Passage:

Budgeting is the process of creating a plan to manage your income and expenses. It involves identifying your financial goals, calculating your monthly earnings, and prioritizing spending. For instance, an individual might allocate 50% of their income to necessities like rent and food, 30% to discretionary spending, and 20% to savings. Businesses also use budgets to forecast revenue, control costs, and plan investments. A well-maintained budget ensures that resources are used efficiently and helps avoid unnecessary debt.


Questions:

1. What is budgeting?


    Budgeting is the process of creating a plan to manage your income and expenses.

2. According to the passage, how should an individual allocate their income?

    It involves identifying your financial goals, calculating your monthly earnings, and prioritizing spending. 

3. Why is budgeting important for businesses?

    Businesses also use budgets to forecast revenue, control costs, and plan investments.

4. What percentage of income is suggested for savings?

    For instance, an individual might allocate 50% of their income to necessities like rent and food, 30% to discretionary spending, and 20% to savings. 

5. Mention one benefit of maintaining a good budget.

    A well-maintained budget ensures that resources are used efficiently and helps avoid unnecessary debt.


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