Income and Expenditure MCQ Quiz - Objective Question with Answer for Income and Expenditure - Download Free PDF

Given:

Remaining savings deposited in the bank = ₹7200

Savings = 50% of his salary

Formula used:

Total Savings = Salary × 50%

Percentage of savings donated = 29% + 30% + 17% = 76%

Remaining savings = Total Savings × (1 - 76%)

Calculation:

⇒ Let the salary of Raja = x

⇒ Total Savings = x × 50% = 0.5x

⇒ Remaining Savings = Total Savings × (1 - 0.76)

⇒ 7200 = (0.5x) × 0.24

⇒ 7200 = 0.5x × 0.24

⇒ 7200 = 0.12x

⇒ x = 60000

∴ The salary of Raja is ₹60000, and the correct answer is option (4).

Given:

Original Income = ₹75400

Original Savings Percentage = 23%

Income Increase Percentage = 27%

Expenditure Increase Percentage = 50%

Formula used:

Savings = Income - Expenditure

Expenditure = Income x (1 - Savings Percentage)

New Value = Original Value x (1 + Percentage Increase / 100)

Calculation:

Original Savings = 75400 x 23/100 = ₹17342

Original Expenditure = 75400 - 17342 = ₹58058

New Income = 75400 x (1 + 27/100) = 75400 x 1.27 = ₹95758

New Expenditure = 58058 x (1 + 50/100) = 58058 x 1.50 = ₹87087

New Savings = New Income - New Expenditure

⇒ New Savings = 95758 - 87087 = ₹8671

Change in Savings = New Savings - Original Savings

⇒ Change in Savings = 8671 - 17342 = -₹8671

∴ His savings will decrease by ₹8671.

Given:

The ratio of the income to the expenditure of a family = 10 : 7

The family's expenses = Rs. 10,500

Formula Used:

Savings = Income - Expenditure

Calculation:

Let the income be 10x and the expenditure be 7x.

Given, 7x = 10,500

⇒ x = 10,500 / 7

⇒ x = 1,500

Income = 10x = 10 × 1,500 = 15,000

Savings = Income - Expenditure

⇒ Savings = 15,000 - 10,500

⇒ Savings = 4,500

The savings of the family is Rs. 4,500.

Given:

Suraj's income is 60% less than Akshya's income.

Suraj's expenditure is 60% of Akshya's expenditure.

Suraj's income = 70% of Akshya's expenditure.

We need to determine the percentage difference in their savings.

Formula used:

Savings = Income - Expenditure

Percentage difference in savings = [(Suraj's savings - Akshya's savings) / Akshya's savings] × 100

Calculation:

Let Akshya's income be 100x.

Since Suraj's income is 60% less than Akshya's:

Suraj's income = 40x

Let Akshya's expenditure be 100y.

Suraj's expenditure = 60% of Akshya's expenditure = 60y

Given, Suraj's income = 70% of Akshya's expenditure:

40x = 70% of 100y

40x = 70y

⇒ x = (7/4) y

Akshya's savings = Income - Expenditure

= 100x - 100y

= 100(7/4 y) - 100y

= (700/4)y - 100y

= 75y

Suraj's savings = 40x - 60y

= 40(7/4 y) - 60y

= 70y - 60y

= 10y

Percentage difference in savings:

= [(75y - 10y) / 75y] × 100

= (65y / 75y) × 100

= 86.67% ≈ 87%

∴ Suraj's savings are 87% less than Akshya's savings.

Given:

Expenditure and savings ratio = 3 : 1

Income increases by 25%

Savings increase by 20%

Formula Used:

Expenditure = Income - Savings

Percentage increase in expenditure = \(\frac{\text{New Expenditure - Old Expenditure}}{\text{Old Expenditure}} \times 100\)

Calculation:

Let the original income be 4x (since expenditure and savings are in the ratio 3:1).

Original expenditure = 3x

Original savings = x

New income = 4x + 25% of 4x

New income = 4x + 1x = 5x

New savings = x + 20% of x

New savings = x + 0.2x = 1.2x

New expenditure = New income - New savings

New expenditure = 5x - 1.2x

New expenditure = 3.8x

Percentage increase in expenditure

⇒ \(\frac{\text{New Expenditure - Old Expenditure}}{\text{Old Expenditure}} \times 100\)

⇒ \(\frac{3.8x - 3x}{3x} \times 100\)

⇒ \(\frac{0.8x}{3x} \times 100\)

⇒ \(\frac{0.8}{3} \times 100\)

⇒ \(\frac{80}{3}\)%

⇒ 26(2)/(3)%

The expenditure increases by 26(2)/(3)%.

Given:

Income of Raj = Rs.45000

Expenditure = Rs.33000

Formula used:

Saving = (income - expenditure)

Calculation:

Saving = (income - expenditure)

⇒ (45000 - 33000) = Rs.12000

Increment of 20% in income = 45000 × 120% = Rs.54000

Increment of 12% in expenditure = 33000 × 112% = Rs.36960

New saving = (income - expenditure)

⇒ (54000 - 36960) = Rs.17040

Increment in saving = (17040 - 12000) = Rs.5040

% increment = (5040 × 100)/12000 = 42%

∴ The correct answer is 42%.

Given : 

Monthly income of a person was Rs. 80,000.

Monthly expenditure was Rs. 45,000. 

Income Increased by 16%.

Expenditure Increased by 8%.

Formula Used : 

Income = Expenditure + Saving

Calculation : 

Income increased by 16% = 80000 × 116/100 = 92800

Expenditure increased by 8% = 45000 × 108/100 = 48600

Old Saving = 80000 - 45000 = 35000

New Saving = 92800 - 48600 = 44200

Increase = 44200 - 35000 = 9200

Percentage increase = 9200/35000 × 100 = 9200/350 = 26.28%

∴ The correct answer is 26.28%.

Given: 

Ram loses 12\(\frac{1}{2}\)% and after spending 75% of the remaining, he is left with Rs. 630

Calculation:

Let Ram initially have to be Rs. 100a

100a × 12\(\frac{1}{2}\)%

⇒ 12\(\frac{1}{2}\)a

So,

Remaining money = 100a - 12.5a

⇒ Rs. 87.5a

87.5a × 25/100 = Rs. 630

⇒ 87.5a = 630 × 4

⇒ 87.5a = 2520

⇒ a = 2520/87.5

⇒ a = 28.8

So, 100a = 2880

∴ The correct answer is Rs. 2880.

Shortcut Trick

We know, 12\(\frac{1}{2}\)% = 1/8 and 75% = 3/4, 

So, 7 unit → 630, 

Then, 32 unit → 630/7 × 32 = Rs.2880

Calculation:

Let's assume that Ravi's income = 100 unit, 

He saves 20%, so his savings = 20 unit

Now, his income increases 25%, so new income = 125

New savings = 20 × 105/100 = 21

So, the required percentage = 21/125 × 100 = 16.8%

∴ The correct answer is 16.8%

Given:-

 A father gives 8% of his monthly income to both his sons as pocket money 

The elder son gets 85% of the total amount given to both sons.

He spends 90% of the amount and saves Rs. 17. 

Calculation:- 

Let 100M represent the monthly income of the father. 

Then part of the salary was given to the two sons as pocket money 

⇒ 100M × 8/100 = 8M.

Now The elder son gets 85% of the total amount given to both sons.

 ⇒ (8M × 85)/100 ....... (1)

The second part of the question, 

The elder son spends 90% of the amount and saves Rs. 17.
which means  

⇒ Elder son pocket money × 10% = 17  

⇒ Elder son pocket money = 170Rs

Comparing the Elder son's pocket money from the equation,  

⇒ (8M × 85)/100 = 170  

⇒ M = 200/8 

The monthly income of the father. = 100M = (200/8) × 100 = 2500 "

∴ The required answer is 2500.

Given:

Spending on daily uses = 25%

Spending on house rent = 18%

Spending on travel = 16%

Saving = Rs. 861

Calculation:

Let total salary = a

25% = 1/4

18% = 9/50

16% = 4/25

⇒ a × 3/4 × 41/50 × 21/25 = 861

⇒ a = (861 × 50 × 25 × 4)/(3 × 41 × 21)

⇒ a = 5000/3

⇒ a = 1666(2/3).

The total salary is 1666(2/3).

GIVEN:

Expenditure on food articles = 35%

Expenditure on Buying clothes = 15%

Savings = 40%

Salary = Rs. 27500

FORMULA USED:

Monthly income = Remaining amount / remaining percentage

CALCULATION:

Expenditure on food articles = 35% * 27500

= 9625

Expenditure on Buying clothes = 15% * (27500 - 9625)

= 2681.25

Savings = 40% * (27500 - 9625 - 2681.25)

= 6077.5

The amount she saves (in Rs.) every month is 6077.5

Given:

Original income = $26,500

Original expenditure = $20,500

Percentage increase in income = 12%

Percentage increase in expenditure = 6% 

Formula used:

Percentage of increase in his savings: (change in saving/original saving) × 100

Calculation:

Original saving = $(26,500 – 20,500)

⇒ $6,000

New income = original income + increase income = $26,500 + 12% of $26,500

⇒ $29,680

New expenditure = original expenditure + increase expenditure = $20,500 + 6% of $20,500

⇒ $21,730

New saving = new income – new expenditure = $(29,680 – $21,730)

⇒ $7950 

Change in saving = new saving – original saving = $(7950 – 6,000) =

⇒ $1,950

Percentage of increase in his saving = (1950/6,000) × 100

⇒ 32.5%

∴ The required answer is 32.5%.

Given:

Initially ratio of expenditure and saving of Soham's = 5 : 3

The initial saving = Rs. 4500

Formula used:

Income = Saving + Expenditure

Calculation:

Let the initial ratio of saving and expenditure be 3X and 5X

⇒ 3X = 4500

⇒ X = 1500

The initial income = 3X + 5X = 8X = 1500 × 8 = 12000

The income after increment = \({(1\ +{25\over100})}\ \times 12000 ={(1+{1\over4})}\times 12000={5\over4}\times 12000=5\times 3000 = 15000\)

∴ The required result will be 15000.

Given:

The expenditure on the cost of living of a man and his family is 60% of his salary.

He gets two increment of 30% and 60% in his salary. If his saving increases by 250% of his initial saving

Calculation:

Let the salary of the man be 100a

So, expenditure = 100a × 60%

⇒ 60a

Savings = 100a - 60a

⇒ 40a

Now,

His new salary = 100a × 130% × 160%

⇒ 208a

His new savings = 40a + 40a × 250%

⇒ 140a

Expenditure = 208a - 140a

⇒ 68a

Required % = (68a/208a) × 100

⇒ 32.69 ≈ 32.70%

∴ The required answer is 32.7%.