Which among the expenses you have listed covers the majority of the budget? Which among the expenses are Fixed? Which among are Variable? What particular item in your expenses should have a reduced budget and which should have a bigger budget? From the Financial Report you have made, discuss your family’s financial situation. Is there a need for your family to create or strengthen its financial planning? Why or why not? What do you think heavily contributes to the decision-making on which item is prioritized, which is given more budget? What is your role as a member of the family to make sure that the family budget would fit the expenses for a week or month? From our discussion reflect and discuss this statement: Cite at least 2 sources “Poor Filipino families cannot afford to be Financially Literate”
Which among the expenses you have listed covers the majority of the budget? Which among the expenses are Fixed? Which among are Variable? What particular item in your expenses should have a reduced budget and which should have a bigger budget? From the Financial Report you have made, discuss your family’s financial situation. Is there a need for your family to create or strengthen its financial planning? Why or why not? What do you think heavily contributes to the decision-making on which item is prioritized, which is given more budget? What is your role as a member of the family to make sure that the family budget would fit the expenses for a week or month? From our discussion reflect and discuss this statement: Cite at least 2 sources “Poor Filipino families cannot afford to be Financially Literate”
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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.
Question
- Which among the expenses you have listed covers the majority of the budget?
- Which among the expenses are Fixed? Which among are Variable?
- What particular item in your expenses should have a reduced budget and which should have a bigger budget?
- From the Financial Report you have made, discuss your family’s financial situation.
- Is there a need for your family to create or strengthen its financial planning? Why or why not?
- What do you think heavily contributes to the decision-making on which item is prioritized, which is given more budget?
- What is your role as a member of the family to make sure that the family budget would fit the expenses for a week or month?
- From our discussion reflect and discuss this statement: Cite at least 2 sources “Poor Filipino families cannot afford to be Financially Literate”
Transcribed Image Text:Add header
1
Family Financial Statement
Marzan, Leonel Jef To:
From:
Cabote, Glen Darre
4
Family Name:
GALLARDO
5
Starting Balan
8,000.00
Veekly Expens
Food
10
Market Goodo
328.00
11
Groceries
927.70
12
13
Others (Rice)
1,200.00
Sub-Total
2,455.70
14
Services
15
Water
16
650.00
Electricity
Wifi
17
18
1,200.00
Load and Mobile [
Sub-Total
1,850.00
19
Health Expenses
20
Maintenance Drug:
Supplements
Others (Hygiene Ki
21
22
23
24
60.00
Sub-Total
60.00
25
Property Expense:
26
Rent
Others (Motorcycl
27
28
2,300.00
Sub-Total
2,300.00
29
Transportation
Gasoline/Diesel
100.00
30
31
Public Transport
Sub-Total
100.00
Other Expenses
32
Clothing
Self-care Products P
Food Take-outs
Subscriptions
Siblings Allowance
40.00
33
60.00
34
505.00
35
36
37
300.00
Sub-Total P
905.00
38
39
40
41
TOTAL AMOUNT OF EXPENSES
7,670.70
42
SAVINGS
329.30
43
44
Add footer
Liquidation Report
Financial Statement
24
22
14
12
8
4.
Transcribed Image Text:Liquidatinn Repart
Marzan, LoonelJ To:
From:
abate, Glen Darr.
Family Name:
GALLARDO
Source of Fund:
Total Budgot:
(Mother's Mantly Wago)
*,000.00
11
Itomizod Listaf Exponsor
Date
OR H ber
Darcriptinn
Cart
11
70-076405
70-076406
48-068630
No Recoipt
No Recoipt
Rociopt
28065
36788
Grocorior (Canned goodr, Bath Errentialr &S
Stack Snackr (Junk fondr and Bireuiu)
Hygione Kit (Toatbrurh)
Market Goodr (12 per of Redo49&1tray of WI
777.85
149.85
60.00
328.00
20.00
1300.00
12
*****
15
*****
14
15
*****
Streot Food (2perof Buchi and2perof Lump
Rice (1rack or1cavan)
Whooltok Motorcyclo
Nou City Cable Wifi
ISELCOElestricity
16
*****
*****
17
11
2300.00
15
*****
1200.00
650.00
100.00
100.00
75.00
21
*****
170095
No Rocoipt
No Receipt
Garaline (Family Tricycle Service)
Lunch and Dinner Meal (Food Tako Outr)
Breakfart (Coffeo and Bread- not aluayr)
|Lunch and Dinneor Moal (Tinapa& Lutong Ula
Streot Food(per cheerertiskr)
Sibling Allauance
Lunch and Dinner Meal (FoodTake out)
Lunch and Dinner Meal (Food Take out)
21
*****
22
*****
*****
*****
****
*****
No Recoipt
Na Receipt
No Recoipt
Na Receipt
23
24
100.00
25
10.00
26
300.00
No Receipt
Na Receipt
100.00
100.00
27
*****
21
*****
21
12
15
11
12
24
45
17
51
52
TOTAL P
7,670.70
53
54
Liquidation Report
Financial Statement
8
91
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education