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WISE Latest Update with Complete Solutions
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WISE Latest Update with Complete Solutions What term describes a plan for overseeing financial inflows and expenditures? A budget What does income refer to in financial terms? Income is the compensation or earnings received in exchange for labor or other resources. How would you def...

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  • August 1, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
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  • wise latest update with complete solutions

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1 WISE Latest Update with Complete Solutions What te rm describes a plan for overseeing financial inflows and expenditures? ✔✔A budget What does income refer to in financial terms? ✔✔Income is the compensation or earnings received in exchange for labor or other resources. How would you define e xpenses? ✔✔Expenses are the costs or amounts spent on various needs and wants. What are fixed expenses? ✔✔Fixed expenses are regular financial commitments that generally remain the same each month. What are variable expenses? ✔✔Variable expenses are costs that fluctuate and are not obligatory, changing periodically. 2 What is a deficit in financial terms? ✔✔A deficit is the situation where expenditures exceed income or costs surpass revenues. What does discretionary inc ome mean? ✔✔Discretionary income is the portion of your earnings available for spending, investing, or saving after accounting for essential expenses and taxes. What is disposable income? ✔✔Disposable income is the money available for consumptio n or saving after income taxes have been deducted. What is the purpose of an emergency fund? ✔✔An emergency fund is a financial reserve set aside to cover unexpected events, such as job loss or urgent expenses. What are goals in financial plannin g? ✔✔Goals are specific objectives or outcomes that one aims to achieve. 3 What are short -term goals? ✔✔Short -term goals are objectives that can be accomplished within a brief period, typically from one to three months. What is an intermediary goal? ✔✔An intermediary goal is a target achievable within a timeframe of three months to one year. What constitutes a long -term goal? ✔✔A long -term goal is an objective that generally requires more than one year to accomplish. What are wants? ✔✔Wants are desires or items that are not essential for survival but are desired. What are needs? ✔✔Needs are fundamental necessities required for basic survival, such as food, clothing, and medical care. What is meant by op portunity costs?

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