Question

What are two main components of critical thinkingIn this assignment, you will create two budgets and answer questions about how your budgets have successfully met a long-term goal.
Directions
1. Gather materials and necessary information.
a) Ask your teacher which word-processing software you will be using.
b) Keep your lesson and assignment open in case you need to review what you have learned.
2. Read and follow each set of instructions carefully.
a) To create the budgets, type an amount of money into each cell of the tables you have been given. Be sure to ask your teacher for help if you are not sure how to do this.
b) Make sure you complete the questions on each page.

Answer 1

Answer: Income and Expenses Old Budget New Budget

Income    

Total income (net) 1850.00 2190.00

Fixed expenses Car payment/Ins 475.00 475.00

Utilities, phone, Internet 230.00 230.00

Rent  600.00 600.00

Renters Insurance 20.00 20.00

Total fixed expenses 1325.00 1325.00

Variable expenses Groceries 300.00 300.00

Entertainment 50.00 25.00

Discretionary spending 75.00 50.00

Computer Savings  50.00

 

Total variable expenses 425.00 425.00

Totals Total expenses 1750.00 1750.00

Net savings 100.00 440.00

2. Which budgetary category changed the most between your old budget and your new budget? Why? (5 points)

The net income changed the most, increasing by 340.00.

3. How does your new budget help you to meet your short-term goal of buying a new laptop? (5 points)  

The new budget saves 50.00 a month towards the purchase of the laptop.

4. How does your new budget help you to meet your long-term goal of saving for college? (5 points)

The new budget allowed me to save $440.00 toward college savings

Explanation: I know you have already finished your assignment, but I wanted these points hehe. Also, credit goes to annettenichols13 ty luv. ^-^