Question

which statements best summarize the principles you should use when budgeting? check all that apply. your discretionary spending should be a higher priority than mandatory spending. you need to be mindful of whether an expense is truly a need, or just a want. spending on wants will enable needs to take care of themselves. the more you save, the more easily you can reach long–term goals. to create a budget, you need to start by determining your short–term and long–term goals.

Explanation:

• "Your discretionary spending should be a higher priority than mandatory spending" is incorrect. Mandatory spending (needs) should be prioritized over discretionary (wants).
• "You need to be mindful of whether an expense is truly a need, or just a want" is correct. Distinguishing needs and wants is key in budgeting.
• "Spending on wants will enable needs to take care of themselves" is incorrect. Needs must be addressed before wants.
• "The more you save, the more easily you can reach long - term goals" is correct. Saving is crucial for long - term financial objectives.
• "To create a budget, you need to start by determining your short - term and long - term goals" is correct. Goals guide the budgeting process.

Answer:

• B. You need to be mindful of whether an expense is truly a need, or just a want.
• D. The more you save, the more easily you can reach long - term goals.
• E. To create a budget, you need to start by determining your short - term and long - term goals.