ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -In personal finance, flexible expenses are costs that are easily changed, reduced, or eliminated. For example, entertainment and clothing are flexible expenses.

Detailed explanation-3: -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.

Detailed explanation-4: -Flexible expenses: These are the necessary expenses that can vary each month, such as your utilities and weekly grocery bill. You can lower these expenses by changing your habits.

Detailed explanation-5: -Categories of Expenses in a Flexible Budget Rent, lease payments, insurance, interest payments, website fees, certain salaries.