GRADE 10: BUDGETS, INCOME AND EXPENDITURES STATEMENTS

Introduction

INTRODUCTION

This webquest will be of use to learners as it will extend their knowledge on Income , Household , Government and municipality expenditures. This topic will also help them to budget and manage their finances in order to avoid debts and to save. 

Task

Firstly : One should understand the following terms and concepts:

  •  Budget
  • Income 
  • Expenditure
  • Fixed expense
  • Variable expense
  • Irregular expense

Secondly: Must be able to differentiate between budget , Income and expenditure statements.

                : Should know the significance of saving

                : Must be able to analyze the documents

Thirdly: Understand the formulae used to calculate the total of income and the total of expenses.

            : Also to calculate profit and loss

 

COMPLETE THE TASK BELOW:

Look at the budget below and answer the questions that follow:

 

INCOME:  AMOUNT: (R) EXPENDITURE: AMOUNT(R) 
Salary for March  14 000  Rent 6 500
Selling cupcakes 2 000 Water and Electricity 550
    Car repayment 2400
    Groceries 1900
    Cost of making Cupcakes 1250
    Entertainment etc 2400

 

a) Is this a monthly or annual budget?

b) Is this person making a profit selling cupcakes?

c) From the budget identify one variable income and expense.
d) Is this person budgeting their money well? Validate your answer with a calculation.

e) If the salary increases by 10%, what will the new salary be?

Process

PROCESS:

This task must be completed  individually.

The first video will dwell more on concepts and terms that a person need to know:

  

On the next video, you 'll learn the most significant reasons to save.

This video below elaborates the differences between budget, income and expenditure statements

Ways on how to calculate loss and Profit costs

 

Evaluation

EVALUTION RUBRIC:

CATEGORY WEIGHT 4 3 2 1

MATHEMATICAL

ERRORS

30%

90-100% Of the steps

and solutions have no

mathematical errors.

Almost all (85-89%)of the steps and

solutions  have no mathematical errors

Most of (75-84%) of the steps and have no mathematical errors.

 

 

More than 75% of the steps and solution has 

mathematical errors.

 

 

EXPLANATION  20%

 

Explanation is detailed

and clear 

 

Explanation is good

 

Explanation is a little difficult to understand , but include

critical components.

Explanation is difficult to understand and is missing several components or was not  included at all.

 

COMPLETION 15%

All of the assigned work 

is completed.

Most of the work is

completed

Some of the assigned 

work is completed

Learner did not try

attempt other questions

ACCURACY 15% All of the answers are correct

Most of the answers 

are correct

Some of the answers 

are correct

Little to none of the answers

is correct

WORK SHOWN 20% All work is meticulously shown

 Most of the work is

meticulously shown

Some steps are missing. Learner did not show any effort 

MEMORANDUM TO MARK THE TASK:

a) Monthly (it says salary for March)

b) is only asking about CUPCAKES so R2000 – R1250 = R750 Profit

c) Income – Selling cupcakes Expense- Water & Electricity, groceries, cost of making cupcakes, entertainment (ANY ONE)

d) Total income: R 16 000

Total expenses: R 15 000

Surplus: R 16 000 – R15 000 = R 1 000

Yes, they are, as they have money left over at the end of the month

e) R 14 000 x 10 100 = R 1 400

R 14 000 + R 1 400 = R 15 400

Conclusion

WRAP UP:

The motive of this webquest is equip learners with knowledge on how to save and why it is important to save. Also should be aware about budgeting to avoid impulsive spending and getting into debts. Most importantly they should understand and be able to differentiate between these statement which are budget statement , income and expenditure statements.

These videos will also be helpful as they will teach a learner ways on how to calculate profit , loss and the total expenses. At the end of this lesson one will be confident enough to analyze all the statements. 

Credits