ECONOMICS (CBSE/UGC NET)

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ECONOMICS

BUDGETING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
If Katie spent on average $300 on food, $550 on transportation, $1400 on housing, $200 on entertainment, $300 on shopping, $300 for debts on average for the month throughout 1 year and the rest she saves. If Katie’s annual salary is $48000, how much is she putting into her savings at the end of the year?
A
$950
B
$4000
C
$11400
D
$23.75
Explanation: 

Detailed explanation-1: -Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment. Find out how this budgeting approach applies to your money.

Detailed explanation-2: -By Melissa Green | Citizens Bank Staff One of the most common percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.

Detailed explanation-3: -Classic examples of variable expenses are clothing, vacations, entertainment, eating out, gifts, facials, and home goods.

Detailed explanation-4: -Examples of Variable Expenses Some examples of variable costs include: Food costs, such as groceries and dining out. Clothing. Gasoline.

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