Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

T i set aside 4 million VND for university preparation before enrolling. T i is now living with his parents. T i asked Ch nh

Ti set aside 4 million VND for university preparation before enrolling. Ti is now living with his parents. Ti asked Chnh, a finance and banking-major friend, what he could do to better manage his money. Chnh's solution is to create a budget.
Ti is asked to describe his goals and current spending habits. Ti responded, "The cost of attending university is higher than I anticipated, and my parents expect me to be able to cover my own living expenses while attending university. I'm guessing around 40 million VND per year! I've considered working parttime, but I'm not sure I can balance studying and working parttime. Budgeting appears to be a good idea, but I'm not sure where to begin
Chnh created a basic plan for Ti to track each of his expenses over a month to assist him. Ti is asked to fill out the budget form below.
\table[[Items,Want or Need?,\table[[Expense for each],[item]],Item/ Total expenses],[Coffee,,250.000,],[Cinema,,600.000,],[Lunch and snacks,,620.000,],[Clothes,,600.000,],[Bus Ticket,,100.000,],[Phone & internet (4G),,200.000,],[Shoes and personal care,,600.000,],[Total expenses,,2.970.000,]]
Questions :
a. Calculate the percentage of each item in relation to total monthly spending and provide a brief comment (please enter the results directly in the table above and comment below)(0.5pt)
b. Determine whether each expense is a Want or a Need (fill in the table above and explain further below)(0.5pt)
c. Ti is torn between working part-time and changing his spending habits in order to achieve his financial goals. Please weigh the advantages and disadvantages of these two options for him and give him some advice. (1,5pts)
image text in transcribed

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

Step: 3

blur-text-image

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

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

More Books

Students also viewed these Accounting questions

Question

If the job involves a client load or caseload, what is it?

Answered: 1 week ago