This business/management problem is solved step by step below, with detailed explanations to help you understand the method and arrive at the correct answer.
ScanSolve AI Answer
Here is a family budget for the Benson family, based on the provided payslip. Since no specific expenses are given, common expenses have been assumed for demonstration purposes. Step 1: Determine Household Income The household income is based on John Benson's net salary from the payslip. Household Income (Net Salary) = R2739.50 Step 2: List Essential Expenses (Assumed) These are necessary costs for living. Rent/Bond: R1000.00 Groceries: R800.00 Transport: R300.00 Utilities (Electricity/Water): R250.00 Medical Aid: R150.00 School Fees (if applicable): R0.00 (assuming no school-going children or fees covered elsewhere) Total Essential Expenses = R1000.00 + R800.00 + R300.00 + R250.00 + R150.00 + R0.00 = R2500.00 Step 3: List Non-Essential Expenses (Assumed) These are discretionary costs. Entertainment/Leisure: R100.00 Clothing: R50.00 Savings: R50.00 Airtime/Data: R30.00 Total Non-Essential Expenses = R100.00 + R50.00 + R50.00 + R30.00 = R230.00 Step 4: Calculate Total Expenditure This is the sum of all essential and non-essential expenses. Total Expenditure = Total Essential Expenses + Total Non-Essential Expenses Total Expenditure = R2500.00 + R230.00 = R2730.00 Step 5: Compile the Family Budget Summary Benson Family Monthly Budget | Item | Amount (R) | | :-------------------- | :--------- | | Household Income | | | John Benson Net Salary| 2739.50 | | Total Income | 2739.50| | | | | Essential Expenses| | | Rent/Bond | 1000.00 | | Groceries | 800.00 | | Transport | 300.00 | | Utilities | 250.00 | | Medical Aid | 150.00 | | School Fees | 0.00 | | Subtotal Essential| 2500.00| | | | | Non-Essential Expenses| | | Entertainment | 100.00 | | Clothing | 50.00 | | Savings | 50.00 | | Airtime/Data | 30.00 | | Subtotal Non-Essential| 230.00| | | | | Total Expenditure | 2730.00| | | | | Net Balance (Income - Expenditure) | 9.50 | The final budget summary shows a net balance of: Net Balance = Total Income - Total Expenditure Net Balance = R2739.50 - R2730.00 = R9.50 What's next?