Monthly budget assignment

MAEM30S Managing Money Budget Assignment Excel Budget Assignment Total Marks: _______ /11 Create an excel budget sheet based on the following info. Use your Excel 101 activity as a guide. THE BOB STORY… Bob has trouble managing money. Bob Meets Smart Sally. They fall in love and get married. Let’s plan a budget for them as their wedding gift. Income: Bob earns a monthly net income of $160.00 for finding earthworms. Smart Sally earns a monthly net income of $6245.00 as a nuclear physicist. Expenses: Mortgage Transportation Clothing Personal Care Student Loans Leisure Property Taxes Miscellaneous Gifts and Donations Car Insurance $1580.00 $288.00 $146.00 $62.00 $544.00 $160.00 $271.67 $188.00 $95.00 $357.00 Groceries Car Payment Health Care Household Utilities Vacations House Insurance Telecommunications Gym Membership Savings $584.00 $262.00 $63.00 $169.00 $269.00 $290.00 $426.00 $163.50 $94.50 10% Income CREATE A BUDGET SPREADSHEET Step 1: The Basics a) Type your NAME and DATE into the header. b) Create a TITLE for the assignment. For this assignment you are allowed to use any font/size you desire (but make sure it will fit). Step 2: Income a) Create a subheading titled Income. b) List all monthly net incomes. c) Calculate the total monthly net income (use formula). MAEM30S Managing Money Budget Assignment Step 3: Expenses a) b) c) d) Create a subheading titled Expenses. List all monthly expenses. Calculate the savings expense as 10% of total income (use a formula). Calculate the total expenses (use a formula). Step 4: Final Budget a) Create a subheading titled Final Budget. b) Calculate the final budget (use a formula). * Before you begin your questions, call Mr Pearson over to check your numbers. When he approves, you will PRINT one copy. DO NOT CLOSE YOUR MICROSOFT DOCUMENT! QUESTIONS: Write your answers on the back of your printed paper. * when you make the following changes to your budget, you must do so CAREFULLY. If you make a mistake on one item, it will carry through the rest of the assignment. 1. Using your current spreadsheet: /4 a. b. c. d. What is the total income? What are the total expenses? How much is placed into savings each month? Do Bob and Sally have a surplus or a deficit? By how much? 2. Sally’s salary increases by $100 per month. They also have paid off all student loans. Make these changes to your spreadsheet. /2 a. How much do their expenses now total? b. Do Bob and Sally have a surplus or a deficit? By how much? 3. Bob and Sally’s mortgage payment increases to $1632.00. Their roof starts to leak and they need to replace it. They budget $500 per month (replace the old student loan charge with roof expense).