Todd is in grade 12 and works part-time after school and on weekends.

His weekly earnings and expenses for the month pf April are displayed in the chart below

income($) Expenses($)

week 1 136.74 College savings 200

week 2 188.20 insurance 123

week3 209.38 Fuel 75

week 4 173.66 Entertainment 100

Total Total

Balance (income - Expenses) =

a. Complete the table to determine Todd's budget for the month of April

b. Explain Todd's end of month balance

Mikal and jenny have three children and own a four bedroom house. This year their car insurance increased by 5%. grocery expenses rose by 10% and their home heating costs rose by 15%. Their monthly budget from last year is displayed. All amounts are rouded to the nearest dollar.

Income

mikal 3200

jenny 2900

Total 6100

Expenses($)

fixed expenses last year this year variables expenses last year this year

mortgage & property tax 2040 groceries 800

house insurance 32 electricity 120

car insurance 188 heating 220

life insurance 500 water 65

long-term savings 580 telephone 35

RESPs 400 internet 35

cable tv 30

medical 170

clothing 150

home repair 200

charities 50

entertainment 200

vacation 200

children's account 150

gift account 100

Total fixed 3740 Total variables 2525

total last year Total this year

a. calculate the changes to their monthly budget items by filling out the This year column

b. compare this year's total expenses and Mikal and jenny's income. what do you notice?

c. which variable expenses are considered to be non-essential?

d/ re-balance their budget by modifying the accounts of the non-essential variable expenses