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Which statements best summarize the principles you should use when budgeting? Check all that apply.

A.) - Your discretionary spending should be a higher priority than mandatory spending.
B.) - You need to be mindful of whether an expense is truly a need, or just a want.
C.) - Spending on wants will enable needs to take care of themselves.
D.) - The more you save, the more easily you can reach long–term goals.
E.) -To create a budget, you need to start by determining your short–term and long–term goals.

Respuesta :

saadhussain514

Correct answer choices are:


B. You need to be mindful of whether an expense is truly a need or just a

want.

D. The more you save, the more easily you can reach long-term goals.

E. To create a budget, you need to start by determining your short-term

and long-term goals.


Explanation:

Budgeting is that the method of coming up with, implementing and operative budgets. it's the social control method of budget designing and preparation, monetary fund management and therefore the connected procedures. Budgeting is that the highest level of accounting in terms of future that indicates an exact course of action and not simply news.

dubeyshailja64

Budgeting is a process of deriving estimates for the future. The statements that best summarize the principles you should use when budgeting are:

  • You need to be mindful of whether an expense is truly a need, or just a want.
  • The more you save, the more easily you can reach long–term goals.
  • To create a budget, you need to start by determining your short–term and long–term goals.

What is Budgeting?

Budgeting is defined as a process of setting estimates for the revenues and expenses for a specific period and sometimes include savings.

Budgeting involves analysis of a budget, incomes, and expenses and dividing the expenses between wants and needs. Priority should be given to needs before spending on the wants.

Savings should be a part of budget to make the funds available for any future uncertainty. Savings are important to achieve long-term goals of an individual or business.

The goals should be differentiated as short-term and long-term and expenses should be made accordingly. Revenue should be proportionately allocated between the short-term and long-term goals.

Hence the correct options are B, D, and E.

Learn more about budgeting here:

brainly.com/question/15712390

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