BUS 215 Creating a Budget and Adhering It
Assignment ID Number AFFGEHU83939HD Type of Document Essay Writing Format APA/MLA/Harvard Academic Level Masters/University References/Sources 4 References
In this assignment, you will create a 12-month sample household budget showing income, expenses and the amount of money remaining each month to save or invest. In the business setting, money coming in is referred to as Revenue, but in the household setting, we refer to this as Income. Both the business and household settings use the term Expenses. You may use actual numbers or hypothetical numbers to complete this assignment.
The top portion of the spreadsheet shows the income that is coming into your household. The lower portion of the spreadsheet indicates the expenses you pay to operate your household. Household expenses are divided into two categoriesnecessary expenses and discretionary expenses. Necessary expenses are expenses that are required to operate your household such as groceries. Discretionary expenses are costs that are not required to operate your home but are things that we enjoy such as dining out or going to see a movie.
Review the sample budget for ideas on how to set yours up. Note that you may NOT duplicate this and need to come up with your own items and dollar amounts.
Create a spreadsheet following the steps below.
Insert the name of the family that the budget is being prepared for; again, you may use your family name or a hypothetical name.
Insert the months of January through December so that the spreadsheet shows a full 12 months.
Under the category of Household Income, list the source of each type of income that comes into your household.
For example, Primary Job, Second Job, Business Income, Child Support, etc.
For each month, list the amount of money for each source of income.
Using the Excel software, total each month vertically. You may not insert the total but must either use the Auto-Sum feature in Excel or create a formula to add the column of numbers.
Under the category of Necessary Expenses, list the source of each type of expense that is required to operate your household.
For each month, list the amount of money for each necessary expense.
Under the category of Discretionary Expenses, list the source of each type of expense that is not required to operate your household but is something that you enjoy doing and for which you spend money.
For each month, list the amount of money for each discretionary expense.
Under the category of Results, for the line item, Amount remaining to save or invest, create a formula using the Excel software that shows how much money you have left over each month that could be saved or invested.
For each line item be sure to provide totals for the year.
Once you complete your spreadsheet, type your answers to the following questions.
What was the most difficult part of creating this budget? (3 points)
Now that you have completed this assignment, will you continue to use this budget as a tool in your household? For a business or a household, what are the consequences of not creating a budget and adhering to it? (4 points)
Under the Results section, did you have money available to save or invest? If you did, is the amount of money available to save or invest feasible and can you realistically put aside this money and still maintain a comfortable lifestyle? If you did not have money available to save or invest, what changes can you make to your budget that will allow you to have money left over so that your cash flow position will improve? (5 points)
Points Possible: 35
20 points for Excel budget spreadsheet
12 points for written responses
3 points for writing level
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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