Question

A family creates a monthly budget based on their combined wages and expenses for one month. Complete the budget by choosing the correct option for each cell labeled A through E.

Budgeted Income $ Actual Income $ Difference
Wages $2,500.00 Wages $2,650.00 $150.00
Total Budgeted Wages $2,500.00 Total Actual Income $2,650.00 $150.00
Budgeted Expenses $ Actual Expenses $ Difference
Food $525.00 Food $500.00
A.

Credit Card $100.00 Credit Card $100.00 $0.00
Field Trips $0.00 Field Trips $15.00 -$15.00
Gas $150.00 Gas $120.00 $30.00
Clothing $0.00 Clothing $80.00
B.

Gifts $100.00 Gifts $20.00 $80.00
Entertainment $100.00 Entertainment $65.00
C.

Mortgage Payment $1,080.00 Mortgage Payment $1,080.00 $0.00
Utility Bills $160.00 Utility Bills $140.00 $20.00
Car Payment $225.00 Car Payment $225.00 $0.00
Car Insurance $157.00 Car Insurance $157.00 $0.00
Total Budgeted Expenses $2,597.00 Total Actual Expenses $2,502.00 $95.00
Surplus/Shortage D. Surplus/Shortage E. $245.00
$
$
$
$
$

Answer 1

Explanation:

A. 525 - 500 = 25

B. 0 - 80 = -80

C. 100 - 65 = 35

D. 2,500 - 2,597 = 97 shortage

so: -97

E. 2,650 - 2,502 = 148 surplus

so: 148