Answer:
See below
Explanation:
1. Budget: A plan that balances available resources and expenses.
A budget shows how an institution or individual plans to use its resources to make profits. It details planned activities, their expenses, and expected returns. A budget shows the profits or losses a business is expecting at the end of a financial period.
2. Opportunity cost: The cost of using one resource over another
Opportunity cost is the forgone benefit that results from preferring one option. It is expressed as a value that is equivalent to the cost of the next best alternative.
3. Risk : The chance or possibility of loss
Risk is the probability of incurred losses or injury should things not work out as expected. Financial risk involves the possibility of suffering losses if the market does not move in the direction that the investor was expecting.
4. Personal Finance: An individual's assets and management of them.
Personal finance involves creating personal financial goals and making plans on how to achieve them. The individual making plans has to consider his current and future income versus the expected expenses. Personal finance helps an individual to be financially prepared for the future.
5. Income: Money Earned
Income is money received as compensation for engaging in economic activity. It is a reward from a revenue-generating activity such as employment or business. Income is money inwards; it is contrasted by expenditure, which is money outwards.
