ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following should you consider when setting a budget?
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Your financial goals
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Needs and wants
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Savings
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All of the above
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Explanation:
Detailed explanation-1: -financial goals, current expenses, and income.
Detailed explanation-2: -A successful budget must bring together three major pillars – people, data and process. Gaps in any of these areas will decrease the accuracy of the final budget numbers.
Detailed explanation-3: -Step 1: Calculate your net income. The foundation of an effective budget is your net income. Step 2: Track your spending. Step 3: Set realistic goals. Step 4: Make a plan. Step 5: Adjust your spending to stay on budget. Step 6: Review your budget regularly.
There is 1 question to complete.