Question

Define the term "spending plan" and explain the factors on which the allocation of
money on different items is decided.

Answer 1

Answer:

Spending plan is the strategy laying process for the spending of money over a period of time.

It might be an indivitual plan or that of a group like lets say a family.

Explanation:

The factors that drive the allocation of money are:

• The neccessity of a need makes it come forst or last in the preference of  fund allocation. The most pressing and basic needs come first followed by the rest.
• The needs of a family or an individual and also the size of the family.