Prepare a report that includes your Part $1$ personal budget, tracking of actual

income$/$expenses$,$ and needs versus wants analysis. This report should include

your Part A reflection along with considering the following questions:

$1.$ If my income is not sufficient to cover my spending, what can I do to rectify?

$2.$ Many personal$-$budget worksheets templates treat student loans as an income

source. Based on your knowledge of accounting, is this correct? Discuss your

position and thoughts.

o $$Yes$$ student loans provide a source of cash, which can be used to pay

costs. $$It all spends the same.$$ Therefore, student loans are income.

o $$No$$ student loans must eventually be repaid, therefore, they are not

income. As the name indicates, they are loans.