Define budget, list one fixed expense, calculate emergency fund (10% of R5000), define income and expenditure, and verify if a R550 birthday gift is correct based on R4500 salary and R5000 total incom

Hey Mantshangase — ready when you are. 1.1 A budget is a financial plan that estimates an individual's or organization's income and expenditure over a specific future period. 1.2 One fixed expense is Rent. 1.3 Step 1: Identify the total income. The total income is given as R5 000. Step 2: Calculate the emergency fund (A), which is 10% of the total income. A = 10\% × R5\,000 A = 0.10 × R5\,000 A = R500 The value of A is R500. 1.4 Income* refers to the money received, especially on a regular basis, for work or through investments. Expenditure* refers to the money spent on goods, services, or to settle debts. 1.5 Step 1: Calculate the actual value of the birthday gift (B) based on the total income and salary. Total Income = Salary + Birthday gift (B) R5\,000 = R4\,500 + B Step 2: Solve for B. B = R5\,000 - R4\,500 B = R500 Step 3: Compare the calculated value of B with Mrs Ketiwe's statement. Mrs Ketiwe states her birthday gift (B) is R550. Our calculation shows B is R500. Therefore, her statement is INCORRECT. Send me the next one 📸