Answer:
In this activity, you will be discussing budget planning ideas with your peers. To earn maximum points, you need to complete both Step 1 and Step 2.
Step 1 requires you to answer the following 5 questions:
1. List at least 4 common fixed expenses someone might have each month.
- Rent or mortgage payment
- Car payment
- Insurance premiums
- Utility bills (electricity, water, etc.)
2. List at least 4 common variable expenses someone might have each month.
- Groceries
- Dining out
- Entertainment expenses
- Transportation costs (gas, public transportation fares)
3. List 2 advantages and 2 disadvantages of budgeting.
Advantages:
- Helps you track your spending and avoid overspending
- Enables you to save money for future goals
Disadvantages:
- Requires time and effort to create and maintain
- Can feel restrictive if not properly balanced
4. List at least 2 common sources of income.
- Salary or wages from a job
- Income from self-employment or freelance work
5. List 3 budget planning tips.
- Track your expenses regularly to identify areas where you can cut back
- Set specific financial goals to stay motivated
- Build an emergency fund to cover unexpected expenses
Remember to provide accurate and informative answers, supporting them with relevant details and examples. Explain your answers step-by-step, and if you're unsure about any part of your response, make that clear. Good luck with your discussion!
Step-by-step explanation: