Sophie and Daniel have a net income of $70 000 a year. This table shows their...
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Sophie and Daniel have a net income of $70 000 a year. This table shows their expenses. Expense Amount Student loan payments Rent Electricity Gas Water & Sewage Food Family cell phone plan Clothing Car lease (including maintenance) Car Maintenance Gasoline Car Insurance Miscellaneous $225/every 2 weeks $1215/month $100/month $125 every 2 months $180 every 3 months $150/week $69/month $80/every 2 weeks $275/month $30/month $65 every 2 weeks on average $175/month $50/every 2 weeks a) Use the data provided to design a MONTHLY budget for Sophie and Daniel. Show your calculations and indicate whether each expense or income is FIXED or VARIABLE. Income Net income Expenses Student loan payments Rent Electricity Gas Water & Sewage Food Family cell phone plan Clothing Car lease (including maintenance) Car Maintenance Gasoline Car Insurance Miscellaneous Total Expenses Total Income Total Expenses Fixed ($) Monthly Amount ($) Fixed ($) Total Income Variable ($) Total (S) b) What percent of Anika's costs are fixed? Why is this important? [3 marks] [9 Marks] c) Identify three (3) additional expenses that you think Anika has forgotten to include? Explain why it is important. Estimate the monthly amount for any missing expenses. [3 marks] d) Can Sophie and Daniel save $10 000 in one year (not including the 3 additional expenses)? Explain. [2 Marks] Sophie and Daniel have a net income of $70 000 a year. This table shows their expenses. Expense Amount Student loan payments Rent Electricity Gas Water & Sewage Food Family cell phone plan Clothing Car lease (including maintenance) Car Maintenance Gasoline Car Insurance Miscellaneous $225/every 2 weeks $1215/month $100/month $125 every 2 months $180 every 3 months $150/week $69/month $80/every 2 weeks $275/month $30/month $65 every 2 weeks on average $175/month $50/every 2 weeks a) Use the data provided to design a MONTHLY budget for Sophie and Daniel. Show your calculations and indicate whether each expense or income is FIXED or VARIABLE. Income Net income Expenses Student loan payments Rent Electricity Gas Water & Sewage Food Family cell phone plan Clothing Car lease (including maintenance) Car Maintenance Gasoline Car Insurance Miscellaneous Total Expenses Total Income Total Expenses Fixed ($) Monthly Amount ($) Fixed ($) Total Income Variable ($) Total (S) b) What percent of Anika's costs are fixed? Why is this important? [3 marks] [9 Marks] c) Identify three (3) additional expenses that you think Anika has forgotten to include? Explain why it is important. Estimate the monthly amount for any missing expenses. [3 marks] d) Can Sophie and Daniel save $10 000 in one year (not including the 3 additional expenses)? Explain. [2 Marks]
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a Monthly Budget Continued Total Variable ExpensesTotal ExpensesTotal Fixed Expenses Total Variable ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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