Matching the expenses to their respective categories are-
- Needs: Staple foods, and Education
- Wants: Lambo, Vacation, and wedding
What is expenses?
Expenses are referred to as financial spending on buying any goods and services for the purpose of utilization. These are considered a liability of any individual appear as a burden on them.
Needs are referred to as basic requirements of an individual which help in the survival of life. This will be considered as essential which includes, food, shelter, education, health facilities, and medical services. and so on.
Wants refer as the desires or wishes of individuals used to improve the quality of life. These are extraordinary expenses that can be avoided. These include vacation, luxuries, the amount spent on comfort, and so on.
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