ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An electric bill is commonly considered a fixed living expense. Security deposit covers the rent for the first month when moving an apartment. 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.

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: -Examples of Fixed Expenses Mortgage or rent payments. Loan payments, such as auto loans or student loans. Insurance premiums, such as for car insurance and homeowners insurance. Property taxes.

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