ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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fixed
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realistic
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constant
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focus
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Detailed explanation-1: -A realistic budget starts with determining your monthly income and then calculating all of your monthly expenses. When determining income, use the amount you bring home after taxes and after any other deductions, such as child support, are taken out. Include all sources of income.
Detailed explanation-2: -A detailed and realistic budget is one of the most important tools for guiding your business. A budget provides essential information for operating within your means, managing unexpected challenges, and turning a profit.
Detailed explanation-3: -We recommend the popular 50/30/20 budget to maximize your money. In it, you spend roughly 50% of your after-tax dollars on necessities, no more than 30% on wants, and at least 20% on savings and debt repayment.
Detailed explanation-4: -Step 1: Calculate your net income. The foundation of an effective budget is your net income. Step 2: Track your spending. Step 3: Set realistic goals. Step 4: Make a plan. Step 5: Adjust your spending to stay on budget. Step 6: Review your budget regularly.