ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1/6 of that amount ($200)
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1/2 of that amount ($600)
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1/4 of that amount ($300)
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1/12 of that amount ($100)
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Detailed explanation-1: -Do you know the Rule of 72? It’s an easy way to calculate just how long it’s going to take for your money to double. Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double.
Detailed explanation-2: -Calculate your monthly income, pick a budgeting method and monitor your progress. Try the 50/30/20 rule as a simple budgeting framework. Allow up to 50% of your income for needs. Leave 30% of your income for wants. Commit 20% of your income to savings and debt repayment. More items •02-Dec-2022
Detailed explanation-3: -Step 1: Calculate your net income. The foundation of an effective budget is your net income. Step 2: Track your spending. Step 3: Set realistic goals. Step 4: Make a plan. Step 5: Adjust your spending to stay on budget. Step 6: Review your budget regularly.
Detailed explanation-4: -Assess Current Year-to-Date Performance. Re-Examine Your Long-Range Plan. Update Your 18-Month Forecast (2H Current Year + Next Fiscal Year) Summarize Your Plan and Go ‘Sell’ It to the Board. Finalize Your Detailed Planning. Plan To Grow by Product, Segment and Region. More items •13-Dec-2022