Title: (Optional) Manage a budget.
Course: Principles of Business and Marketing (12051-18) > Section: Making Sound Business Decisions

Managing a budget should include

- defining fixed expenses and variable expenses
- developing a budget, given a scenario of income and expenses
- comparing that budget to a list of actual income and expenses
- identifying items that were over-budgeted or under-budgeted
- modifying the budget to reflect the results of the analysis
- emphasizing the importance of savings (i.e., paying oneself first).

Process/Skill Questions:

- Why is it important to establish a budget and then live within that budget?
- What is the difference between fixed and variable expenses?
- When developing a budget, how can variable expenses be estimated?
- Why is it important to save money each month?
- What unexpected events might occur that require one to use savings?
- Why is savings important even when a person is living on limited income?