Accounting part 2 | Accounting homework help
Calculate Your Income
: Determine your net income value by subtracting estimated taxes and fees from your gross income.1. Calculate Your Expenses: Estimate how much you will spend in a full year for each of the 11 categories listed in the lesson.
3. Analyze Your Budget: Determine if you are living within your means. If necessary, find ways to reduce expenses so that they are in line with your income.
02.06 Budget Worksheet
Career _________________________________________
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Difference (net income minus expenses) |
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Entertainment |
Yearly Cost |
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Video/DVD |
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Vacation |
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Other |
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Subtotals |
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Other Credit Debt |
Yearly Cost |
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Student Loan |
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Credit Card |
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Credit Card |
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Other |
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Subtotals |
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Utilities |
Yearly Cost |
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Phone and/or Cell Phone |
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Cable and Internet |
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Electric and Gas |
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Water and Sewer |
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Waste Removal |
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Subtotals |
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Personal Care |
Yearly Cost |
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Health Insurance |
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Other Medical Costs |
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Hair/Nails |
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Clothing & Laundry |
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Health Club |
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Organization Dues or Fees |
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Other |
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Subtotals |
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Gifts and Donations |
Yearly Cost |
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Holidays and Birthdays |
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Charity Donations |
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Other |
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Subtotals |
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Yearly Budget |
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Gross |
Net |
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Income |
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Housing |
Yearly Cost |
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Mortgage or rent |
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Maintenance or repairs |
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Supplies |
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Home Insurance |
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Furnishings |
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Subtotals |
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Transportation |
Yearly Cost |
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Vehicle Payment |
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Bus/Taxi Fare |
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Automobile Insurance |
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Licensing |
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Fuel |
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Maintenance |
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Other |
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Subtotals |
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Food |
Yearly Cost |
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Groceries |
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Dining Out |
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Subtotals |
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Pets |
Yearly Cost |
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Food |
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Medical |
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Grooming |
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Toys |
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Other |
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Subtotals |
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Savings or Investments |
Yearly Cost |
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Retirement Account |
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Investment Account |
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Emergency Savings |
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Subtotals |
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Reflecting on this Activity
1. Why is budgeting important to your life?
2. Describe your experience with this process. Was it easy, difficult, or somewhere in the middle? What factors contributed to your feelings?
3. How might the use of credit for a large purchase affect your budget? Discuss which type of credit plan you would use, and how your budget can help you protect your credit score.
4. What adjustments did you have to make to your budget? How did you decide where to make changes?
5. Will you begin using a budget regularly now? Why or why not?
