INTRODUCTION TO BUSINESS



INTRODUCTION TO BUSINESS GRADE 10

BUDGETING ASSIGNMENT

Ms. Cruz & Ms. Mastrotto

Name: _______________________ Date: ___________________

Working within the budgeting constraints given, prepare the budget for your assigned family (use Excel workbook sample) as well as a meal plan for 7 days..

Collect all information in a word document (use Printscreen to record evidence) that you will submit along with your typed budget (in Excel preferably)

Family A Nuclear Family (Two parents and two children)

➢ Resides in an apartment in The Annex (Toronto)

➢ Owns one car with a lease

➢ Children: 18-month old boy (attends day-care full-time)

12-year old girl in grade 6

➢ One partner commutes to Brampton while the other works in Toronto

➢ Net monthly income of $4 000 plus Universal Childcare Benefit

Group A

❖ Rental amount for apartments in the Annex—find an apartment, print a hard copy to be included with your assignment

❖ Car leases and insurance

❖ Daycare costs in Toronto—find a daycare

❖ Transit cost for commuting to Markham from Toronto, and throughout Toronto

❖ Groceries and other expenses

Family B Single-parent family (Male parent with three children)

➢ Resides in a single-family home in Brampton

➢ Children: 14-year old twins—boy/girl) Both in competitive Hockey

7 year old girl

➢ Employs a nanny for the children

➢ Leases a car

➢ Net monthly income is $7 500 (including Canada Child Tax Benefit) plus Universal Childcare Benefit

Group B

❖ Cost of homes in Brampton and mortgage payments

❖ Wages for nannies

❖ Public transit costs (for children) and competitive hockey costs.

❖ Car lease payments and insurance

❖ Groceries and other expenses

Family C Extended family (Two parents, an ailing grandparent, three children)

➢ Resides in a townhouse in Etobicoke

➢ One parent is on maternity leave and takes care of the children and grandparent

➢ Owns one car (has payments)

➢ Children: 5-month old boy

4-year old girl

11-year old boy in competitive gymnastics

➢ The grandparent has depression

➢ Net monthly income is $2 500 plus employment insurance (the parent gets the maximum amount) plus Canada Child Tax Benefit and Universal Childcare Benefit (you need to find these amounts)

➢ Group C

❖ Townhouse costs in Etobicoke and mortgage payments

❖ Employment insurance for maternity leave; cost of care for depression, access to care

❖ Car payments and insurance

❖ Groceries and other expenses

Family D Childless couple

➢ Resides in Pickering in a brand new condominium

➢ One partner volunteers in Toronto, three times each week

➢ The working partner commutes to Toronto for work by transit

➢ One partner has a gaming addiction and needs to be treated

➢ Net monthly income is $2 500

➢ They have a dog and a bird as pets

Group D

❖ Condominium costs and mortgage payments

❖ Transportation costs (no car)

❖ Counselling services

❖ Cost of pets and vet services

❖ Groceries and other expenses

Family E Single Male

➢ Resides in Scarborough in an apartment

➢ Suffers from unemployment due to depression

➢ Attends twice weekly sessions with a counselor

➢ Receives the amount allotted to single individuals on social assistance (Check how much he will receive, maximum amount)

➢ He has a cat to help with depression

Group E

❖ Apartment costs

❖ Transportation costs

❖ Groceries and other expenses

❖ Counseling services

❖ Food Banks in the area and other services

Step 1

✓ Meet with group members to decide on each person’s responsibility

Step 2

✓ Carry out research for individual work (create a Google doc for your team where I have access too)

Step 3

✓ Prepare Budget for a month and meal plan for a week

INTRODUCTION TO BUSINESS GRADE 10

BUDGETING ASSIGNMENT

GROUP NO.: _________

MEMBERS: ____________________________________________________________

ROLES AND RESPONSIBILITIES:

❖ ____________________

❖ ____________________

❖ ____________________

❖ ____________________

❖ ____________________

❖ ____________________

ACTIVITIES COMPLETED:

Member 1 ________________________________________________________

________________________________________________________

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Member 2 ________________________________________________________

________________________________________________________

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Member 3 ________________________________________________________

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Member 4 ________________________________________________________

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Member 5 ________________________________________________________

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Members missing work

Member ________________________________________________________

________________________________________________________

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INTRODUCTION TO BUSINESS

GRADE 10

BUDGETING

Name: __________________________

BUDGET 0____________________10

o Total income is calculated

o all fixed expenses and variable expenses are included

o a priority is given to savings

o the budget is balanced

GROCERY 0___________________10

o All necessities are purchased

o All members of the family are taken into consideration

o Dietary needs are met

o Balanced meals can be prepared from purchases

MEAL PLANS 0 1 2 3 4

o Meals are balanced with fruits, grains, dairy, and meat

o Three meals per day are planned for seven days

o Meal plan is consistent with the budget

HOUSING 0________________________6

o Three choices are made for comparison shopping

o Housing meets the needs of the family

o Cost of housing is not beyond the family’s means

MISCELLANEOUS 0________________________10

o Research information gathered for budget:

o Insurance, internet/television cable, transportation, childcare,

o Mental-health counselling, etc.

Notes:

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Marks /40

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