ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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allowance
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budget variance
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IRA
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tax credit
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Detailed explanation-1: -What is an ‘Allowance’? An allowance is a specific amount of money included in your construction budget which is allocated to be spent on a specific item or service, the cost of which has not yet been determined. For example, you may have a $10, 000 allowance in your budget for carpet.
Detailed explanation-2: -Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget.
Detailed explanation-3: -This infographic shows the following budget percentages, 10-20% for Insurance, 10-15% for Food, 10-15% for Savings, 10-15% for Transportation, 5-10% for Personal, 5-10% for Recreation, 5-10% for Utilities, 1-5% for Giving, 25-30% for Housing.
Detailed explanation-4: -Housing (25-35 percent) Transportation (10-15 percent) Food (10-15 percent) Utilities (5-10 percent) Insurance (10-25 percent) Medical & Healthcare (5-10 percent) Saving, Investing, & Debt Payments (10-20 percent) Personal Spending (5-10 percent) More items •28-Feb-2023