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.
Firstly : One should understand the following terms and concepts:
- 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:
|Salary for March||14 000||Rent||6 500|
|Selling cupcakes||2 000||Water and Electricity||550|
|Cost of making Cupcakes||1250|
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?
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
90-100% Of the steps
and solutions have no
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
Explanation is detailed
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Explanation is a little difficult to understand , but include
Explanation is difficult to understand and is missing several components or was not included at all.
All of the assigned work
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work is completed
Learner did not try
attempt other questions
|ACCURACY||15%||All of the answers are correct||
Most of the answers
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|WORK SHOWN||20%||All work is meticulously shown||
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|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
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.