ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -BUDGET: A record of income and spending and a plan for managing money. DISCRETIONARY INCOME: Money available to spend on goods and services that are not essential. A.

Detailed explanation-2: -With a budget, you record your income and expenses on a weekly or monthly basis. Generally, the closer you stick to your budget, the more progress you will make on your financial plan.

Detailed explanation-3: -A budget is a plan for managing income and expenses over a set time frame. There are different types of budgets you can use to manage your money. Budgets can help you track spending and live within your means.

Detailed explanation-4: -Budgeting is the most practical way of keeping track of your spending and, more importantly, maintaining a grip on it. These days, several websites and software help you prepare your household budget. Some credit card issuers even furnish statements showing a break-up of your expenses.

Detailed explanation-5: -Income Budget represents the revenue you are projected to receive over the course of the fiscal year, and it is compared to your Income Actuals to track progress. The income budget also serves as the source to support your expenditure budget.