(a)Using imaginary data at your personal/family level complete the following income and expense statement and calculate net income (cash surplus or deficit).

(b)Discuss the implications of surplus/deficit for you or your family in terms of living standard.

INCOME AND EXPENSE STATEMENT Name(s) For the Financial Year 2019-2020 Ending 30th June 2020 Income Name: Wages and salaries Name: Name: Self-employment income Bonuses and commissions Interest received Dividends received Investment income Rents received Sale of securities Other Pensions and annuities Other income (1) Total Income S Expenses Rent/mortgage payment Housing (include insurance and taxes, if applicable) S Repairs, maintenance, improvements Gas, electric, water Utilities Phone Cable TV and other Groceries Food Dining out Auto loan payments Transportation License plates, fees, etc. Gas, oil, repairs, tires, maintenance Page 3 of 6 Health, major medical, disability insurance Medical (payroll deductions or not provided by employer) Doctor, dentist, hospital, medicines Clothing Clothes, shoes, and accessories Homeowner's (if not covered by mortgage payment) Insurance Life (not provided by employer) Auto Taxes ncome and social security Property (if not included in mortgage) Appliances, furniture, and Loan payments other major purchases Purchases and repairs Personal care Laundry, cosmetics, hair care Vacations Recreation and entertainment Other recreation and entertainment Other items (ll) Total Expenses - CASH SURPLUS (OR DEFICIT) [(1)-(11)] S