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Jacob is ready to move into his own apartment. He has a great job earning $1680 per month. What is the best way Jacob’s budget can be modified to help him make the $600 monthly rental payment? Monthly Budget Old Budget New Budget Income Wages $1680 $1680 Expenses Rent Food Clothes Savings Recreation Car Expenses $0 $200 $75 $700 $400 $300 $____ $____ $____ $____ $____ Net Income $5 $____ a. Jacob could spend less on food and clothes to make his $600 monthly rental payment. B. Jacob could spend less on recreation and reduce the amount that he is saving to make his $600 monthly rental payment. C. No modifications to his budget would be necessary as long as he takes on a part-time job on the weekends to increase his income and help pay his rent. D. Jacob could spend less on food and recreation to make his $600 monthly rental payment.

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There could be two answers to the question. Jacob can pay the rent by bringing down his expenses or by increasing his income. Thus the correct options are:

  • Jacob could spend less on recreation and reduce the amount that he is saving to make his $600 monthly rental payment.
  • No modifications to his budget would be necessary as long as he takes on a part-time job on the weekends to increase his income and help pay his rent.

What is a Budget?

A budget can be defined as a financial plan for a specific period that is used to estimate incomes and expenses for that period and make necessary adjustments.

The budget of Jacob shows a net income of $5 that is insufficient to pay the rent of $600. The cost of food and clothes even if reduced to zero cannot pay the rent.

The expenses on recreation and food cannot be eliminated wholly. And hence the option left with Jacob is to proportionately cut his expenses and savings to cover the rent expense.

If he makes an extra earning to pay off his rent, he need not cut his expense. Part-time jobs on weekends could be an option.

Therefore the correct options are A and C.

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Answer:

(B) : Jacob could spend less on recreation and reduce the amount that he is saving to make his $600 monthly rental payment.

Explanation:

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