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Question
Which of the following is/are step(s) for planning a realistic budget?
Options
Estimating the cost of desired items
Bringing expected income and expenditures into balance
Estimating the cost of desired items
All the above
MCQ
Solution
All the above
Explanation:
The five steps for planning a realistic budget are:
- 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 possibilities of savings for the future.
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Steps in Preparing Budget
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