ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A roommate may reduce the financial burden of renting an apartment. Saving money for a down payment to buy a house is usually is considered a short-term goal. A lease is designed to protect the rights of both a tenant and a land lord. A common flexible expense associated with apartment renting.

Detailed explanation-2: -Fixed expenses generally cost the same amount each month (such as rent, mortgage payments, or car payments), while variable expenses change from month to month (dining out, medical expenses, groceries, or anything you buy from a store).

Detailed explanation-3: -A few examples of flexible expenses include what you pay for monthly groceries, clothing, and transportation, as the total cost of all of these things will most likely vary.

Detailed explanation-4: -Know where your money goes. Writing down what you spend for a week has been found to improve financial confidence. Create spending categories. Only spend on what matters most. Make the most of “monthlies” Eliminate impulse buys. Save on interest where you can. Consider deferment.

Detailed explanation-5: -Cost of Goods Sold. Operating Expenses. Financial Expenses. Extraordinary Expenses. Non-Operating Expenses.