Investigate Family Budget Based Holiday Trip Report Writing - Science & Math's Assignment Help

Assignment Task

Task

Introduction
For a family to go on a holiday, they would need to assess their current earnings and understand the financial requirements for such a trip, including fixed and discretionary spending, in order to develop a family budget based on their income.
A family holiday to Disneyworld, Orlando, is the dream holiday that many families may have been looking forward to before international travel stopped. However, as international borders re-open the planning may be able to start again. 

Part A – Income estimate
You are to assess the current earnings for a family of 2 adults and 2 children by first estimating the primary income of one parent. To do so you must use the time sheet provided.

a. Use a spreadsheet to complete the following time sheet for one of the adults planning a trip, an employee who earns $24.50 per hour.

•  Normal pay is paid for an 8-hour day Monday to Friday.
•  Any overtime on weekdays is paid time-and-a-half for the first 3?hours and double time thereafter.
•  Any hours worked on the weekend are paid at double time

b. Using the information on the spreadsheet, calculate the weekly, monthly, and yearly earnings for Adult A.

Part B – Family budget
You need to produce a personal family budget based on the income of Adult A calculated in Part A and the information provided in the table below. The variable expenses are monthly expenses.

To do so, you will:
a. Set up a spreadsheet like Figure 1 below titled Family Budget.
b. Collate the given information into your spreadsheet in the shaded cells.
c. Use the above information to calculate the weekly, monthly, and yearly savings of the family.

Part C – Saving for Dreamworld

You are to investigate the financial requirements for a family of 2 adults and 2 children taking a holiday from Canberra (Australia) to Orlando (USA) in 2023. Use your answers developed in Part A and Part B to develop a model to ensure the family can afford the trip. You should include all relevant income and expenses based on your research.

List any observations or assumptions that you make while planning your report. Your report should be detailed and consider:

•  the family income from Adult A‘s full-time work and the other parent’s work.
•  any relevant expenses from Part B.
•  the total costs of the trip (including potential increases due to inflation).
•  exchange rates for foreign currency while on holiday.
•  any additional assumptions you must make about the employment, income, or expenses.

Develop a comprehensive budget to explain how the family could afford the trip using a suitable spreadsheet. The budget should include:

•  income from the parents’ jobs.
•  weekly living expenses.
•  weekly savings.

You must use technology efficiently and show detailed calculations demonstrating the procedures used to plan and budget for the trip.

Part D – Rationale
You are to write a concise, coherent one-page rationale for the model developed in Part C. Your rationale should:

• Identify mathematical procedures required to solve this problem and how you used technology to help you solve it.
• Justify your choice of sources of income and expenses. You will need to justify the cost of airfares, accommodation, food and entertainment, including potential increases due to inflation, and the use of exchange rates to buy and sell foreign currency while on holiday and on their return.
• Evaluate the reasonableness of your solution by stating whether the family can afford the holiday based on your budget.
• Look at the strengths and limitations of your plan and discuss any necessary changes, for example, extra costs associated with travelling overseas not originally considered; changes to spending in the initial budget to assist with saving more money.
• Finally, you must list potential improvements to the budget.

Presentation and Communication of the Investigation

Communicate using appropriate language that refers to the calculations and tables included in previous sections.
Your response should be coherently and concisely organised using a mix of mathematical and everyday language.

The investigation must adhere to the following submission requirements:

•  Presented as a report using headings and questions in the previous section as a guide
•  Using the Harvard referencing system
•  All tables and graphs are to be appropriately labelled according to the Harvard Style Guide and imbedded in the final report – there are to be no appendix attachments
•  Only ONE document is to be submitted and it must be in PDF format via Turnitin.
•  You are to collect your own unique wage/salary values for Part C. 

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