ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Necessities often include the following: Housing: Mortgage or rent; homeowners or renters insurance; property tax (if not already in the mortgage payment). Transportation: Car payment, gas, maintenance and auto insurance; public transportation. Health care: Health insurance; out-of-pocket medical costs.

Detailed explanation-2: -A fixed expense is a cost that’s typically constant. Fixed expenses are paid at regular intervals-often monthly. Some fixed expenses are what are known as “periodic fixed expenses.” These expenses are fixed and regular, but don’t occur monthly-they may occur quarterly or annually instead, for example.

Detailed explanation-3: -A personal spending plan is a more individualized and flexible take on the traditional budget. While many people may be familiar with their sources of income, such as a salary from a job, fewer know the patterns that may be associated with where that income is spent.

Detailed explanation-4: -Cost of Goods Sold. Operating Expenses. Financial Expenses. Extraordinary Expenses. Non-Operating Expenses.