EBK BUSN
11th Edition
ISBN: 9781337671736
Author: Kelly
Publisher: YUZU
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Chapter A, Problem 1LO
Summary Introduction
To apply: The budgeting principles in the
Expert Solution & Answer
Explanation of Solution
A detailed forecast of the outflows and inflows of cash in order to obtain the net inflow or outflow for the particular period of time is known as a budget. The way Person X applies the budgeting principles in his personal finance are as follows:
- The first and the foremost step will be devising a budget.
- Person X then has to create the emergency funds.
- The debts have to be limited wisely.
- Utilization of the credit cards in a proper manner.
- Monitoring the credit score.
- Assessing the revenues and expenditures.
- Having a knowledge about the spending habits.
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