ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Creator creates a plan similar to that his/her parents
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Creator uses a budget app available on most smart phones
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Creator lives within his/her means
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Creator finds various avenues of income to overcompensate for unexpected expenses
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Detailed explanation-1: -What does it mean to live within your means? If you’re living within your means, you have enough money to cover all expenses. By adopting a personal finance plan and sticking to it, you can know your basic needs are covered along with other financial priorities.
Detailed explanation-2: -A working budget is one you prepare and consult daily, weekly, or even monthly. For example, if you prepare a static budget, you have a set amount in your budget for revenue and expenses.
Detailed explanation-3: -A budget is a plan for managing income and expenses over a set time frame. There are different types of budgets you can use to manage your money. Budgets can help you track spending and live within your means.
Detailed explanation-4: -A budget is a plan that shows you how you can spend your money every month. Making a budget can help you make sure you do not run out of money each month. A budget also will help you save money for your goals or for emergencies.