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Question
List and explain the steps in preparing a family budget.
Answer in Brief
Solution
- List commodities and services required by family members throughout the proposed budget period.
- Estimate the cost of desired items.
- Estimate the total expected income.
- Bring expected income and expenditures into balance.
- Check plans to see that they have a reasonable chance of success and the possibility of savings for the future.
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Steps in Preparing Budget
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