The content is just an excerpt from the complete note for JSS2 First Term Mathematics Lesson Note – Transactions in The Homes and Offices. Check below to download the complete DOCUMENT
WEEK 5
TRANSACTIONS IN THE HOMES AND OFFICES
CONTENT
- Household Arithmetic (budget, savings, rents, taxes, bills, water rate)
Household budgeting: this is the process of planning how to spend an amount of money or family income that is available to avoid wastage. It guides in aligning expenditure with income.
Example:
The monthly income of a family is #140 000. They plan to spend the income as follows:
#6 000 for house rent, #44 000 for food, #15 000 for transport, #3 000 for electricity bill, #2 500 for water bill, #10 000 for dependent relatives and #8 000 for the house keeper. Find the total expenditure of the family and determine whether they will have some money for other emergencies or expenses.
Solution
Total monthly income = #140 000
Expenditure:
House rent = #6 000
Food = #44 000
Transport = #15 000
Electricity bill = #3 000
Water bill = #2 500
Dependent relatives = #10 000
House keeper = #8 000
Total expenses = sum of all the expenditure = #88 000
Excess amount
= monthly income – total expenditure
= #140 000 – #88 000
= #52 000
Hence, the amount of money left for other expenses is #52 000
Class Activity
A corps member plans to spend his monthly allowance as follows: 30% on food, 5% on clothing, 2% on entertainment, 3% on transport, 21/2% on electricity and 20% on savings. If the income per month is £19 800.
- Find his total expenses for the month.
- Calculate the amount of money left for emergencies.
Savings: this refers to a part of an income that is kept aside for future use, such as during retirement or when money may not be readily available. It can be fixed or a percentage of the family income or earnings in a month or a given period of time.
To gain full access to the note: DOWNLOAD FILE
