Which of the following information is needed when creating an effective budget?(1 point)

Question

Responses

gross income, variable income, fixed income, and savings
gross income, variable income, fixed income, and savings

net income, variable income, fixed income, and savings
net income, variable income, fixed income, and savings

net income, variable expenses, fixed expenses, and savings
net income, variable expenses, fixed expenses, and savings

gross income, variable expenses, fixed expenses, and savings

Answer 1

To create an effective budget, the most comprehensive and practical information needed would be:

net income, variable expenses, fixed expenses, and savings

This option takes into account the actual income available after taxes and necessary expenditures, which is crucial for effective budgeting.