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In a personal budget how are flexible expenses and discretionary spending similar?
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Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
What can be removed from a budget if spending is higher than income?
Discretionary spending
What is most easily be removed from a budget if spending is higher than income?
discretionary spending
What can most easily be removed from a budget if spending is higher than income?
Discretionary spendingDiscretionary spendingDiscretionary spending
All of the following are reasons why it is difficult to implement balanced fiscal policy except _____.?
the need for discretionary spending
The main purpose of short-term planning?
To meet fixed expenses and allow for discretionary spending
What is the main purpose of short-term planning?
To meet fixed expenses and allow for discretionary spending.
Is discretionary spending the same as spending on goods and services?
No, 'discretionary' spending is that which you choose to make rather than have to make.
What portion of discretionary spending is typically spent on?
The portion of discretionary spending typically spent on defense varies. If a country is at war, the discretionary spending percentage will be higher for defense.
Example of discretionary spending?
There are a great many examples in the world of discretionary spending. Discretionary spending can be as simple as choosing whether you want to spend your money on ice cream.
Can you use flexible spending account and claim medical expenses?
Yes but you can NOT deduct the medical expenses that are paid for from your FSA account.
What can I spend with my flexible spending account?
You can only pay for medical expenses with your flexible spending account. You can pay for x-rays, prescriptions, doctors visits, hospital visits, and eye visits. Your company should have a list of all eligible expenses.
What is the difference between discretionary and non discretionary spending?
Discretionary fiscal policies are those that are enacted in response to a need, for example, a tax cut. Non-discretionary fiscal policies are those that happen regardless of conditions or need, for example, the welfare system.
Put the steps in the correct order to show how to put together a personal budget Add up all of your sources of income Figure out how much money you're spending Categorize your expenses to?
*total your income *figure out how much money you are spending. *categorize your expenses to show where your money goes. *determine if your expenses are above or below your income. *reduce expenses in flexible categories to save or increase savings
How is mandatory and discretionary spending similar?
Mandatory spending - Spending that the Government must spend. Discretionary spending - Spending category through which governments can spend through an appropriations act.
Which of the following best explains the main purpose of short term planning?
To meet fixed expenses and allow for discretionary spending.
How does discretionary spending differ form mandatory spending?
mandatory spending refers to money that lawmakers are required by existing laws to spend on certain programs and discretionary spending is spending about which government planners can make choices
