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When creating a budget you should start with a list of all of your monthly expenses True or False?
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Connie thought she should only spend 12 percent of her budget on personal care if she earns a monthly income of 800 how much will she budget for personal care?
96.00 or 96
The sinclairs have been advised to allow 7.5 percent of their budget for federal taxes how much should they set aside per month if their monthly income is 2519?
188.93
When creating a graph indicate where each variable should be placed?
on the xy axes.
The Statistical Budget?
What is a statistical budget? A statistical budget is a tool sometimes used by firms who want to be able to model different financial scenarios based on differing variables. Suppose that you were working on an annual budget for a trucking company. One huge variable that might affect your numbers wildly is the fluctuations in the price of diesel fuel. You could create a budget that allowed this value to be represented by a factor of current costs. Then, simply by changing that factor, you could see what effect a major increase or decrease might have on your business. The same could be said for licensing fees or road taxes that have to be paid. In addition, you could model changes in contracts – what if business increases next year? Well, obviously more contracts equal higher revenues but also increases the costs of fulfilling those contracts. A statistical budget can incorporate these changes and quickly let you see how a change in one or more variables will affect your financial situation over the course of the coming year. These budgets can be as simple or as complex as those creating them choose to make them. But can they help you in your personal financial planning assumptions? Of course I don’t think the average household needs as complex a budget as a logistics company, but I do think that allowances should be made for changing variables. Which variables should be considered by the average household? I think the big ones are inflation and household income. Imagine if inflation were to double next year. How would that affect your household budget? A simple statistical budget would allow you to quickly see the effect of that type of change. I recommend using a spreadsheet program that would allow you to simply change an inflation factor that would be reflected in the dollar values of your expenses. The same could be done for household income. Is your income going to remain steady throughout the year? What if it were to change? A monthly income factor could allow you to model changes throughout the year if you were expecting income to fluctuate due to seasonal changes or increased/decreased workflow. Most people managing their personal finances will not need to make their budgets overly complicated in order to construct a statistical budget to meet their needs, but the benefits of doing so are clear. Since various “what-if” scenarios are easy to simulate the statistical budget gives you a way to quickly model changes to your financial environment that you couldn’t do otherwise.
What are 6 things you should do to avoid when creating a password?
Black probe Dont tell anybody
What is the best way to keep to a budget?
You should make sure that all of your planned monthly expenses do not exceed your monthly income.
Help with Budgeting for an Electric Bill?
Putting the expense of an electric bill into a monthly budget is a very good idea. By creating a budget that lays out all of the expenses one incurs in a given month, one has a much better idea of where his or her money goes. A person should always seek to estimate an electric bill when making a monthly budget. This can be very easy, and a person from the electric company can even help a person to estimate the cost of an electric bill. A person should always lay this expense out so that he or she knows what to expect.
When creating a budget what software should be utilized?
spreadsheet
What is the aims for the budget?
so that we prepare for the future and how the incomes and expenses should go about
What should you do with money left over after monthly expenses are paid?
Put into a savings account.
What is home budget?
A home budget is a snapshot of your income and expenses, usually expressed over a period of one month. After adding up all of your sources of income, you have established your total amount available to spend. Next, total all of your individual monthly expenses. This may range from your rent or mortgage payment right down to the daily cup of coffee or a magazine. Your budget can be as complex or simple as you need it to be, as long as you honestly estimate your expenses. Your budget should actually balance. A surplus means that you probably are not committing enough to saving. A deficit means you are overspending.
How do you prepare a budget?
First figure out you total monthly net income. This is what you bring home every paycheck. Then list all of your fixed expenses Ex mortgage, water, car payment, and so on. Also, list the amount you plan on saving 10-15%. Subtract you expenses and savings from you net income. This is your "free" money. If you use a 0 based budget this should be 0.
What should you do with money left over after all monthly expenses are paid?
Put into a savings account.
What should you do with the money left over after all monthly expenses are paid?
Put into a savings account.
What percentage of monthly income should go on household expenses?
Rent shouldn't be than one quarter of your income.
What percentage of your monthly income should go for the credit card payments?
None. You should not need to use credit cards for monthly expenses. If you use them for convenience, they should be equal to the budget category you are using them for, such as food, gas, entertainment. If you pay interest on a balance, you are working for someone else instead of yourself.If you have credit card balances, you should work hard to eliminate them, paying as much as you possibly can without starving yourself or letting other debts grow.
How to write Budget letter explaining how you will pay your mortgage?
To write a budget letter explaining how you will pay your mortgage, you should be thorough. Include information on all of your income. Next include all of your expenses. Show that you have enough money to pay the mortgage plus your expenses.
