Preparing an income and expense statement helps in answering the question, "Where does all my money go?" This statement takes and subtracts to determine an individual's or a family's cash surplus or deficit situation. Once expenses have been identified, they can be categorized as either fixed expenses or variable expenses. . For example, your mortgage would be considered a Conversely, grocery bills would be considered expense, because , because the actual amount is Categorize the expenses listed in the following table. Preparing an income and expense statement helps in answering the question, "Where does all my money go?" This statement takes and subtracts to determine an individual's or a family's cash surplus or deficit situation. Once expenses have been identified, they can be categorized as either fixed expenses or variable expenses. . For example, your mortgage would be considered a Conversely, grocery bills would be considered expense, because , because the actual amount is Categorize the expenses listed in the following table