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

Given:

The ratio of savings to expenditure of a woman is 2 ∶ 1.

Income increase = 17%

Expenditure increase = 13%

Formula Used:

Savings = Income - Expenditure

Calculations:

Let the original savings be 2x and the original expenditure be x.

Therefore, the original income = savings + expenditure = 2x + x = 3x.

New income = 3x × 1.17 = 3.51x

New expenditure = x × 1.13 = 1.13x

New savings = New income - New expenditure = 3.51x - 1.13x = 2.38x

Percentage increase in savings = (New savings - Original savings) / Original savings × 100

Percentage increase in savings = (2.38x - 2x) / 2x × 100 = 0.38x / 2x × 100 = 19%

∴ The percentage increase in her savings is 19%.

Given:

The monthly incomes of A, B, and C are in the ratio 2 : 9 : 3.

Their expenses are in the ratio 3 : 9 : 5.

A's saving is half of his total income.

Formula Used:

Savings = Income - Expenses

Calculation:

Let the monthly incomes of A, B, and C be 2x, 9x, and 3x respectively.

Let the monthly expenses of A, B, and C be 3y, 9y, and 5y respectively.

Given that A's saving is half of his income, so:

Saving of A = 2x / 2 = x

Savings = Income - Expenses

For A:

x = 2x - 3y

⇒ x = 2x - 3y

⇒ x = 3y

⇒ y = x / 3

For B:

Savings of B = Income of B - Expenses of B

Savings of B = 9x - 9y

⇒ Savings of B = 9x - 9(x / 3)

⇒ Savings of B = 9x - 3x

⇒ Savings of B = 6x

For C:

Savings of C = Income of C - Expenses of C

Savings of C = 3x - 5y

⇒ Savings of C = 3x - 5(x / 3)

⇒ Savings of C = 3x - (5x / 3)

⇒ Savings of C = (9x - 5x) / 3

⇒ Savings of C = 4x / 3

Now, the ratio of savings of A, B, and C:

Ratio = x : 6x : 4x / 3

⇒ Ratio = 3x : 18x : 4x

⇒ Ratio = 3 : 18 : 4

The savings of A, B, and C are in the ratio of 3 : 18 : 4.

Given:

The incomes of P, Q, and R are in the ratio 10 : 12 : 9.

The expenditures of P, Q, and R are in the ratio 12 : 15 : 8.

Q saves 25% of his income.

Formula Used:

Savings = Income - Expenditure

Calculation:

Let the incomes of P, Q, and R be 10x, 12x, and 9x respectively.

Let the expenditures of P, Q, and R be 12y, 15y, and 8y respectively.

Q saves 25% of his income:

Savings of Q = 0.25 × 12x = 3x

Expenditure of Q = Income of Q - Savings of Q

⇒ 15y = 12x - 3x

⇒ 15y = 9x

⇒ y = 9x/15 = 3x/5

Now, Expenditure of P = 12y = 12 × (3x/5) = 36x/5

Expenditure of R = 8y = 8 × (3x/5) = 24x/5

Savings of P = Income of P - Expenditure of P

⇒ Savings of P = 10x - 36x/5

⇒ Savings of P = (50x - 36x)/5

⇒ Savings of P = 14x/5

Savings of R = Income of R - Expenditure of R

⇒ Savings of R = 9x - 24x/5

⇒ Savings of R = (45x - 24x)/5

⇒ Savings of R = 21x/5

Ratio of the savings of P, Q, and R:

⇒ (14x/5) : 3x : (21x/5)

⇒ 14 : 15 : 21

The ratio of the savings of P, Q, and R is 14 : 15 : 21.

Given

Kriti paid an EMI, which was 22% of her monthly salary

She spent the remaining salary on shopping of groceries and clothes in the ratio 7 ∶ 5.

She spent Rs. 18,200 on shopping of clothes.

Formula used:

Income = expenditure + savings

Calculation

Let the income be x.

The amount given to Emi = 22x/100

= 11x/50

Remaining amount = 39x/50

Expense on clothing = 5/12 × 39x/50

= 13x/40

⇒ 13x/40 = 18,200

⇒ x = 1400 × 40

⇒ x = 56000

If, in February 2022, her salary increased by 16%:

⇒ 56000 × 116/100

⇒ 64960

Her salary (in Rs.) in February is  64960.

Alternate Method

Let the income be x.

⇒ x × 78/100 × 5/12 = 18200

⇒ x = 56000

Salary in February = 56000 × 116/100 = 64960.

Given:

The monthly income of the family = Rs.35000

Saving after expenditure = 35000 × 8% = 2800

Expenditure = (35000 - 2800) = Rs.32200

Expenditure on food : expenditure on health = 100 : 150 = 2 : 3

Expenditure on food : expenditure on entertainment = 3 : 1

Expenditure on health : expenditure on education = 1 : 2

Expenditure on rent : combined expenditure of (food + health + education) = 1 : 3

Concept used:

A : B = P : Q; B : C = R : S

A : B : C = PR : QR : QS

Calculation:

Exp. on food : exp. on health : exp. on entertainment : exp. on education = 6 : 9 : 2 : 18

Exp. on rent : combined exp. of (food + health + education) = (1 : 3) × 11 = 11 : 33

Exp. on food : exp. on health : exp. on entertainment : exp. on education : exp. on rent = 6 : 9 : 2 : 18 : 11

Now, (6 + 9 + 2 + 18 + 11) units = 46 units = 32200

⇒ 1 unit = 32200/46 = Rs.700

Exp. on education = 18 units = 700 × 18 = Rs.12600

∴ The correct answer is Rs.12600.

Given:

The tax on the salary of C is \({{1} \over 4}\) of the salary and savings are \({{1} \over 3}\) of the salary.

Calculation:

Let the salary of C be 12a

So,

tax = 12a × \({{1} \over 4}\)

⇒ 3a

savings = 12a × \({{1} \over 3}\)

⇒ 4a

So, expenditure  = 12a - 3a - 4a

⇒ 5a

Ratio of expenditure : saving = 5a : 4a

⇒ 5 : 4

∴ The required answer is 5 : 4.

Given

Kriti paid an EMI, which was 22% of her monthly salary

She spent the remaining salary on shopping of groceries and clothes in the ratio 7 ∶ 5.

She spent Rs. 18,200 on shopping of clothes.

Formula used:

Income = expenditure + savings

Calculation

Let the income be x.

The amount given to Emi = 22x/100

= 11x/50

Remaining amount = 39x/50

Expense on clothing = 5/12 × 39x/50

= 13x/40

⇒ 13x/40 = 18,200

⇒ x = 1400 × 40

⇒ x = 56000

If, in February 2022, her salary increased by 16%:

⇒ 56000 × 116/100

⇒ 64960

Her salary (in Rs.) in February is  64960.

Alternate Method

Let the income be x.

⇒ x × 78/100 × 5/12 = 18200

⇒ x = 56000

Salary in February = 56000 × 116/100 = 64960.

Given:

The ratio of expenditure to savings of a woman is 5 ∶ 1. 

Her income and expenditure are increased by 10% and 20% respectively.

Concept used:

1. Income = Expenditure + Savings

2. Incremented/Reduced value = Initial value (1 ± change%)

Calculation:

Let her initial expenditure and savings be 5k and k respectively.

Her initial income = 5k + k = 6k

Her final income = 6k × (1 + 10%) = 6.6k

Her final expenditure = 5k × (1 + 20%) = 6k

Her final savings = 6.6k - 6k = 0.6k

Now, % change in savings = \(\frac {k - 0.6k}{k} × 100\%\) = 40%

∴ The percentage change in her savings is 40%.

Shortcut TrickCalculation:

Income = expenditure + saving

⇒ (6 = 5 + 1) × 100

⇒ 600 = 500 + 100

Now, income is increased by 10% and expenditure is increased by 20%.

⇒ 600 × 110% = 500 × 120% + x

⇒ 660 = 600 + x

⇒ x = 60

Percentage change in saving = (100 - 60)/100 = 40%

∴ The correct answer is 40%.

Given:

The monthly income of the family = Rs.35000

Saving after expenditure = 35000 × 8% = 2800

Expenditure = (35000 - 2800) = Rs.32200

Expenditure on food : expenditure on health = 100 : 150 = 2 : 3

Expenditure on food : expenditure on entertainment = 3 : 1

Expenditure on health : expenditure on education = 1 : 2

Expenditure on rent : combined expenditure of (food + health + education) = 1 : 3

Concept used:

A : B = P : Q; B : C = R : S

A : B : C = PR : QR : QS

Calculation:

Exp. on food : exp. on health : exp. on entertainment : exp. on education = 6 : 9 : 2 : 18

Exp. on rent : combined exp. of (food + health + education) = (1 : 3) × 11 = 11 : 33

Exp. on food : exp. on health : exp. on entertainment : exp. on education : exp. on rent = 6 : 9 : 2 : 18 : 11

Now, (6 + 9 + 2 + 18 + 11) units = 46 units = 32200

⇒ 1 unit = 32200/46 = Rs.700

Exp. on education = 18 units = 700 × 18 = Rs.12600

∴ The correct answer is Rs.12600.

Given:

The salaries of Rida and Riya are in the ratio of 3 : 5, respectively.

If the salary of each one is increased by Rs. 5,000, then the new ratio becomes 5 : 7. 

Calculation:

Let the present salaries of Rida and Riya be 3k and 5k respectively.

According to the question,

(3k + 5000) : (5k + 5000) = 5 : 7

⇒ 21k + 35000 = 25k + 25000

⇒ 4k = 10000

⇒ k = 2500

⇒ 5k = 12500

∴ The present salary of Riya is Rs. 12,500.

Given:

The ratio of savings to expenditure of a woman is 2 ∶ 1.

Income increase = 17%

Expenditure increase = 13%

Formula Used:

Savings = Income - Expenditure

Calculations:

Let the original savings be 2x and the original expenditure be x.

Therefore, the original income = savings + expenditure = 2x + x = 3x.

New income = 3x × 1.17 = 3.51x

New expenditure = x × 1.13 = 1.13x

New savings = New income - New expenditure = 3.51x - 1.13x = 2.38x

Percentage increase in savings = (New savings - Original savings) / Original savings × 100

Percentage increase in savings = (2.38x - 2x) / 2x × 100 = 0.38x / 2x × 100 = 19%

∴ The percentage increase in her savings is 19%.

Given:

The tax on the salary of C is \({{1} \over 4}\) of the salary and savings are \({{1} \over 3}\) of the salary.

Calculation:

Let the salary of C be 12a

So,

tax = 12a × \({{1} \over 4}\)

⇒ 3a

savings = 12a × \({{1} \over 3}\)

⇒ 4a

So, expenditure  = 12a - 3a - 4a

⇒ 5a

Ratio of expenditure : saving = 5a : 4a

⇒ 5 : 4

∴ The required answer is 5 : 4.

Given

Kriti paid an EMI, which was 22% of her monthly salary

She spent the remaining salary on shopping of groceries and clothes in the ratio 7 ∶ 5.

She spent Rs. 18,200 on shopping of clothes.

Formula used:

Income = expenditure + savings

Calculation

Let the income be x.

The amount given to Emi = 22x/100

= 11x/50

Remaining amount = 39x/50

Expense on clothing = 5/12 × 39x/50

= 13x/40

⇒ 13x/40 = 18,200

⇒ x = 1400 × 40

⇒ x = 56000

If, in February 2022, her salary increased by 16%:

⇒ 56000 × 116/100

⇒ 64960

Her salary (in Rs.) in February is  64960.

Alternate Method

Let the income be x.

⇒ x × 78/100 × 5/12 = 18200

⇒ x = 56000

Salary in February = 56000 × 116/100 = 64960.

Given:

The ratio of expenditure to savings of a woman is 5 ∶ 1. 

Her income and expenditure are increased by 10% and 20% respectively.

Concept used:

1. Income = Expenditure + Savings

2. Incremented/Reduced value = Initial value (1 ± change%)

Calculation:

Let her initial expenditure and savings be 5k and k respectively.

Her initial income = 5k + k = 6k

Her final income = 6k × (1 + 10%) = 6.6k

Her final expenditure = 5k × (1 + 20%) = 6k

Her final savings = 6.6k - 6k = 0.6k

Now, % change in savings = \(\frac {k - 0.6k}{k} × 100\%\) = 40%

∴ The percentage change in her savings is 40%.

Shortcut TrickCalculation:

Income = expenditure + saving

⇒ (6 = 5 + 1) × 100

⇒ 600 = 500 + 100

Now, income is increased by 10% and expenditure is increased by 20%.

⇒ 600 × 110% = 500 × 120% + x

⇒ 660 = 600 + x

⇒ x = 60

Percentage change in saving = (100 - 60)/100 = 40%

∴ The correct answer is 40%.

Given:

The monthly income of the family = Rs.35000

Saving after expenditure = 35000 × 8% = 2800

Expenditure = (35000 - 2800) = Rs.32200

Expenditure on food : expenditure on health = 100 : 150 = 2 : 3

Expenditure on food : expenditure on entertainment = 3 : 1

Expenditure on health : expenditure on education = 1 : 2

Expenditure on rent : combined expenditure of (food + health + education) = 1 : 3

Concept used:

A : B = P : Q; B : C = R : S

A : B : C = PR : QR : QS

Calculation:

Exp. on food : exp. on health : exp. on entertainment : exp. on education = 6 : 9 : 2 : 18

Exp. on rent : combined exp. of (food + health + education) = (1 : 3) × 11 = 11 : 33

Exp. on food : exp. on health : exp. on entertainment : exp. on education : exp. on rent = 6 : 9 : 2 : 18 : 11

Now, (6 + 9 + 2 + 18 + 11) units = 46 units = 32200

⇒ 1 unit = 32200/46 = Rs.700

Exp. on education = 18 units = 700 × 18 = Rs.12600

∴ The correct answer is Rs.12600.