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Which of these is the best reason for Nina to maintain up-to-date and accurate records of her bank accounts?

to decide which bills to pay first

to determine how much she needs to earn

to stop herself from making financial mistakes

to know how much money she has for budgeting

Verified Answer :

ardni313

The best reason for Nina to maintain up-to-date accurate records of her bank accounts to know how much money she has for budgeting

Further explanation

Financial arrangements in the family are needed so that no expenditure is greater than the income earned

Many needs must be adapted to existing finance

The first most important thing is we have to know the amount of income both from the source of salary, additional income, investment returns

Then compile expenses, especially those prioritized to be paid in advance/routine expenses, after that set aside for savings or reserve funds, investment

Financial records in the form of sources of income recorded/made by us or from outside parties such as banks make it easy for us to regulate income or expenditure

If we look at the answer choices there are:

  • 1. Payment of bills is based on the maturity date, not based on our financial condition, or priority scale so that it indirectly includes items that must be routinely issued
  • 2. This also includes routine needs issued because the value is fixed
  • 3. Financial errors the biggest relationship is because of individual behavior, between prioritizing wants rather than needs. Even though we know our financial condition, but if we do not distinguish 2 things above, then the important posts that should take precedence will be ignored
  • 4. Budgeting is financial planning by looking at funds in and out in a certain time/period.

The advantage is that we can know our finances are in a state of surplus, equal or even minus

So with up to date and managing financial records from banks, we can do budgeting for family finances

The most appropriate answer:  to know how much money she has for budgeting

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Keywords: budgeting, financial planning, bank accounts

View image ardni313

Option D is correct.

Nina should maintain up-to-date and accurate records of her bank account to know how much money she has for budgeting.


Further Explanation:


Budgeting:  Budget is the estimation of the future financial inflows and outflows of an entity. It is an estimation of the revenue and expenditure of an entity for a certain period of time, which is generally one year. Resources are the source of income or revenue. Budget can be made for a person, group, business, and government. It provides the estimation of future activities that are required to be carried out.  


Reasons behind maintaining the up-to-date record:

Nina should maintain an up-to-date record of her bank account so that she would have accurate data for making a budget for the future period. The data of the bank account would include the cash inflow and cash outflow transactions. These transactions are required for making a budget.

Thus, the up-to-date record of bank account would be useful for making the budget.


Justification for the correct and incorrect options:


A.

To decide which bill to pay first: This is an incorrect option.

The required bill payment is based on the due dates so bank account records are not useful.


B.

To determine how much she needs to earn: This is an incorrect option.

The requirement of earning can be calculated by reviewing future expenses rather than maintaining up-to-date records of the bank accounts.


C.

To stop herself from making financial mistakes: This is an incorrect option.

Keeping the accurate record of bank account would only prevent the bank account mistakes. Nina has to make other provisions for cash transactions.


D.

To know how much money she has for budgeting: This is the correct option.

The up-to-date records of the bank account would consist of revenue and expenses. So, Nina can use this information for the purpose of budgeting.


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Answer details:

Grade: Senior School

Subject: Business Studies

Chapter: Budgeting


Keywords: Nina, up-to-date, accurate records, her bank account, decide, bill, pay first, determine, how much, she needs, to earn, to stop herself, making financial mistakes, money, budgeting.

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