Question

classify each budget component as an income or an expense. electric bill rent monthly salary savings interest income expense

Explanation:

Step1: Define Income and Expense

Income is money received (e.g., salary, interest from savings). Expense is money spent (e.g., bills, rent).

Step2: Classify each component

• Electric bill: Money spent on electricity → Expense.
• Rent: Money spent on housing → Expense.
• Monthly salary: Money received for work → Income.
• Savings interest: Money received from savings → Income.

Answer:

Income: monthly salary, savings interest
Expense: electric bill, rent