Activity: Student budgetsObjective:The purpose of this activity is to construct three zero-based budgets based on case studies.Directions:Use Excel to create three zero-based budgets; two for the two student case studies below andone based on your own situation (which will not be handed in). Fill in all income and expenseson the form with the information provided. Save each budget on a separate sheet within oneExcel file. Submit that file for grading in the appropriate assignment drop box.Round to the nearest dollar to keep things simple.Compute the net pay of income by taking 20% out for taxes.If there is money left over after you account for the expenses, decide where that moneyshould go. The budget is balanced when every dollar is assigned to a category (whenincome minus expenses equals zero).If there is not enough money for expenses, redistribute the amounts in the categoriesuntil the balance is zero.