ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money put into an account intended for growth
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A person or organization that purchases a product or service
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All the money decisions a person or family makes including earning, budgeting, saving, spending and planning for the future
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None of the above
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Detailed explanation-1: -Personal finance is an umbrella term that includes concepts like money management, saving and investing, tax planning, retirement planning, and much more. It also includes budgeting, mortgages, insurance, and other banking practices.
Detailed explanation-2: -As shown below, the main areas of personal finance are income, spending, saving, investing, and protection.
Detailed explanation-3: -Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning.
Detailed explanation-4: -A personal financial plan involves decisions about financial goals and describes the spending, financing, and investing plans necessary to achieve those goals. An understanding of personal finance enables you to make more informed decisions about your financial situation.