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right15905500The Flow of Money (U4)Assignment #4Name: FORMTEXT ?????For all short answers remember to use the RAD format when you are responding to questions.Explain the difference between needs and wants. In your answer, provide one example of each. (2) FORMTEXT ?????Explain the difference between fixed and variable expenses. In your answer, provide one example of each. (2) FORMTEXT ?????What is a budget? In your answer, list the two main things a budget allows you to do. (3) FORMTEXT ?????Explain the purpose of the “Pay Yourself First Principle”. (2) FORMTEXT ?????Genevieve is a 19-year-old living on her own in an apartment for the first time. Her net income every month is $1,784.00; however, some months she received additional income for editing work that she does on the side. Review Genevieve’s budget (found in OneDrive) to complete the following:Calculate Genevieve’s Total Income in both the Budget and Actual columns. Record your answers on the Budget Worksheet. (2)What do you notice about Genevieve’s budgeted income versus her actual income? (1) FORMTEXT ?????Calculate Genevieve’s Total Expenses in both the Budget and Actual columns. Record your answers on the Budget Worksheet. (2)What do you notice about Genevieve’s budgeted expenses versus her actual expenses? (1) FORMTEXT ?????Calculate the Difference row in both the Budget and Actual columns. Record your answers on the Budget Worksheet. (2)In the Budget column, did Genevieve anticipate a surplus or a deficit? (1) FORMTEXT ?????In the Actual column, did Genevieve have a surplus or a deficit? (1) FORMTEXT ?????Calculate the Difference column to see how well Genevieve stuck to her budget. Record your answers on the Budget Worksheet. (2)List all of the areas where Genevieve spent more than she had budgeted. (2) FORMTEXT ?????List all of the areas where Genevieve spent less than she had budgeted. (2) FORMTEXT ?????What items on Genevieve’s budget would be considered fixed expenses? (2) FORMTEXT ?????Briefly outline the three basic options available to Genevieve if she plans to adjust her budget and avoid a deficit. (3) FORMTEXT ????? Genevieve’s goal is to take a college program in two years. Her parents are going to help her, but she has calculated that she needs to save a minimum of $125.00 each month as well as put $20.00 a month in an emergency fund if she is going to make this goal a reality. Using the Budget Worksheet on the second tab, come up with a new budget plan for Genevieve that works. Use realistic income and expense figures based on Genevieve’s previous worksheet. (6)Remember: your budget cannot go into a deficit! Record your answers on the Budget Worksheet provided.Write a short report for Genevieve to itemize the changes you decided to make to her budget. What changes did you make to her variable expenses? What changes did you make to her fixed expenses? What do you suggest she consider in terms of her total income? What other budget suggestions or reminders do you have for her going forward? (4) FORMTEXT ????? ................
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