When Preparing to Put Together a Budget to Determine How

question 17

Multiple Choice

When preparing to put together a budget to determine how much you need to earn to cover your living expenses, you should

• A) include only your major expenses such as rent and car payments.
• B) keep track of as many of your expenses as possible for 2 or 3 months.
• C) save time by just estimating what you think you spend.
• D) record in detail everything you spend for several months.

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Definitions:

Utilisation of Resources

The process of effectively using available resources, such as time, money, and materials, to achieve desired outcomes or objectives.

Fairness

Fairness involves impartial and just treatment or behavior without favoritism or discrimination, often in contexts such as legal systems, workplace policies, and social interactions.

Modern Approaches

Contemporary methods or strategies used in various fields such as management, technology, and education.

Systems View

A perspective that sees an organization as a complex set of interconnected parts working together to achieve a common goal.