ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Fixed expenses, savings expenses, and variable costs are the three categories that make up your budget, and are vitally important when learning to manage your money properly. When you’ve committed to living on a budget, you must know how to put your plan into action.

Detailed explanation-2: -Examples of liquid assets may include cash, cash equivalents, money market accounts, marketable securities, short-term bonds, or accounts receivable.

Detailed explanation-3: -The several types of expenses are: Cost of Goods Sold. Operating Expenses. Financial Expenses.

Detailed explanation-4: -Other current assets, such as prepaid expenses and income tax receivables, cannot be sold for cash, which is why they are not considered liquid assets.