ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A security deposit is money that the tenant pays to the landlord. It provides monetary security to the landlord, in case of damage to the apartment or failure by the tenant to comply with the agreement (such as moving out before the lease ends).

Detailed explanation-2: -In personal finance, flexible expenses are costs that are easily changed, reduced, or eliminated. For example, entertainment and clothing are flexible expenses. Even necessary expenses, such as groceries, can be considered flexible because the consumer adjusts the amount spent.

Detailed explanation-3: -Fixed expenses generally cost the same amount each month (such as rent, mortgage payments, or car payments), while variable expenses change from month to month (dining out, medical expenses, groceries, or anything you buy from a store).

Detailed explanation-4: -Irregular expenses are those bills that you only pay once per quarter, once per year, or on an as-needed basis. Because you seldom think about them, it’s easy to forget about them until they’re due-and you have to scramble to come up with the cash to pay them.

Detailed explanation-5: -The Budget Process These two phases together amount to the President’s budget formulation. A third phase is the Congressional appropriations cycle, and the fourth and final phase is the execution of the budget by the agencies starting October 1, the beginning of the fiscal year.