ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It’s a good way to make sure all your money is spent by the end of the month.
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It helps you figure out the best way to justify purchases that maybe aren’t necessary.
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It gives you control of your money and sets you up for financial success in the future.
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It helps you brush up on your math skills.
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Detailed explanation-1: -Having a budget helps you get a clear idea of how much money you have every month, and how much you can afford to spend while still saving for emergencies and financial goals. Understanding where you are spending money can also give you clarity on how to divide it amongst your needs and wants.
Detailed explanation-2: -Having a budget keeps your spending in check and makes sure that your savings are on track for the future. Budgeting can help you set long-term financial goals, keep you from overspending, help shut down risky spending habits, and more.
Detailed explanation-3: -Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or spending plan will also keep you out of debt or help you work your way out of debt if you are currently in debt.
Detailed explanation-4: -Budgeting is the process of preparing and overseeing a financial document that estimates income and expenses for a period. For business owners, executives, and managers, budgeting is a key skill for ensuring organizations and teams have the resources to execute initiatives and reach goals.
Detailed explanation-5: -Budgets are necessary to highlight the financial implications of plans, to define the resources required to achieve these plans and to provide a means of measuring, viewing and controlling the obtained results, in comparison with the plans.