Check my work Checking account Emergency fund savings account Car Computer & iPad Liabilities: Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy day savings $1,300 Rent obligation $3,200 Utilities/electricity $4,100 Utilities/water $550 Utilities/cable TV Food $5,500 Gas/maintenance $450 Credit card payment Car insurance $2,175 Clothing $1,655 Entertainment: Cake decorating class $155 Movies with friends $30 t savings account ance Monthly Expenses: $1,300 Rent obligation $3,200 Utilities/electricity Utilities/water $4,100 $550 Utilities/cable TV Food $5,500 Gas/maintenance $450 Credit card payment Car insurance alary ary $2,175 Clothing $1,655 Entertainment: ion: Cake decorating class $155 Movies with friends Check my work $280 $85 $50 $65 $130 $105 $55 $55 $55 $35 $55
Check my work Checking account Emergency fund savings account Car Computer & iPad Liabilities: Student loan Credit card balance Income: Gross monthly salary Net monthly salary Savings allocation: Regular savings Rainy day savings $1,300 Rent obligation $3,200 Utilities/electricity $4,100 Utilities/water $550 Utilities/cable TV Food $5,500 Gas/maintenance $450 Credit card payment Car insurance $2,175 Clothing $1,655 Entertainment: Cake decorating class $155 Movies with friends $30 t savings account ance Monthly Expenses: $1,300 Rent obligation $3,200 Utilities/electricity Utilities/water $4,100 $550 Utilities/cable TV Food $5,500 Gas/maintenance $450 Credit card payment Car insurance alary ary $2,175 Clothing $1,655 Entertainment: ion: Cake decorating class $155 Movies with friends Check my work $280 $85 $50 $65 $130 $105 $55 $55 $55 $35 $55
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Jamie Lee Jackson, age 24, now a busy full-time college student and part-time bakery clerk, has been trying to organize all of her priorities, including her budget. She has been wondering if she is allocating enough of her income towards savings, which includes accumulating enough money towards the $9,500 down payment she needs to begin her dream of opening a cupcake café.
Jamie Lee has been making regular deposits to both her regular, as well as her emergency savings account. She would really like to sit down and get a clearer picture of how much she is spending on various expenses, including rent, utilities, entertainment and how her debt compares to her savings and assets. Jamie Lee’s telephone is currently paid for by her father as she is on the family phone plan. She realizes that she must stay on track and keep a detailed budget if she is to realize her dream of being self-employed after college graduation.
Use the information below to record Jamie Lee's inflows and outflows of cash for a one-month period. Each answer must have a value for the assignment to be complete. Enter "0" for any unused categories.
Current Financial Situation
For Month Ending December 31
Cash Inflows
Salary (take-home)
Other income
Other income
Total $0
Cash Outflows
Fixed expenses
Mortgage or rent
Loan/credit card payment
Insurance
Other
Total fixed outflows $0
Variable expenses
Food
Clothing
Electricity
Telephone
Water
Transportation
Personal care
Medical expenses
Recreation/entertainment
Gifts
Donations
Cable
Other
Total variable outflows $0
Total outflows $0
Surplus (deficit) $0
Allocation of surplus
Emergency fund savings
Financial goal savings
Other savings
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