ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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15 or more
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No more than 10
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At least 3
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No limit; use as many as you need to keep your budget accurate!
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Detailed explanation-1: -Start with a financial self-assessment. Once you know where you stand and what you hope to accomplish, pick a budgeting system that works for you. We recommend the 50/30/20 system, which splits your income across three major categories: 50% goes to necessities, 30% to wants and 20% to savings and debt repayment.
Detailed explanation-2: -The Four Main Types of Budgets and Budgeting Methods. There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based.
Detailed explanation-3: -Income: This is the money you receive from any sources, such as a paycheck, student loans, scholarships, or a birthday gift. Expenses: These are all the things you spend money on. Savings/Investment: Your financial goals, retirement accounts, and other savings or investment accounts.
Detailed explanation-4: -Housing (25-35 percent) Transportation (10-15 percent) Food (10-15 percent) Utilities (5-10 percent) Insurance (10-25 percent) Medical & Healthcare (5-10 percent) Saving, Investing, & Debt Payments (10-20 percent) 28-Feb-2023