QuestionAugust 18, 2025

Your expenses exceed your income You should cut back your fixed costs variable costs opportunity costs budget

Your expenses exceed your income You should cut back your fixed costs variable costs opportunity costs budget
Your expenses exceed your income You should cut back your fixed costs variable costs opportunity costs budget

Solution
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Answer

You should cut back your variable costs. Explanation 1. Identify the type of costs Fixed costs are regular, recurring expenses like rent or mortgage. Variable costs fluctuate with usage, such as utilities or groceries. 2. Determine which costs to cut Cutting fixed costs can have a significant impact but may be difficult. Reducing variable costs is often more flexible and easier to adjust.

Explanation

1. Identify the type of costs<br /> Fixed costs are regular, recurring expenses like rent or mortgage. Variable costs fluctuate with usage, such as utilities or groceries.<br /><br />2. Determine which costs to cut<br /> Cutting fixed costs can have a significant impact but may be difficult. Reducing variable costs is often more flexible and easier to adjust.
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