Question

Complete these sentences to describe categories of budget expenditure items.

Answer 1

Answer:

Known before

Estimated after

Variable

Explanation:

Answer 2

A fixed expense is one for which the amount is same, and it should be considered planning other expenses.

A variable expense is one for which the amount is changing and it should be considered saving fixed  expenses.

Discretionary spending is the most irregular budget item and the easiest to change.

Explanation:

Fixed expense - Amount is fixed

Variable expense - Amount is changing as per needs

Discretionary expense - Non-essential budget amount as per wants

Budget - A plan to save and spend expenses or cash-flow and managing them by writing them down regularly