Which one of the following statements best describes a budget "blind spot"?
A : To little oney was set aside to cover an expense
B. This is an expense the person overlooked or did not account for when setting up the budget.
c. This is an item that requires periodic payments rather than monthly payments.
D. "Blind Spot" is another name for miscellaneous in the list of budget items?.
I got B.
Yes, B
thank you
that worry
Budgeting should begin with:
A. looking for a suitable place to live.
B. opening a checking account.
C. listing the various budget categories or items.
D. setting some practical goals.
To confirm if your answer, option B, is correct, let's go through the options and see which statement best describes a budget "blind spot."
A: "Too little money was set aside to cover an expense" refers to underbudgeting, where there's not enough money allocated for a specific expense. Although underbudgeting can cause financial difficulties, it doesn't necessarily define a blind spot in a budget.
B: "This is an expense the person overlooked or did not account for when setting up the budget" describes a budget blind spot accurately. A blind spot in a budget refers to an expense that was unintentionally ignored or not considered during the budget creation process.
C: "This is an item that requires periodic payments rather than monthly payments" refers to the payment frequency of an item, not necessarily a budget blind spot.
D: "'Blind Spot' is another name for miscellaneous in the list of budget items?" This option implies that "blind spot" is a term used for miscellaneous expenses in a budget. However, typically, blind spots in a budget refer to expenses that were forgotten or overlooked, rather than a specific category.
Based on the analysis, it is indeed option B that best describes a budget blind spot.