Question

BYP9-7 Personal budget
The “All About You” section in this chapter emphasizes that in order to control your personal finances, you need to prepare a personal budget. Assume that you have collected the following information about your expected cash flows for a typical month.
Rent payment $ 400 Miscellaneous expenses $ 110
Interest income 50 Savings 50
Income tax withheld 300 Meals out 150
Electricity bill 22 Telephone and internet 90
Meal at home 80 Payments study loans 275
Monthly salary received 2,000 Entertainment 250
Insurance 100 Transportation 150
Instructions:
Prepare a personal budget with the data provided above. When preparing it use the format you will find in

Answer 1

Personal Monthly Budget
Income:	Expected
Salary income	$       2,000.00
Interest income	$           50.00
Total Income	$     2,050.00
Expenses:
Rent Expense	$          400.00
Meal out Expense	$          150.00
Electricity Expense	$           22.00
Telephone & Net Expense	$           90.00
Meal at home Expense	$           80.00
Study loan pay Expense	$          275.00
Entertainment expense	$          250.00
Insurance Expense	$          100.00
Transportation Expense	$          150.00
Income tax Withheld	$          300.00
Miscellaneous Expense	$          110.00
Total Expense	$     1,927.00
Savings	$          50.00
Excess of income over Expense & Saving	$           73.00