Can someone help me with this I am very confused
When managing a business, it is important to take inventory of where your money is spent. You have a monthly budget of $5,000. Refer to the table below and answer the questions that follow. Round your answers to the nearest tenth of a percent.
Category Cost Percentage
Labor $1,835
Materials 18%
Rent/utilities 25%
Miscellaneous $1,015
Total $5,000 100%
What percentage of the total monthly budget is spent on labor?
What percentage of the total monthly budget is spent on miscellaneous items?
How much do materials cost monthly?
How much do rent and utilities cost monthly?
TOTAL MONTHLY BUDGET IS SPENT ON LABOR IS 36.7%
TOTAL MONEY SPET ON MSCELANEOUS ITEMS IS 20.3%
6. When managing a business, it is important to take inventory of where your money is spent. You have a monthly budget of $5,000. Refer to the table below and answer the questions that follow. Round your answers to the nearest tenth of a percent.
Category Cost Percentage
Labor $1,835
Materials 18%
Rent/utilities 25%
Miscellaneous $1,015
Total $5,000 100%
a) What percentage of the total monthly budget is spent on labor?
b) What percentage of the total monthly budget is spent on miscellaneous items?
c) How much do materials cost monthly?
d) How much do rent and utilities cost monthly?
To find the answer to these questions, it's helpful to understand how to calculate percentages.
1. What percentage of the total monthly budget is spent on labor?
To calculate the percentage, you divide the cost of labor by the total monthly budget and then multiply by 100.
Percentage spent on labor = (Cost of labor / Total monthly budget) * 100
In this case:
Cost of labor = $1,835
Total monthly budget = $5,000
Percentage spent on labor = ($1,835 / $5,000) * 100
2. What percentage of the total monthly budget is spent on miscellaneous items?
Similarly, you divide the cost of miscellaneous items by the total monthly budget and then multiply by 100.
Percentage spent on miscellaneous items = (Cost of miscellaneous items / Total monthly budget) * 100
In this case:
Cost of miscellaneous items = $1,015
Total monthly budget = $5,000
Percentage spent on miscellaneous items = ($1,015 / $5,000) * 100
3. How much do materials cost monthly?
To find the cost of materials, you can either use the given percentage or calculate it using the total monthly budget.
- Using the given percentage: Multiply the total monthly budget by the percentage allocated to materials and divide by 100.
Cost of materials = (Total monthly budget * Percentage allocated to materials) / 100
In this case:
Total monthly budget = $5,000
Percentage allocated to materials = 18%
Cost of materials = ($5,000 * 18) / 100
4. How much do rent and utilities cost monthly?
Similarly, you can use the given percentage or calculate it using the total monthly budget.
Cost of rent and utilities = (Total monthly budget * Percentage allocated to rent/utilities) / 100
In this case:
Total monthly budget = $5,000
Percentage allocated to rent/utilities = 25%
Cost of rent/utilities = ($5,000 * 25) / 100
Now you can plug in the numbers into these formulas to find the answers to each question.