ECONOMICS (CBSE/UGC NET)

ECONOMICS

TECHNOLOGY

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

If there is an item you want to buy but do not have enough money, what is the BEST change that you could make to your budget that would allow you to purchase?

A	purchase the item with a credit card.
B	Cut out unnecessary expenses from your budget and save up for the item
C	Get a loan from the bank to purchase the item
D	Steal the item

Explanation:

Detailed explanation-1: -Define your essential monthly expenses. Track your spending meticulously. Estimate your lowest monthly income. Identify non-essential expenses. Consider building an emergency fund. Keep your budget accessible. Don’t get discouraged-keep budgeting! Keep your cash safe.

Detailed explanation-2: -Step 1: Calculate your net income. The foundation of an effective budget is your net income. Step 2: Track your spending. Step 3: Set realistic goals. Step 4: Make a plan. Step 5: Adjust your spending to stay on budget. Step 6: Review your budget regularly.

Detailed explanation-3: -Eliminate Your Debt. Set Savings Goals. Pay Yourself First. Stop Smoking. Take a “Staycation” Spend to Save. Utility Savings. Pack Your Lunch. More items

Detailed explanation-4: -Pay off debt. If you have a significant amount of debt, consider putting your extra money toward paying that down or off. Boost your emergency fund. Increase your investment contributions. Invest in yourself. Consider the timing. Go ahead and treat yourself.

There is 1 question to complete.