BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is one of the steps in creating a budget?
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Use percentages to see how much of the total income should be set aside for each expense.
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Create a spending chart for special events like birthdays and holidays.
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Create a table for cash gifts and gift cards you receive.
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Explanation:
Detailed explanation-1: -How do you make a budget spreadsheet? Start by determining your take-home (net) income, then take a pulse on your current spending. Finally, apply the 50/30/20 rule: 50% toward needs, 30% toward wants and 20% toward savings and debt repayment.
Detailed explanation-2: -Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability. While distinctly separate, these processes overlap in the implementation during a budget year.
There is 1 question to complete.