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Read the Paragraph Below and Answer the Questions That Follow

question 27

Multiple Choice

Read the paragraph below and answer the questions that follow.
(1) Learning to make a budget is the key to managing your hard-earned money. (2) First, select your budget period, usually a week or a month. (3) Second, estimate your income for that time period as accurately as you can. (4) Include not only your salary after payroll deductions, but the least you expect to make from other sources, such as tips, bonuses, and commissions. (5) Third, add up all your expenses for the budget period. (6) Be sure to add in your fixed costs ⎯ like rent, utilities, tuition, and taxes ⎯ as well as savings. (7) Also include your variable expenses. (8) The most difficult ones to estimate, variable expenses include all your nonfixed living costs, from money for food and transportation to planned events like vacations and less predictable ones like medical and home repair bills. (9) Fourth, subtract your expenses from your income to see whether you need to adjust your budget. (10) If your expenses are greater than your income, look for ways to cut costs ⎯ for example, on clothing. (11) If your income is greater than your expenses, you have the luxury of splurging or saving extra money for that car or trip you have always wanted. Which of the following sentences in the paragraph does NOT contain a transitional expression that indicates time?

Definitions:

Cost Data

Information related to the expenses incurred in the production of goods or delivery of services, essential for pricing, budgeting, and economic analysis.

Perfectly Competitive Markets

A market structure characterized by many buyers and sellers, homogenous products, and free entry and exit, leading to price-taking behavior.

Higher Prices

A situation where the costs of goods or services increase, which could be due to various factors including inflation, increased demand, or higher production costs.

Product Differentiation

The method of differentiating a product or service from its competitors to enhance its appeal to a specific target audience.