Assessment 04

PERSONAL FINANCE - Course Packet 4 ~ Money Management Tools

NAME: Erica Bianca M. Torres

SECTION: BSBA HRM 1B - GEC 1R

INTENDED FOR WEEK 8-9

PART A - INCOME STATEMENT & SPENDING PLAN

Refer to your Activity Sheet 04. Answers in no.4. Prepare an Income and Expense Statement &
Spending Plan of your family using the format below. Write 0 if your family do not have those
income and expense.

Torres Family

Income and Expense Spending Plan

Statement

Income Actual Amount Budgeted Amount

September 2021 December 2021

 Earned Income ₱60,000 ₱50,000

 Unearned Income ₱0 ₱0

 Government Program ₱0 ₱0

Total Income ₱50,000 ₱30,000

Expenses

 Taxes ₱0 ₱0

 Savings and Investing ₱10,000 ₱10,000

 Insurance ₱0 0

 Housing ₱0 ₱0

 Transportation ₱1,000 ₱1,000

 Food ₱15,000 ₱20,000

 Family Member Care ₱4,000 ₱5,000

  Communications and Computer ₱1,600 ₱1,600
(WIFI)

 Medical Costs not covered ₱0 ₱0

insurance

 Clothing and Personal Care ₱4,500 ₱5,000

 Educational ₱1,000 ₱1,000

 Pet Care ₱3,000 ₱4,000

 Entertainment ₱1,000 ₱1,000

 Credit Card Cost ₱0 ₱0

 Gift and Charitable Contributions ₱0 ₱0

Total Expenses ₱41,100 ₱48,600

Income or Loss ₱60,000 - ₱41,100 ₱50,000 - ₱48,600

( Total Income - Total Expenses ) = ₱18,900 = ₱1,400

A. Are the any difference between the actual figures and budgeted figures. Which income
and expense? Why?

 Since we budget our money well per month the difference of actual figures and budgeted
figures are just small and we save a little from our budget every month.

Note: Income Statement shows ACTUAL AMOUNT while amount in Spending Plan (Budget)
are your budgeted household income and expense (for the future) which you can manage or
control. The actual amount may serve as your basis in making your budget.