Accounting part 2

profileGradeAstudent

 



 Based on previous assignment:

Calculate Your Income
: Determine your net income value by subtracting estimated taxes and fees from your gross income.
1.    Calculate Your Expenses: Estimate how much you will spend in a full year for each of the 11 categories listed in the lesson.
2.    Put It All Together: Using the provided budget worksheet, compile and present calculated income and expenses.
3.    Analyze Your Budget: Determine if you are living within your means. If necessary, find ways to reduce expenses so that they are in line with your income.

02.06 Budget Worksheet
Career _________________________________________
Total Yearly Expenses
 
 
Difference (net income minus expenses)
 
 
Entertainment
Yearly Cost
Video/DVD
 
Vacation
 
Other
 
Subtotals
 
 
Other Credit Debt
Yearly Cost
Student Loan
 
Credit Card
 
Credit Card
 
Other
 
Subtotals
 
 
Utilities
Yearly Cost
Phone and/or Cell Phone
 
Cable and Internet
 
Electric and Gas
 
Water and Sewer
 
Waste Removal
 
Subtotals
 
 
Personal Care
Yearly Cost
Health Insurance
 
Other Medical Costs
 
Hair/Nails
 
Clothing & Laundry
 
Health Club
 
Organization Dues or Fees
 
Other
 
Subtotals
 
 
Gifts and Donations
Yearly Cost
Holidays and Birthdays
 
Charity Donations
 
Other
 
Subtotals
 
Yearly Budget
 
Gross
Net
Income
 
 
 
     
 
Housing
Yearly Cost
Mortgage or rent
 
Maintenance or repairs
 
Supplies
 
Home Insurance
 
Furnishings
 
Subtotals
 
 
Transportation
Yearly Cost
Vehicle Payment
 
Bus/Taxi Fare
 
Automobile Insurance
 
Licensing
 
Fuel
 
Maintenance
 
Other
 
Subtotals
 
 
Food
Yearly Cost
Groceries
 
Dining Out
 
Subtotals
 
 
Pets
Yearly Cost
Food
 
Medical
 
Grooming
 
Toys
 
Other
 
Subtotals
 
 
Savings or Investments
Yearly Cost
Retirement Account
 
Investment Account
 
Emergency Savings
 
Subtotals
 

 
Reflecting on this Activity
1.    Why is budgeting important to your life?
2.    Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings?
3.    How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score.
4.    What adjustments did you have to make to your budget? How did you decide where to make changes?
5.    Will you begin using a budget regularly now? Why or why not?
 
 

 

 

  • 9 years ago
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