basic
What is monthly, quarterly, or annually?
Budgets are usually created for this type of time period (give one example).
What are fixed expenses?
These are costs that stay the same, like rent.
What is setting goals?
This is the first step where you decide what you want financially.
What is financial planning?
One main purpose of a budget is to help with this kind of planning.
What are variable expenses?
Groceries and utilities fall under this type of expense.
What is estimating income?
You determine all sources of money in this step.
What is resource allocation?
Budgets help ensure money is used wisely through this process.
What are discretionary expenses?
Entertainment and dining out are examples of this category.
What is identifying expenses?
Listing all expected costs happens in this step.
What are personal and organizational levels?
Budgets can be used at both these levels.
What are savings and investments?
This part of the budget includes funds for future use and growth.
What is creating categories?
Grouping expenses helps you see spending patterns—this is called?