chapter free