ENTREPRENEURSHIP

Detailed explanation-1: -Take home pay is the amount you earn each month in income minus what you save. Take home pay is the amount you earn each month in income minus what you spend.

Detailed explanation-2: -A balanced budget occurs when revenues are equal to or greater than total expenses. A budget can be considered balanced after a full year of revenues and expenses have been incurred and recorded. Proponents of a balanced budget argue that budget deficits burden future generations with debt.

Detailed explanation-3: -If you spend money on things you want before things you need, you limit your ability to save for high-priced items, like higher education. A balanced budget typically includes the amount you earn income, the amount you pay in taxes, the amount you put away in savings.

Detailed explanation-4: -Wages paid to workers however can vary as the number of workers increase or decrease. Hence it is not considered as a fixed cost.

Detailed explanation-5: -Review financial reports. Compare actual values to last year’s budget. Create a financial forecast. Identify expenses. Estimate revenue. Subtract projected expenses from estimated revenues. Lock budget, measure progress and adjust as needed. 03-Feb-2023