Budgeting

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What is Homeowner's Insurance?

Back

A type of insurance that provides financial protection against damage to a home and its contents, classified as a Fixed Expense.

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Are groceries a fixed or variable expense?

Back

Groceries are classified as a Variable Expense.

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What type of expense is clothing?

Back

Clothing is classified as a Variable Expense.

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What does preparing a budget include?

Back

Preparing a budget includes Income, Expenses, and Saving.

Front

What is a Car Payment classified as?

Back

A Car Payment is classified as a Fixed Expense.

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Define Fixed Expense.

Back

Fixed Expenses are costs that do not change from month to month, such as rent or mortgage payments.

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Define Variable Expense.

Back

Variable Expenses are costs that can fluctuate each month, such as groceries and entertainment.

Front

What is the purpose of a budget?

Back

The purpose of a budget is to plan and track income and expenses to manage finances effectively.

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What are examples of Fixed Expenses?

Back

Examples of Fixed Expenses include mortgage payments, car payments, and insurance premiums.

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What are examples of Variable Expenses?

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Examples of Variable Expenses include groceries, dining out, and entertainment.