Question

1. according to the lesson, what is an important first step in building a budget? immediately cutting all variable expenses. investing heavily in the stock market. borrowing money to cover immediate needs. writing down all sources of income and all spending.

Explanation:

To build a budget, one must first know how much money is coming in (income) and going out (spending). Cutting expenses immediately is not the first - step as it requires understanding current spending first. Investing heavily in stocks is a financial activity not related to the initial budget - building step. Borrowing money is also not a first step in building a budget.

Answer:

Writing down all sources of income and all spending.