Question

When creating a budget, you must track both your budgeted expenses and your [blank] expenses.

A. Actual
B. Potential
C. Likely

(Economics)

Answer 1

The correct answer is A), Actual expenses.

Budgeting it’s a ledger where accountants details the spending decisions to be made. Budgeting estimates the amount of money that will come in during the months or year ahead and it keeps enough money to cover expenditures, or in some cases, money for savings.

A reliable Budget is of the utmost importance in accounting. A good budget states that income is budgeted before expenses and includes strategic planning to develop the initiatives. When you create a budget you include tasks, assignments, and deadlines.

Answer 2

The correct option is Actual.

Further Explanation:  

A budget is the monthly money plan which includes our expected income and expenses that needs to be put into categories of the month. Budget never controls us we control the budget. There are certain procedures we need to follow. Initially, we need to note down our monthly income and our monthly expenses. The second step is to start writing about the food and shelter, clothes and transportation expenses. After it lists out all the other entertainment and television streaming and gym services. Everyone should keep the record of the expenses of every day. Tracking our expenses helps us to stop the overspending in many areas. This is a very great exercise of accountability to itself. A person becomes honest with themselves. It helps in start building an exercise of where the money goes and by how much amount. It helps in achieving marvellous goals. There are many ways through which you can track your expenses like pencil and paper method that is the old school method. This method requires an active brain because we need to remember and note down everything on paper. The second method is envelope system also called pay the money or cash in person. We can auto-draft areas like retirement, mortgage.  The other methods are computer spreadsheet and the last one is budgeting apps.

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Answer Details:

Grade: High School

Chapter: Budgeting

Subject: Social Science

Keywords: Expected income, expenses, overspending, honest, active brain, envelope system, a computer spreadsheet, budgeting apps.