ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -an amount of extra money that is spent on something above the amount that should have been spent: We’re expecting to have a $5 million (budget) overspend this year.
Detailed explanation-2: -Budgeting helps you see flaws in in your financial plans and anticipate possible cash flow problems. At the same time, you can identify the key costs in your business and find opportunities to cut unnecessary spending and reduce your overheads.
Detailed explanation-3: -Get to know your spending triggers. Clear out your inbox. Don’t store credit card details online. Consider going cash-only for a month. Impose a 48-hour rule on new purchases. Try a longer spending fast. Get friends and family on board. 04-Jan-2023
Detailed explanation-4: -Leave your credit cards at home when you go out. In fact, leave your debit card at home too. Freeze your cards in a cup of water. Don’t use your credit cards like a debit card. Create a Needs vs. Learn to shop smarter. Take the “impulse” out of impulse buys.