ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Determine the status of your current finances, viz., your income, expenses, debt, savings and investments. This is the first step in financial planning, as it gives you a good sense on the state of your finances and ways to improve.
Detailed explanation-2: -Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group. The term can also refer more narrowly to investment management and portfolio management.
Detailed explanation-3: -Making a budget is the first and the most important step of money management.
Detailed explanation-4: -Whether you’re planning for yourself or for your whole family, there are three basic steps you can take to make the most of your money: One: create a budget. Two: set savings goals. And three: tackle your debts.
Detailed explanation-5: -One of the basic money management rules advises you always to spend less than you earn. This is the first rule to financial success.