A family creates a monthly budget based on their combined wages and expenses for one month Use the family's budget to determine if the family will experience a monetary surplus or shortage for the month
Budgeted Income $ Actual Income $ Difference
Wages
$10.220.00 Wages
$10.220.00 $0.00
Total Budgeted Wages $10,220.00 Total Actual Income $10.220.00 $0.00
Budgeted Expenses $ Actual Expenses $ Difference
Food
$1,100.00 Food
$1,500.00 $400 00
Credit Card
$0.00 Credit Card
$567.00 $56700
Private School Tution $1,000.00 Private School Tution $1,000.00 $0.00
Gas
$350.00 Gas
$39100 $4100
Clothing
$250.00 Clothing
$175.00 $75.00
Medical Insurance
$877.00 Medical Insurance $877.00 $0.00
Entertainment
$350.00 Entertainment
$772.00 $422.00
Mortgage Payment $3,050.00 Mortgage Payment $3,050.00 $0.00
Uulity Bills
$350.00 Utility Bills
$288.00 $62.00
Car Payment
$954.00 Car Payment
$954.00 $0.00
Car Insurance
$32100 Car Insurance
$32100 $0.00
$
Total Budgeted Expenses $8,602.00 Total Actual Expenses $9.895.00
Surplus/Shortage $1,618.00 Surplus/Shortage $325.00
Calculate the difference between the Total Budgeted Expenses and Total Actual Expenses.
Calculate the total Surplus/Shortage amount for the month
The family sets a goal to deposit a minimum of $1.500.00 into a savings account each month. In two or more
complete sentences, describe whether or not your calculations in parts A and B support the family's goal? Include
specific monetary values listed in the family's budget and recommend changes in the family's variable costs that
would allow the family to save more money this month.