ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Flexible expenses stay relatively the same each month. An electric bill is commonly considered a fixed living expense. A security deposit covers the rent for the first month when moving into an apartment. A roommate may reduce the financial burden of renting an apartment.

Detailed explanation-2: -Typically, they do not change, and you pay the same amount for these expenses every month. For example, lease agreements, mortgage payments, and car insurance generally have contracts with set payment amounts that do not vary from month to month. Your payments would only change if the terms of the contract changed.

Detailed explanation-3: -In personal finance, flexible expenses are costs that are easily changed, reduced, or eliminated. For example, entertainment and clothing are flexible expenses.

Detailed explanation-4: -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-5: -Fixed expenses are those that generally do not change from month to month, such as rent and insurance payments. Flexible expenses are those that do change from month to month, such as food or entertainment.