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Analyze the provided monthly budget for the Welden family and calculate the total income, total expenses, and total amount left over.

Business/Management

ScanSolve AI Answer

Answer

Total Income

R12600\text{R}12600

Total Expenses

R11749\text{R}11749

Total left over

R851\text{R}851

Step-by-step solution

5 steps

here's the verification of the Weldon's Family Monthly Budget calculations:

  1. Calculate Total Income

    Add Mr Welden's income, Mrs Welden's income, and the tuck shop profit.

    Total Income=R5600+R4800+R2200\text{Total Income} = \text{R}5600 + \text{R}4800 + \text{R}2200 Total Income=R12600\text{Total Income} = \text{R}12600

    The "Total Income" in the table is R12 600, which is ✅ Correct.

  2. Calculate Total Fixed Expenses

    Sum all the fixed expenses listed.

    Fixed Expenses=R2000(Rent)+R1500(Car Repayment)+R400(School Fees)+R380(Car Insurance)+R1200(Medical Aid)+R660(Insurance Policy)+R150(Savings)+R399(Television subscription)\text{Fixed Expenses} = \text{R}2000 (\text{Rent}) + \text{R}1500 (\text{Car Repayment}) + \text{R}400 (\text{School Fees}) + \text{R}380 (\text{Car Insurance}) + \text{R}1200 (\text{Medical Aid}) + \text{R}660 (\text{Insurance Policy}) + \text{R}150 (\text{Savings}) + \text{R}399 (\text{Television subscription}) Fixed Expenses=R6689\text{Fixed Expenses} = \text{R}6689
  3. Calculate Total Variable Expenses

    Sum all the variable expenses listed.

    Variable Expenses=R2300(Food)+R470(Municipality bill)+R140(House maintenance)+R650(Petrol)+R780(Cell phone contract)+R300(Clothing account)+R110(Bank chargers)+R110(Entertainment)+R200(Other Bills)\text{Variable Expenses} = \text{R}2300 (\text{Food}) + \text{R}470 (\text{Municipality bill}) + \text{R}140 (\text{House maintenance}) + \text{R}650 (\text{Petrol}) + \text{R}780 (\text{Cell phone contract}) + \text{R}300 (\text{Clothing account}) + \text{R}110 (\text{Bank chargers}) + \text{R}110 (\text{Entertainment}) + \text{R}200 (\text{Other Bills}) Variable Expenses=R5060\text{Variable Expenses} = \text{R}5060
  4. Calculate Total Expenses

    Add the total fixed expenses and total variable expenses.

    Total Expenses=Fixed Expenses+Variable Expenses\text{Total Expenses} = \text{Fixed Expenses} + \text{Variable Expenses} Total Expenses=R6689+R5060\text{Total Expenses} = \text{R}6689 + \text{R}5060 Total Expenses=R11749\text{Total Expenses} = \text{R}11749

    The "Total Expenses" in the table is R12 439, which is ❌ Incorrect. The correct total expenses should be R11 749.

  5. Calculate Total Left Over

    Subtract the total expenses from the total income.

    Total left over=Total Income−Total Expenses\text{Total left over} = \text{Total Income} - \text{Total Expenses} Total left over=R12600−R11749\text{Total left over} = \text{R}12600 - \text{R}11749 Total left over=R851\text{Total left over} = \text{R}851

    The "Total left over" in the table is R161, which is ❌ Incorrect based on the correct total expenses.

    The correct calculations are:

    • Total Income: R12600\boxed{\text{R}12600}
    • Total Expenses: R11749\boxed{\text{R}11749}
    • Total left over: R851\boxed{\text{R}851}
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