In the NCERT curriculum for Class 9, the concept of expenses is usually discussed under the chapter on accounting principles or financial statements. This guide will help to understand the NCERT-defined concept of expenses, examples, and solved exercises to make learning easier.
What is Expenses Class 9 NCERT Solutions
I. Choose the correct answer.
Q. The money you spend on your needs and wants may be termed as _.
a) budgets
b) incomes
c) expenses
Q. A set amount or exact amount which is incurred every time, not depending on the usage or consumption, is called _.
a) Fixed expenses
b) Variable expenses
c) Cash management
Q. In a budget table, under fixed expenses, __ should be the first item, which will help us to save money.
a) Paying loans
b) Paying rent
c) Pay yourself first
Q. Payment of the gas bill based on the usage is an example of __.
a) Fixed expenses
b) Variable expenses
c) Income-generating expenses
Q. __ is extremely important to meet our goals.
a) Saving
b) Expense
c) Loan repayment
II. Fill in the blanks.
Q. Expenses can be classified into two categories, namely ___ and ___.
Q. ___ helps us to use our money for our needs and wants and achieve our goals.
Show Answer ⟶Q. A budget has two main parts, namely ___ and ___.
Show Answer ⟶Q. ___ is a simple trick to grow our money and become wealthy.
Show Answer ⟶Q. ___ minus ___ is known as money left over for future needs.
Show Answer ⟶III. Match the following.
- Expenses – Setting aside money
- Fixed expenses – handling money coming in and going out
- Variable expenses – no change in total amount
- Cash management – money going out
- Savings – change in amount
Correct Order
- Expenses – money going out
- Fixed expenses – no change in total amount
- Variable expenses – change in amount
- Cash management – handling money coming in and going out
- Savings – Setting aside money
IV. True or false.
Q. Variable expenses can change due to some reasons, like usage, consumption, etc.
Show Answer ⟶Q. Budgeting is one of the best tools to manage our money.
Show Answer ⟶Q. ‘Pay yourself first’ means spending money for our present needs.
Show Answer ⟶Q. The more we save, the more money we have to meet our goals in life.
Show Answer ⟶Q. Cash management is the handling of ‘money coming in’ only.
Show Answer ⟶V. Answer the following briefly.
Q. What do you mean by expenses?
Answer: The money you spend on your needs and wants may be termed as money going out or otherwise called expenses.
Q. Write a short note on fixed expenses.
Answer: Fixed expenses have set amounts and are the exact amount incurred every time, not depending on usage or consumption. Fixed expenses will not change due to any reason. For example, house rent, mobile recharge, etc.
Q. What is meant by variable expenses? Give an example.
Answer: Variable expenses can change due to some reasons like usage, consumption, etc., which means you usually have more control over them. For example, electricity bills, hotel charges, etc.
Q. What is a budget?
Answer: A budget is a statement indicating income on one hand and how the income is allocated to various fixed and variable expenses. It indicates the ‘money coming in’ and the ‘money going out’ in detail so that you are aware of how your income is being spent and how you may control your expenses if needed.
VI. Answer in detail.
Q. Describe cash management and draw a budget table for a month’s household income and expenditure.
Answer: Cash management is how you handle money coming in and money going out. Sometimes it’s referred to as ‘cash flow’. As you might expect, there are some tools available to help you manage your money (cash). One of the best tools is a budget.
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