<u>Answer:</u>
<em>The above statement is absolutely true. </em>
<u>Explanation:</u>
<em>Personal financial statements can be helpful in keeping the record of the expenses in different resources.</em> They also help to account for the family income and expenditures and regulate and maintain them.
Making personal financial statements can additionally help with the planning of the budget and show the indication of one’s financial conditions. <em>Keeping the record of groceries, gas, utility bills, rents, taxes, recreation expenses, etc. </em>
And determining the inflow and outflow of cash through the financial statement helps to find the net cash flow. <em>This shows if you are spending </em><em>more than you earn and can help in regulating the cash inflow and outflow and also control the budget. </em>
All decisions involve trade-offs. Trade offs are the alternatives one gives up whenever one chooses one course of action leaving out out all other alternative courses of action.
Trade-offs are practically found in all economic decisions. For instance, when one chooses to take a special cup of cappuccino for $330, this excludes spending this amount of cash on tea or fruit juice. When you choose to buy an expensive piece of art, you will have to spend more money towards maintenance and security of the painting. If you decide to work in a far-off city due to better pay there, you spend less time with family and friends in your hometown.
Answer:
OFFENSE-DEFENSE THEORY AND ITS CRITICS SEAN M. LYNN-JONES important, offense-defense theory contends that international conflict and war are more likely when offense has the advantage, while peace and cooperation are more probable when defense has the advantage."
