11. You have a net income of $40000/year. Your expenses include the following: . . . . Rent: $800/month Insurance: $225/semi-annually Car Payment: $315/month Car Expenses: $1000/year RRSP: $50/month Entertainment: $50/week Cell Phone: $75/month Food: $500/month a) Create a budget. b) Modify the budget to include a savings plan of $100/week. c) You paid off your car and have decided to buy a house. Your mortgage payment is now $1050/month. Modify the budget to reflect this new financial plan.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
1) The question screenshot has been attached down below answer question 11 a,b,c.
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