Evans_Income_and_Expense_Statement_2.2.4.A1[1] (1) - Page|17 2.2.4.A1 TotalPointsEarned 16 TotalPointsPossible Percentage Name Date Class Jesus Ceras

Evans_Income_and_Expense_Statement_2.2.4.A1[1] (1) -...

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Unformatted text preview: Page | 17 2.2.4.A1 Evan’s Income and Expense Statement Total Points Earned 16 Total Points Possible Percentage Name Date Class Jesus Ceras 10/27/16 4th Step One: Use the information below and the template provided to create an Income and Expense Statement for Evan for the month of March. (10 points for completion) Evan summarized the information from his March Gross Income $1600.00 paycheck in the table to the right. This is his only Federal Income Tax $200.00 form of income. Social Security $99.20 Medicare $23.20 Net Income $1277.60 Evan used an app on his smartphone to track his expenses for the month. The information from his smartphone is summarized in the table below. Categorize each expense. Date Expense Category Savings 3/1 Automatic transfer to savings account $255.52 Housing 3/1 $400 check for rent payment Insurance 3/1 Health insurance $100 Snacks 3/2 Withdrew $20 in cash to purchase daily coffee Meals at restaurant 3/3 Lunch $6.50 Entertainment 3/3 Hockey game admission ‐ $10 Transportation 3/5 Purchased gas for $40 Entertainment 3/6 Movie theater ticket $7.50 Food 3/7 Groceries $52 Meals at Restaurants 3/10 Lunch $8 Entertainment 3/12 Basketball game admission $15 3/15 Cell phone payment $70 Communication and Computers Insurance 3/15 Car insurance payment $40 Insurance 3/15 Renter’s insurance payment $10 Personal Care 3/16 Haircut $15 Transportation 3/17 Purchased gas for $40 Meals at Restaurant 3/20 Lunch $7.50 Entertainment 3/25 Bowling with friends $15 Food 3/27 Groceries $38 Entertainment 3/27 Concert ticket ‐ $45 Transportation 3/28 Purchased gas for $40 Utilities 3/31 Electricity payment $50 Utilities 3/31 Water payment $50 © Take Charge Today – August 2013 – Income and Expense Statement Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona Page | 18 2.2.4.A1 Step Two: Customize Evan’s Income and Expense Statement by removing the categories and sub‐categories that you believe he would not need. (2 points for completion) Step Three: Use Evan’s Income and Expense Statement to answer the questions below. 1. According to Evan’s Income and Expense Statement, he has a net loss. What could he do to change his net loss to a net gain? (1 point) He can stop going to entertainment places not go to restaurants for lunch and to not buy coffee 2. Why do you think Evan’s mental calculations were not accurate? (1 point) He did not write it down on a piece of paper and when he adds the numbers up in his head he might have added a number wrong 3. Using your answer to question 2, what does this say about thinking about your finances versus writing the information down? (1 point) You need to add all the numbers as accurate as possible so you can figure out if you gained net worth or lost net worth 4. How has creating an Income and Expense Statement helped Evan manage his money? (1 point) Shows if Evans net worth is bad or if it is good and to see if he goes in debt © Take Charge Today – August 2013 – Income and Expense Statement Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona ...
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  • Spring '14
  • Bennett
  • Statistics, Meal, Expense Statement

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