Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

budgeting Ducas and Sara are preparing for their upcoming wedding in May. Because they have both taken Math and they have limited income, they understand

image text in transcribed
image text in transcribed
budgeting
Ducas and Sara are preparing for their upcoming wedding in May. Because they have both taken Math and they have limited income, they understand the importance of budgeting. They decided to track their spending for four months and analyze the data together. That information will help them to create a new monthly budget for their new family. Below you will find two tables containing the information that Lucas and Sara collected. Lucas currently has 3 roommates and splits the cost of rent, utilities and cable/internet. Sara is currently living with 2 roommates and splits the cost of gas, electric, internet and cleaning supplies. Your goal is to analyze the data below to help Lucas and Sara create a monthly budget for their future spending. Choose which budget category will best describe each expense, then use what you know about mean, median, and mode to help them determine an appropriate monthly budget amount Consider how to adjust the budgets for their new two person household All of Sara's Expenditures for January to April (She shares an apartment with 2 other women) January February March April Rent $500 $500 $500 $500 Manicure SO $35 SO $35 Haircut SO SO $40 SO Groceries $142.17 $147.70 $218.95 $67.50 Electric Bill $9.05 $9.20 $8.24 $8.80 Gas Ball $31.04 $21.22 $14.94 $15.87 Cell Phone $115.44 $96.77 $97.07 $97.07 Charitable donations $120 $120 $144 $108 Internet $27.65 $27.65 $27.65 $27.65 Public transportation $15 $0 SO SO Eating out $39.24 $50.34 $170.62 $90.74 Cleaning supplies $15 SO $21 So Clothing $72 SO $46 $58 Books/Supplies $352 SO SO SO Tuition $1500 $0 SO SO All of Lucas' Expenditures for January to April (He shares an apartment with 3 other men) January February March April Rent $350 $350 $350 $350 Groceries $166.13 $275.57 $189.50 $92.29 Cell Phone $98.32 $62.95 $59.29 $59.87 Utilities SSO $50 $50 $50 Cable/Internet $18.75 $18.75 $18.75 $18.75 Gas for car $53 $72 $65 $59 Car maintenance $24 $0 $75 $136 Dentist SO $87 SO SO Charitable donations $88 $105.60 $96.80 $88 Clothing $22 $49 So $31 Car Insurance $71.12 $71.12 $71.12 $71.12 Gym $9.99 $9.99 $9.99 $9.99 Haircut $15 $15 $15 $15 Eating out $7.22 $31.40 $31.82 $50.02 Books/Supplies $258 $0 $0 So Tuition $1500 SO SO SO d Adobe Acrobat Lucas and Sara Proposed Monthly Budget Category Proposed Budget Value Justify your proposed value Rent Utilities Transportation/Car Expenses Health Care Education Entertainment Food Personal Expenses Charitable Donations Miscellaneous Are there categories you think should be included in Lucas and Sara's Monthly Budget? If so, Othat are they? How much would you budget and why? Category Proposed Budget Value Justify your proposed value Ducas and Sara are preparing for their upcoming wedding in May. Because they have both taken Math and they have limited income, they understand the importance of budgeting. They decided to track their spending for four months and analyze the data together. That information will help them to create a new monthly budget for their new family. Below you will find two tables containing the information that Lucas and Sara collected. Lucas currently has 3 roommates and splits the cost of rent, utilities and cable/internet. Sara is currently living with 2 roommates and splits the cost of gas, electric, internet and cleaning supplies. Your goal is to analyze the data below to help Lucas and Sara create a monthly budget for their future spending. Choose which budget category will best describe each expense, then use what you know about mean, median, and mode to help them determine an appropriate monthly budget amount Consider how to adjust the budgets for their new two person household All of Sara's Expenditures for January to April (She shares an apartment with 2 other women) January February March April Rent $500 $500 $500 $500 Manicure SO $35 SO $35 Haircut SO SO $40 SO Groceries $142.17 $147.70 $218.95 $67.50 Electric Bill $9.05 $9.20 $8.24 $8.80 Gas Ball $31.04 $21.22 $14.94 $15.87 Cell Phone $115.44 $96.77 $97.07 $97.07 Charitable donations $120 $120 $144 $108 Internet $27.65 $27.65 $27.65 $27.65 Public transportation $15 $0 SO SO Eating out $39.24 $50.34 $170.62 $90.74 Cleaning supplies $15 SO $21 So Clothing $72 SO $46 $58 Books/Supplies $352 SO SO SO Tuition $1500 $0 SO SO All of Lucas' Expenditures for January to April (He shares an apartment with 3 other men) January February March April Rent $350 $350 $350 $350 Groceries $166.13 $275.57 $189.50 $92.29 Cell Phone $98.32 $62.95 $59.29 $59.87 Utilities SSO $50 $50 $50 Cable/Internet $18.75 $18.75 $18.75 $18.75 Gas for car $53 $72 $65 $59 Car maintenance $24 $0 $75 $136 Dentist SO $87 SO SO Charitable donations $88 $105.60 $96.80 $88 Clothing $22 $49 So $31 Car Insurance $71.12 $71.12 $71.12 $71.12 Gym $9.99 $9.99 $9.99 $9.99 Haircut $15 $15 $15 $15 Eating out $7.22 $31.40 $31.82 $50.02 Books/Supplies $258 $0 $0 So Tuition $1500 SO SO SO d Adobe Acrobat Lucas and Sara Proposed Monthly Budget Category Proposed Budget Value Justify your proposed value Rent Utilities Transportation/Car Expenses Health Care Education Entertainment Food Personal Expenses Charitable Donations Miscellaneous Are there categories you think should be included in Lucas and Sara's Monthly Budget? If so, Othat are they? How much would you budget and why? Category Proposed Budget Value Justify your proposed value

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Management System Auditors Handbook

Authors: Joe Kausek

1st Edition

087389670X, 978-0873896702

More Books

Students also viewed these Accounting questions