Final answer:
The expenses have been categorized accurately as costs for items required for living or investments, needs which are necessary for basic survival and well-being, and wants which are non-essential items that fulfill desires.
Step-by-step explanation:
When managing personal finances, it's essential to distinguish between needs and wants, and to categorize expenses accordingly. Here is the matching of the expenses in Column A with the corresponding labels in Column B:
- a) Chef's apron - Cost
- b) Gas money - Cost
- c) Food - Need
- d) Movies - Want
- e) Culinary knives - Cost
- f) Car insurance - Cost
- g) Electric bill - Cost
- h) Dining out - Want
- i) Online training - Cost
- j) Car repair - Cost
- k) Rent - Need
- l) Auto detailing - Want
In this context, costs are expenses that are required for maintaining a certain quality of life or for investment purposes, such as education or asset maintenance. Needs are essential for basic survival or wellbeing, like housing and food. Wants, on the other hand, are expenses that you can live without, which fulfill desires rather than necessities.