Part C Budgeting - 117 marks Jim and lona need to save $7500 over the next 12 months to 7 KU 5 TI 5 COM O APP Start her own small business. Their monthly pay cheque after payroll deductions is $3000. She eams an average of $50 a month from investments. They prepare a list of their expenses. a) Convert all amounts to monthly amounts. [3 marks) b) Are there expenses that you think Jim and lona has forgotten to include? Explain. Estimate the monthly amount for any missing expenses. [3 marks] c) Create a monthly budget that shows fixed and variable expenses in each budget category. Group items where appropriate. Include any estimates from parte. [6 marks) d) What percent of Jim's and lona's costs are fixed? Why is this important? [3 marks] e) Can Jim and lona meet their savings goal with her current income and expenses? If not, in which categories might they be able to cut back on costs? [2 marks] by martor Peynd property to of $675 5 year for home wurm and 1050/gar for or witycosts that ever 230/month phone calle costs of $75/wth whide use of oth which includes mince selects of 175/month et sin plat contebutions of $125 lei y costs of $160/ .dothing costs of $X000/year .trement des of $120/dk .chritte des 1000/gar costs of $50 wedly Part C Budgeting - 117 marks) Jim and lona need to save $7500 over the next 12 months to 7 KU 5 TI 5 COM O APP start her own small business. Their monthly pay cheque after payroll deductions is $3000. She carns an average of S50 a month from investments. They prepare a list of their expenses a) Convert all amounts to monthly amounts. [3 marks] b) Are there expenses that you think Jim and lona has forgotten to include? Explain. Estimate the monthly amount for any missing expenses. [3 marks) c) Create a monthly budget that shows fixed and variable expenses in each budget category. Group items where appropriate. Include any estimates from parto. [6 marks] d) What percent of Jim's and lona's costs are fixed? Why is this important? [3 marks] c) Can Jim and lona meet their savings goal with her current income and expenses? If not, in which categories might they be able to cut back on costs? [2 marks] and lon's En wly mortage gent and property tax of 6675 650/year for home insurance and 1050/year for arrance wity costs that ever $230/month . phone cable costs of $75/month vide lease of not, which includes interne line costs of 175/month . retirement savings plan.contributions of 5225dily grocery costs of $160/ dething costs of $3000/year entertainment costs of $120/cck charitable dotters of $100/year scere costs of $50 ball . Part C Budgeting - 117 marks Jim and lona need to save $7500 over the next 12 months to 7 KU 5 TI 5 COM O APP Start her own small business. Their monthly pay cheque after payroll deductions is $3000. She eams an average of $50 a month from investments. They prepare a list of their expenses. a) Convert all amounts to monthly amounts. [3 marks) b) Are there expenses that you think Jim and lona has forgotten to include? Explain. Estimate the monthly amount for any missing expenses. [3 marks] c) Create a monthly budget that shows fixed and variable expenses in each budget category. Group items where appropriate. Include any estimates from parte. [6 marks) d) What percent of Jim's and lona's costs are fixed? Why is this important? [3 marks] e) Can Jim and lona meet their savings goal with her current income and expenses? If not, in which categories might they be able to cut back on costs? [2 marks] by martor Peynd property to of $675 5 year for home wurm and 1050/gar for or witycosts that ever 230/month phone calle costs of $75/wth whide use of oth which includes mince selects of 175/month et sin plat contebutions of $125 lei y costs of $160/ .dothing costs of $X000/year .trement des of $120/dk .chritte des 1000/gar costs of $50 wedly Part C Budgeting - 117 marks) Jim and lona need to save $7500 over the next 12 months to 7 KU 5 TI 5 COM O APP start her own small business. Their monthly pay cheque after payroll deductions is $3000. She carns an average of S50 a month from investments. They prepare a list of their expenses a) Convert all amounts to monthly amounts. [3 marks] b) Are there expenses that you think Jim and lona has forgotten to include? Explain. Estimate the monthly amount for any missing expenses. [3 marks) c) Create a monthly budget that shows fixed and variable expenses in each budget category. Group items where appropriate. Include any estimates from parto. [6 marks] d) What percent of Jim's and lona's costs are fixed? Why is this important? [3 marks] c) Can Jim and lona meet their savings goal with her current income and expenses? If not, in which categories might they be able to cut back on costs? [2 marks] and lon's En wly mortage gent and property tax of 6675 650/year for home insurance and 1050/year for arrance wity costs that ever $230/month . phone cable costs of $75/month vide lease of not, which includes interne line costs of 175/month . retirement savings plan.contributions of 5225dily grocery costs of $160/ dething costs of $3000/year entertainment costs of $120/cck charitable dotters of $100/year scere costs of $50 ball