The best reason for Nina to maintain up-to-date accurate records of her bank accounts to know how much money she has for budgeting
Financial arrangements in the family are needed so that no expenditure is greater than the income earned
Many needs must be adapted to existing finance
The first most important thing is we have to know the amount of income both from the source of salary, additional income, investment returns
Then compile expenses, especially those prioritized to be paid in advance/routine expenses, after that set aside for savings or reserve funds, investment
Financial records in the form of sources of income recorded/made by us or from outside parties such as banks make it easy for us to regulate income or expenditure
If we look at the answer choices there are:
The advantage is that we can know our finances are in a state of surplus, equal or even minus
So with up to date and managing financial records from banks, we can do budgeting for family finances
The most appropriate answer: to know how much money she has for budgeting
the characteristics of successful budgets
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budgeting is so important
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Keywords: budgeting, financial planning, bank accounts
Option D is correct.
Nina should maintain up-to-date and accurate records of her bank account to know how much money she has for budgeting.
Further Explanation:
Budgeting: Budget is the estimation of the future financial inflows and outflows of an entity. It is an estimation of the revenue and expenditure of an entity for a certain period of time, which is generally one year. Resources are the source of income or revenue. Budget can be made for a person, group, business, and government. It provides the estimation of future activities that are required to be carried out.
Reasons behind maintaining the up-to-date record:
Nina should maintain an up-to-date record of her bank account so that she would have accurate data for making a budget for the future period. The data of the bank account would include the cash inflow and cash outflow transactions. These transactions are required for making a budget.
Thus, the up-to-date record of bank account would be useful for making the budget.
Justification for the correct and incorrect options:
A.
To decide which bill to pay first: This is an incorrect option.
The required bill payment is based on the due dates so bank account records are not useful.
B.
To determine how much she needs to earn: This is an incorrect option.
The requirement of earning can be calculated by reviewing future expenses rather than maintaining up-to-date records of the bank accounts.
C.
To stop herself from making financial mistakes: This is an incorrect option.
Keeping the accurate record of bank account would only prevent the bank account mistakes. Nina has to make other provisions for cash transactions.
D.
To know how much money she has for budgeting: This is the correct option.
The up-to-date records of the bank account would consist of revenue and expenses. So, Nina can use this information for the purpose of budgeting.
Learn more:
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Answer details:
Grade: Senior School
Subject: Business Studies
Chapter: Budgeting
Keywords: Nina, up-to-date, accurate records, her bank account, decide, bill, pay first, determine, how much, she needs, to earn, to stop herself, making financial mistakes, money, budgeting.
