ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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fixed expenses
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variable expenses
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savings/investing
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none of these
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Detailed explanation-1: -1. Assess your financial resources. The first step is to calculate how much money you have coming in each month. This might be investment income, government assistance, student loans, employment income, disability benefits, retirement pensions or money from other sources.
Detailed explanation-2: -Budgeting for the national government involves four (4) distinct processes or phases : budget preparation, budget authorization, budget execution and accountability. While distinctly separate, these processes overlap in the implementation during a budget year.
Detailed explanation-3: -1. Set one specific goal. Rather than socking away money into a savings account, set specific goals for your savings. If you don’t have an emergency account, start with a goal to save enough to cover a home repair, car repair, or other unplanned expense that you’ll inevitably face.
Detailed explanation-4: -Calculate your net income. List monthly expenses. Label fixed and variable expenses. Determine average monthly costs for each expense. Make adjustments.