In this chapter, you learned about the benefits of budgeting for a business. It is also important for individuals, especially students. Jo is an accounting major. Jo's estimate of expenses for the next eight-month academic year (September to May) are given in the chart below. Jo receives $750 per month from family members, Annually, Jo gets a total of $700 from a part-time job and $1,200 from a bursary. Tuition and fees $6,200 Books and supplies $1,500 Residence and food 9,200 Internet connection 295 Local travel (included with student fees) Clothing 0 Travel home 400 400 Personal sundries 560 424 Misc. 420 Entertainment and going out Jo's eight-month budget for the academic year (September to May) is provided below. Budget for Jo Cash inflows: Family support $6,000 Part-time job 700 Bursary 1,200 7,900 Less: Cash outflows Tuition and fees. 6,200