JSS2 First Term Mathematics Lesson Note – Transactions in The Homes and Offices

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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.

1. Find his total expenses for the month.
2. 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.

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