Choose the best answer to the following question. Explain your reasoning with one or more complete sentences. For the average person, what is the single biggest category of expense? Click the icon to view the expenses chart. Choose the correct answer below. A. The single biggest category is entertainment. The average person spends \( 8 \% \) of his or her income on entertainment. B. The single biggest category is housing. The average person uses \( 23 \% \) of his or her income on housing. C. The single biggest category is food. The average person uses \( 46 \%-66 \% \) of his or her income on food. D. The single biggest category is entertainment. The average person has not yet considered finding lower-cost entertainment options. E. The single biggest category is food. The average person uses \( 23 \%-43 \% \) of his or her income on food. F. The single biggest category is housing. The average person uses \( 33 \% \) of his or her income on housing.
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The correct answer is B. The single biggest category is housing. The average person uses \( 23 \% \) of his or her income on housing. This makes sense because housing costs, including rent or mortgage payments, property taxes, and maintenance, typically consume a significant portion of a person's budget, often surpassing other expenses like food or entertainment. Housing is often the largest fixed expense for individuals and families, making it crucial to budget appropriately. Factors such as location, type of housing, and individual circumstances can influence this number, but it's generally recognized that housing remains a top priority in most people's financial planning.
