ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -There are four common types of budgets that companies use: (1) incremental, (2) activity-based, (3) value proposition, and (4) zero-based. These four budgeting methods each have their own advantages and disadvantages, which will be discussed in more detail in this guide.

Detailed explanation-2: -A spending plan should include all of your money coming in, money going out, and money put towards savings. True, in addition to regular monthly payments such as rent and bills, a spending plan should also include irregular payments such as family trips, medical co-pays and deposits to savings.

Detailed explanation-3: -Tracking your spending on a regular basis can give you an accurate picture of where your money is going-and where you’d like it to go instead. Then, by using a budget, you can accurately account for all the bills you need to pay going forward.

Detailed explanation-4: -Best overall free app: Mint. Best app for beginners: Goodbudget. Best app for serious budgeters: You Need a Budget (YNAB) Best app for small business owners: QuickBooks Online. Best app for business expenses: Expensify.