ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Repair your laptop that you use for homework.
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Upgrade your phone to the latest model.
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Buy new track shoes because they’re in style.
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Purchase concert tickets to see your favorite artist.
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Detailed explanation-1: -Expert-Verified Answer. Expenses would be a good reason to spend money from an emergency fund is to repair the laptop that is used for the homework. Option B is correct.
Detailed explanation-2: -Some common examples include car repairs, home repairs, medical bills, or a loss of income. In general, emergency savings can be used for large or small unplanned bills or payments that are not part of your routine monthly expenses and spending.
Detailed explanation-3: -Which choice or choices best describes the purpose of an emergency fund?-An emergency fund prepares you for unexpected expenses.
Detailed explanation-4: -Which choice or choices best describes the purpose of an emergency fund? An emergency fund prepares you for unexpected expenses, keeps you from borrowing money from friends and family, and removes the worry about expenses not in the budget.
Detailed explanation-5: -An emergency fund is a separate savings or bank account used to cover or offset the expense of an unforeseen situation. It shouldn’t be considered a nest egg or calculated as part of a long-term savings plan for college tuition, a new car, or a vacation.