1. What is the difference between a need and a want?
The difference between want and need is a fine line and sometimes it’s hard to distinguish. Needs are different from wants in that when you want something it’s usually for personal entertainment i.e. and new game or phone. When you need something it’s more along the lines of groceries or textbooks. For example, I might want an Audi R8 but what I really need is an easy way to commute to school or work.
2. What is revenue/income?
The term revenue is a business term meaning the amount of income that a company receives from its normal business activities. Some companies receive revenue from interest, royalties, or other fees. An income is the money you receive on a regular schedule from work …show more content…
What is the difference between a fixed and a variable cost?
Variable costs can change their original price for a product. Fixed costs are constantly the same, no matter how much output a company produces. A variable cost is a company 's cost that is associated with the amount of goods or services it produces. A company 's variable cost increases and decreases with the production volume.
7. Why would you research the cost of a product before you purchase it?
I am defiantly the kind of person to do this for very expensive items like cars and laptops. I don’t think I would do this just to purchase clothing or groceries etc. because I don’t always know where I’m going to be going or what I’m going to want to buy. I like the idea of knowing what I’m getting myself into before I do anything rash. Especially because I would like to have a financially comfortable lifestyle I think it’s important to do your …show more content…
Prioritizing skills is your ability to see what tasks are more important at each moment and give those tasks more of your attention, energy, and time. You focus on what is important at the expense of lower value activities. Higher priority tasks are the ones that help you achieve your long-term goals. By getting these things done first you can see how much time you have left over for the things you want to do.
9. Why is it important to keep accurate and well-organized records?
Keeping accurate records is an important thing to do because it will help you if you ever happen to get your credit cards hacked or if you fall into an unexpected expense. Keeping accurate records will keep you organised and help you find things quicker as well.
10. Why is it important to plan for unexpected situations that may affect income or expenditures?
This is something that I think could save your life. I have set aside money and you fall into an unexpected expense you have yourself covered. If you seriously injure yourself and can no longer work you won’t have any income, but you will have the money you set aside to get yourself back on your feet. This is important because no matter how careful you are, there is always the risk that something could happen and it’s better to be
The difference between want and need is a fine line and sometimes it’s hard to distinguish. Needs are different from wants in that when you want something it’s usually for personal entertainment i.e. and new game or phone. When you need something it’s more along the lines of groceries or textbooks. For example, I might want an Audi R8 but what I really need is an easy way to commute to school or work.
2. What is revenue/income?
The term revenue is a business term meaning the amount of income that a company receives from its normal business activities. Some companies receive revenue from interest, royalties, or other fees. An income is the money you receive on a regular schedule from work …show more content…
What is the difference between a fixed and a variable cost?
Variable costs can change their original price for a product. Fixed costs are constantly the same, no matter how much output a company produces. A variable cost is a company 's cost that is associated with the amount of goods or services it produces. A company 's variable cost increases and decreases with the production volume.
7. Why would you research the cost of a product before you purchase it?
I am defiantly the kind of person to do this for very expensive items like cars and laptops. I don’t think I would do this just to purchase clothing or groceries etc. because I don’t always know where I’m going to be going or what I’m going to want to buy. I like the idea of knowing what I’m getting myself into before I do anything rash. Especially because I would like to have a financially comfortable lifestyle I think it’s important to do your …show more content…
Prioritizing skills is your ability to see what tasks are more important at each moment and give those tasks more of your attention, energy, and time. You focus on what is important at the expense of lower value activities. Higher priority tasks are the ones that help you achieve your long-term goals. By getting these things done first you can see how much time you have left over for the things you want to do.
9. Why is it important to keep accurate and well-organized records?
Keeping accurate records is an important thing to do because it will help you if you ever happen to get your credit cards hacked or if you fall into an unexpected expense. Keeping accurate records will keep you organised and help you find things quicker as well.
10. Why is it important to plan for unexpected situations that may affect income or expenditures?
This is something that I think could save your life. I have set aside money and you fall into an unexpected expense you have yourself covered. If you seriously injure yourself and can no longer work you won’t have any income, but you will have the money you set aside to get yourself back on your feet. This is important because no matter how careful you are, there is always the risk that something could happen and it’s better to be