Math 10 – Consumer Mathematics Project



Accounting 10 – Budgeting for Life

Major Assignment for Module 1 of Accounting

You will draw for your own individual life including whether you are married, have kids and the type of job you have. When you have your job you will receive a pay stub for one month’s income from that job. What you are required to do with that stub is determine all components due to budgeting for a household with it. You are to determine your gross pay (that is what you actually have earned) and your net pay (what you actually take home). Use this information to answer the following questions.

A budget is a plan or blueprint that shows how money flows in and out of a household.

You will be creating either a multi-media presentation or a poster and you will be presenting your “lifestyle” to the rest of class the week before Christmas Holidays.

The budget must be done in a journal-type Excel Spreadsheet and presented as a general ledger. (We will spend time on this in class).

You must also include a story of your life – if you have a “spouse” name him/her and make up a story of how you met! If you have kids – give them a personality! Explain what your job is!

Part 1:

1. What is gross pay? What is your gross pay?

2. What is net pay? What is your net pay?

3. What accounts for the difference?

4. Now, using this pay stub I would like for you to budget for the following. Keep in mind the approximate percentages are of your take home pay:

Housing – include utilities, and rent/mortgage payment (23 – 39%)

Food (18 - 30%),

Transportation (- including gas, payments and insurance (10 - 15%),

Savings: (5 – 10%)

Clothing (8 – 15%)

Health and Miscellaneous (14 – 30%)

5. What range does your income allow you to budget for each of the following? (Fill in the chart below)

|Category |Minimum Amount |Maximum Amount |

|Savings “Rainy Day fund” | | |

|Food | | |

|Clothing | | |

|Housing | | |

|Transportation | | |

|Health and Miscellaneous | | |

6. You will now create a chart in Excel showing the average amount for each category and create a pie chart showing where all the money is to go.

Part 2:

The rest of this project deals with the living situation this allows you to have. Using online resources and local newspapers find the following:

a) A place to live within your budget. Look in newspapers/ online classifieds to find places to live in and around Lloydminster within your budget.

➢ If you are renting ensure your rent includes any utilities (water, power, natural gas). Are there any associated condo costs?

o These utility costs can be found by going to the SaskPower or SaskEnergy websites.

➢ If you are buying ensure you have calculated your mortgage payments within your costs and explain how you have saved up the money to make the 25% down-payment required. Also have a concept of your annual taxes and budget for 1/12 of them each month.

➢ Please include a picture and/or description of the place you will be buying.

b) What type of clothing you can afford to buy

➢ If you are in a professional job you must have a professional wardrobe.

➢ If you are a laborer you must buy work clothes and boots

➢ Make sure you also have “time off” clothes for relaxing.

c) A car with payments and insurance you can afford.

➢ You can find the car online on either Autotrader, Kijiji or within a website. You must include a description of the vehicle, how much it will cost and whether you are financing (taking out a loan) it or buying it outright.

➢ All of SGI’s insurance policies are available on their website – I will walk you through the procedure once if needed.

➢ An approximation of what gas will cost (determine mileage and how much you plan to drive).

d) What your family will eat. I will be providing weekly fliers for grocery stores in the area and you will have to plan 1 week of meals and calculate what they will cost (then multiply by 4.3 to account for the weeks in an average month). Remember that if you have kids you have to buy enough for them. You must also have balanced meals that follow Canada’s food guide.

e) Now – if you were lucky and drew a job that pays enough that you have money left over you get to do the fun part. What will you do with it? (please keep this school appropriate.) Include a description of any “toys” (quads, horses, etc) you would like to purchase. Include why they are applicable to your life.

Using all this information put together a presentation to give the class on what you make, what your budget is and what your living conditions are.

Things that must be included in your presentation:

1. A poster with:

a) A circle graph displaying the percentages of money you budgeted to each of the 6 categories.

b) A circle graph displaying the actual percentages of money actually spent on each of the 6 categories

c) A newspaper clipping or some likeness with the specifics of your housing

d) A description of your car or other means of transportation

2. An oral presentation describing how you budgeted and why there are discrepancies between your budget and the given guidelines.

3. A paper outlining anything you will say in your oral presentation, including your Excel spread sheet budget and description of your family.

Grading:

80% of this project will be based solely on having the required elements done and done properly.

5% - Properly done circle graphs of both hypothetical and actual budget

20% - Housing found and is adequate for whole family. All extra housing expenses are accounted for.

25% - 3 balanced meals per day are outlined and enough food for the whole family is “bought” for the whole family.

15% - Adequate transportation are described and outlined.

15% - Clothing is bought appropriate to the profession.

The remaining 20% will be on creativity and presentation. Use the provided rubrics to ensure you will get the best grade possible.

**Check the attached rubrics to see what effort is required for optimal marks**

**Some work will need to be completed on your own time**

Presentations will take place the week before Christmas, with a schedule given the week out around December 10th.

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