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 step in financial planning for 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
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Create a table for cash gifts and gift cards your received
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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: -Explanation: The correct order of preparing a budget is as below: While preparing the budget, the cash budget will start first as per the mentioned available budgets, It will be followed by the purchase budget next, the income statement, and finally the balance sheet budget.
There is 1 question to complete.