Class 9 Exam > Class 9 Notes > Introduction to Financial Markets for Class 9 > Additional Questions: What is Expenses?
Additional Questions: What is Expenses? | Introduction to Financial Markets for Class 9 PDF Download
Q.1. What is expense?
The money spent to satisfy needs and wants may be termed as money going out or otherwise called expenses.
Q.2. State different types of expenses with example.
- Variable expenses: It can be changed due to some reasons like usage, consumption etc. which means a person can have some control over it. Example, fooding expenses etc.
- Fixed Expenses: Fixed expenses are fixed in nature and over which a person cannot have control and it is not depending on usage or consumption. Example, house rent.
Q.3. What is Cash Budget?
A Budget is a statement indicating income on the one hand and how the income is allocated to various fixed and variable expenses. It shows the money coming in and the 'money going out' in detail.
Q.4. Define the concept “P.Y.F.”
“P.Y.F” stands for pay yourself first. The moment we earn, we can set aside a fixed sum of money in the form of savings regularly or every month depending on the time of earning so that we can achieve our financial goals. It is nothing but savings regularly before making plan for any spending.
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FAQs on Additional Questions: What is Expenses? - Introduction to Financial Markets for Class 9
| 1. What are expenses in accounting? |  |
Ans. Expenses in accounting refer to the costs incurred to generate revenue, such as salaries, rent, utilities, and supplies. These costs are subtracted from revenue to calculate a company's net income.
| 2. How are expenses classified in accounting? | |
Ans. Expenses in accounting are classified into different categories such as operating expenses, non-operating expenses, cost of goods sold, and interest expenses. Each category represents a specific type of cost incurred by a business.
| 3. Can expenses be deducted from taxes? | |
Ans. Yes, expenses can be deducted from taxes as long as they are considered necessary and ordinary for conducting business. This includes expenses like advertising, travel, and office supplies.
| 4. What is the difference between expenses and liabilities? | |
Ans. Expenses are costs incurred in the process of generating revenue, while liabilities are obligations that a company owes to external parties. Expenses are recorded on the income statement, while liabilities are recorded on the balance sheet.
| 5. How do businesses control expenses? | |
Ans. Businesses can control expenses by creating a budget, monitoring expenses regularly, negotiating better deals with suppliers, reducing unnecessary expenses, and increasing efficiency in operations. Proper expense management is crucial for maintaining profitability.
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Nov 08, 2024 Last updated |
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