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FAQ: What are flexible expenses give two examples?

Flexible expense examples include groceries, dining out, entertainment, and even utilities. Learn how you can master your personal finances by cutting back on these expenses and putting more money where it matters.

What are flexible expenses?

A flexible expense is a discretionary purchase that can be altered or eliminated without a significant downside. Flexible expenses should be included in a budget to manage an individual’s overall finances.

What are 3 examples of expenses?

Types of Expenses

  • Operating. Cost of Goods Sold (COGS) It includes material cost, direct. Marketing, advertising, and promotion. Salaries, benefits, and wages. Selling, general, and administrative (SG&A) It includes expenses such as rent, advertising, marketing.
  • Non-operating. Interest. Taxes. Impairment charges.

What is an example of flexible income?

For example, a flexible income fund may include U.S. Treasury securities, investment-grade corporate bonds, and junk bonds in its portfolio. The goal of a flexible income fund is to create a diversified portfolio with higher yields than the risk-free yield.

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What were the fixed expenses flexible expenses?

In their most basic sense, fixed expenses do not change over time and flexible expenses do. In most individuals’ budgets, monthly mortgage or rent payments are fixed. Flexible expenses may change each month or only occur during certain times of the year.

What are the 4 types of expenses?

Terms in this set (4)

  • Variable expenses. Expenses that vary from month to month (electriticy, gas, groceries, clothing).
  • Fixed expenses. Expenses that remain the same from month to month(rent, cable bill, car payment)
  • Intermittent expenses.
  • Discretionary (non-essential) expenses.

What are 5 fixed expenses?

The definition of fixed expenses is “any expense that does not change from period to period,” such as mortgage or rent payments, utility bills, and loan payments. Lease / car loan payment. Vehicle insurance (if paying monthly) Life / Disability / Extended health (or other) insurance.

What are 10 examples of expenses?

Types of expenses

  • Cost of goods sold for ordinary business operations.
  • Wages, salaries, commissions, other labor (i.e. per-piece contracts)
  • Repairs and maintenance.
  • Rent.
  • Utilities (i.e. heat, A/C, lighting, water, telephone)
  • Insurance rates.
  • Payable interest.
  • Bank charges/fees.

What are examples of expenses?

Examples of expense accounts are Costs of Sales, Cost of Goods Sold, Costs of services, Operating expense, Finance Expenses, Non-operating expenses, Prepaid expenses, Accrued expenses and many others.

What are my expenses?

Necessities often include the following:

  • Mortgage/rent.
  • Homeowners or renters insurance.
  • Property tax (if not already included in the mortgage payment).
  • Auto insurance.
  • Health insurance.
  • Out-of-pocket medical costs.
  • Life insurance.
  • Electricity and natural gas.
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What is income flexibility?

This is due to “income flexibility”, which is the ease of living on various income levels as life adjusts over time. By creating “income flexibility”, you will have the opportunity to entertain a variety of income options later on.

Which of the following is an example of irregular income?

An individual may receive income on an irregular or sporadic basis. Examples of irregular income include day labor, on-call work (such as substitute teaching), craft sales, and receipt of spousal support. It may also include payments such as winnings from bingo.

What are the most flexible part time jobs?

Flexible Part Time Jobs

  • Freelance Writer.
  • Social Media Manager.
  • ESL Teacher.
  • Online Tutor.
  • Transcriptionist.
  • Start a Blog.
  • Search Engine Evaluator.
  • Website Tester.

What are fixed expenses examples?

Examples of Fixed Expenses

  • Rent or mortgage payments.
  • Renter’s insurance or homeowner’s insurance.
  • Cell phone service.
  • Internet service.
  • Health, disability or life insurance premiums.
  • Property taxes.
  • Childcare expenses.
  • Student loan or car loan payments.

Which of these are fixed expenses?

What Are Your Fixed Expenses? Typical fixed expenses include car payments, mortgage or rent payments, insurance premiums and real estate taxes. Typically, these expenses can’t be easily changed. When you lower your fixed expenses, you automatically save more money each month or pay period.

Which of the following is an example of a fixed expense?

Common examples of fixed costs include rental lease or mortgage payments, salaries, insurance, property taxes, interest expenses, depreciation, and potentially some utilities.

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