Answer Expert Verified
The monthly groceries and the clothing purchases
qualify as variable expenses. Variable expenses are expenses that can change in relation to your product or service usage such as fuel consumption. The monthly groceries and the clothing purchases expense can change.
Which of these qualifies as variable expenses check all that apply?
Answer Expert Verified
The monthly groceries and the clothing purchases
qualify as variable expenses. Variable expenses are expenses that can change in relation to your product or service usage such as fuel consumption. The monthly groceries and the clothing purchases expense can change.
What is an example of a variable expense?
Common examples of variable costs include
costs of goods sold (COGS)
, raw materials and inputs to production, packaging, wages, and commissions, and certain utilities (for example, electricity or gas that increases with production capacity).
What are fixed and variable expenses?
Fixed expenses: These are
costs that largely remain constant
, such as your monthly rent. Variable expenses: These are costs that vary or are unpredictable, such as dining out or car repairs.
What is a variable expense for many adults?
Typical household variable expenses might include:
The cost of household maintenance such as painting or yard care
.
General expenses
such as clothing, groceries, and car maintenance. Resource expenses such as fuel, electricity, gas, and water. Other expenses such as entertainment or dining out.
Which explains Lauren's error?
Which explains Lauren's error? Lauren made an error in
step 3 because she should have subtracted the expenses from the income
. … A____ form must be filled out when someone is hired for a job to determine how much income tax will be withheld.
Which is an example of an income deduction?
For example, if you earn
$50,000 in a year and make a $1,000 donation to charity during that year
, you are eligible to claim a deduction for that donation, reducing your taxable income to $49,000. The Internal Revenue Service (IRS) often refers to a deduction as an allowable deduction.
Is rent a fixed or variable expense?
The most common examples of
fixed costs
include lease and rent payments, utilities, insurance, certain salaries, and interest payments.
What is an example of a fixed expense?
Common examples of fixed costs include
rental lease or mortgage payments, salaries, insurance, property taxes
, interest expenses, depreciation, and potentially some utilities.
What are some examples of fixed and variable costs?
| Fixed Costs Variable Costs | Examples Depreciation, interest paid on capital, rent, salary, property taxes, insurance premium, etc. Commission on sales, credit card fees, wages of part-time staff, etc. |
|---|
Is electricity a fixed expense?
Utilities– the cost of electricity, gas, phones, trash and sewer services, etc. … However,
utilities are generally considered fixed costs
, since the company must pay a minimum amount regardless of its output.
What's the 50 30 20 budget rule?
Senator Elizabeth Warren popularized the so-called “50/20/30 budget rule” (sometimes labeled “50-30-20”) in her book, All Your Worth: The Ultimate Lifetime Money Plan. The basic rule is
to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings
.
How do you plan variable expenses?
First, track your monthly spending and deduct the total from your income. Ideally, you'll have money left over rather than a zero or negative balance. Separate your variable expenses from your fixed expenses to estimate how much you spend on the former. Then you can decide if that amount aligns with your budget.
Is car payment a variable expense?
Variable expenses are defined as such because the
amount you spend may vary each month
. … Buying gas for your car each month is a variable expense, as are car repairs and maintenance. Grocery shopping is also a variable expense. Your utility bills may also be variable expenses because they may change from month to month.
What is an example of a flexible expense?
Flexible expenses are any non-essential cost that can be changed, reduced, or eliminated to help balance your budget. … Flexible expense examples include
groceries, dining out, entertainment, and even utilities
.
What is the difference between fixed and variable costs give an example of each one?
Fixed cost
changes in per unit
. On the other hand, variable cost remains constant in per unit. Examples of fixed cost are rent, tax, salary, depreciation, fees, duties, insurance, etc. Examples of variable cost are packing expenses, freight, material consumed, wages, etc.
