Mathematics: Budget Planning and Event Management

The report concentrates on few mathematical issues in general life. It majorly focuses on an event and how an individual manages the cash to plan a party for their dear ones. It focuses on the proper budget planning, taxation planning, cost control etc which helps the individual to throw a better party for their dear and near ones.

Running Head: Mathematics
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Project Report: Mathematics

Mathematics
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Contents
Introduction.......................................................................................................................3
Event description..............................................................................................................3
Contextual statement........................................................................................................3
Introduction...................................................................................................................3
Research plan................................................................................................................3
Income and expenses....................................................................................................3
Budgeting statement.........................................................................................................7
Reflective statement..........................................................................................................9
References.......................................................................................................................11

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Introduction:
The report concentrates on few mathematical issues in general life. It majorly focuses
on an event and how an individual manages the cash to plan a party for their dear ones. It
focuses on the proper budget planning, taxation planning, cost control etc which helps the
individual to throw a better party for their dear and near ones.
Event description:
A surprise birthday planning has been done for the mother from the total savings
which has been saved from Jan 2018 to December 2018 from the teacher salary income. The
budget planning has been done that how much amount could be spent on the party and from
the available budget, how could be great party be thrown.
Contextual statement:
Introduction:
I have completed my high schools and preparing for a masters degree after it, I have
dream to teach masters level student. My main interest is to teach the children and make them
capable to meet the heights in their future. I see my career in the same filed and want to grab
more opportunities in the teaching line only.
Research plan:
The information about the teaching line and pay-scale has been taken from the pay
scale, 2018. My first job is a primary teacher in a primary school. The basic salary of mine is
AUD 62,139 annually which includes the bonuses and the allowances except the
superannuation funds (Pay-scale, 2018). I prefer to go by the public transport to the school
because of the convenience and the lower cost. I prefer to live an average life where I can
save few money for my future and live my present happily as well. I have chosen the average
lifestyle because of my childhood. I have seen various things in my childhood and thus the
savings is a good option for a better future as well I want to build my own home soon and for
that, I need savings.
Income and expenses:
The basic salary of mine is AUD 62,139 annually which includes the bonuses and the
allowances except the superannuation funds (Pay-scale, 2018). The fortnight income of the

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company is $ 2390 out of which the company has paid the tax amount. After the tax amount,
the fortnight income is $ 1948, from them $ 1872.2 has been spent on the personal expenses.
The total expenses of fortnight are $ 1872.20 and $ 1970.71 is saved for the future goals and
the sudden needs. The table of income tax expenses is as follows:
Calculate the tax
payable.
$62 139 – $37 000
Standard Method: Counting-on Method
62 ,139 -
37 000 25139
Explanation: Explanation:
Line up units under
units, tens under
tens etc.
Start from 37 000 and count up
Start from the right.
Units:9– 0 = 9 37 000 to 40 000 3 000
Tens: 3 – 0 = 3 40 000 to 60 000 20 000
Hundreds: 1 – 0 = 0 60 000 to 62 139 2 139
Thousands: 2 -0 is =2 Total 25139
Ten-thousands: 6-6=
0
Answer $25 139
Extra tax is 25 139 x
0.325
Standard Method: Lattice method:
25 139 x 1 2 5 0.6 0.09
0.325 5 0 2 0.7 0.08
75 4 1 0.1 0.07
8170.17
Explanation: Explanation:

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Ignore decimal
point.
Multiply by 5.
5 x 9 = Write 5 and
note 4
5 x 3 = 15, plus 4,
write 9 note 1
5 x 1 = 5, plus 1,
write 6
5 x 5 = 25, Write 5
and note 2.
5 x 2 = 10, plus 2,
gives 12. Write 12.
First row: 125.69
Multiply by 20, so
first by 10, and then
2.
Write 0 for the x 10.
2 x 9 = 18, Write 8,
note 1
2 x 3 = 6, plus 1,
write 7
2 x 1 = 2, so write 6 2
2 x 5 = 10, write 10.
Write 1 and note
1..etc
Second row: 502.78
Multiply by 300, so
first by 100, and
then 3. Write 00 for
the x 100
3 x 0 = 0 and so on
Similar: third row 7
541.175
Add the 3 rows:
8170.17

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Answer $8170.175
Total tax is $3572 +
$8170.175
$
11,742.18
Explanation: ……
Answer: $11,742.18
Salary after tax is $50,666.82
$62 139 – 11,472.18
= $50,666.82
Fortnightly income
is $50666.82
Standard method: 50666.82/26 = $ 1948.72 (Hildebrand, 2012)
.
26 ) 5 0 666.82
Explanation:
Find the thousands:
How many 26 s in 50
thousand?
1 thousand so write
1 above thousands
place. 26 thousand
from 50 thousand
leaves 24 thousands,
which converts to
240 hundred.
Find the hundreds:
We have 240
hundred, plus
another 6 hundred,
so 246 hundred.
26 x 9 = 234, so 9
hundred. Write the 9
in hundreds place.
104

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246 – 234 = 12, so
we have 1200 which
converts to 120 tens.
Adding the 6 tens,
we have 126 tens.
Find the tens:
4 x 26 = 104, so 4
tens. Write the 4 in
the tens place.
126-104 = 22, so
22tens left.
Convert to 126 units,
plus the original 0,
makes 126
Find the units.
4 x 26 = 104, so 4
units. Write the 4 in
the units place.
126 - 104 = 22, so 22
left.
Remainder is $ 22
which may be
ignored as we are
working in whole
dollars.
Fortnightly income
is $ 1948 (Cao, Feng, J
Wu, 2010)
In case of the event planning, the 3 main courses would be offered to around 20
guests at nearby restaurant. The restaurant would be decorated with the help of the balloons
and other decorative items. Restaurant employee’s help would be taken for the decoration and
birthday theme would be chosen. The restaurant security would take care about all the

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security issues and the safety of the guest. The cleaning would also be done by the restaurant
staff. Extra amount would be paid them in case of damages and etc cleaning.
The alternative of this plan could be a party at home where the decoration, cleaning
and all the security issues would be handled by me only and it would be quite hectic. The
party at restaurant is better option. The cost in both the cases would be as follows:
Party at
restaurant Party at home
Food
$
250
$
250
Drink
$
400
$
400
Entertainment
$
100
$
50
venue charges
$
50
Decorations
$
50
$
20
Security
charges
$
50
Cleaning
charges
$
80
$
50
Total Cost
$
930
$
820
Budgeting statement:
The yearly expenses and the savings of the business are as follows:
Fortnight budget
Fortnightly income $ 1,948 Payscale (2018)
Expenses (per
month) Amount Total References
Home
$
829.50
Rent $ 790.00 Real estate (2018)
Insurance $ 39.50
Transpiration
$
170.00
One way ticket $ 120.00 (see appendix 1)
Taxi $ 50.00 Numbeo (2018)
Utilities $

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192.70
Electric bills $ 70.29 Can star blue (2018)
Water bill $ 42.42 Team poly (2018)
Cell phone bill $ 30.00
Internet $ 50.00
Food
$
370.00
Groceries $ 270.00
See appendix 2Restaurants $ 100.00
Personal
$
180.00
Clothes $ 80.00
Numbeo (2018)
Grooming $ 50.00
Medical $ 50.00
Other
$
130.00
Gift $ 50.00
See appendix 3Entertainment $ 80.00
Total expenses
$
1,872.20
Total income
$
1,948
Savings
$
75.80
Annual
savings
$
1,970.71
(Burton, 2011)
Appendix 1
One way ticket $4
Two way tickets $8
Fortnight ticket prices $120
Appendix 2
Groceries per day $18
Restaurant twice in fortnight $100
Fortnight ticket prices $370
Appendix 3

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Gift (depends on the event) $50
Entertainment (once in
fortnight) $80
Fortnight ticket prices $130
(Russell, 2009)
The total cost we have for the event is $ 1970.71.
Reflective statement:
I enjoyed doing the assignment because of various new lessons and understanding
about the mathematics, logarithms and easier outcomes to reach over a result. The assignment
brief that the event required around $ 1000 for becoming a successful party and from the
entire calculations, it has been found that the total savings of individual in the entire year is $
1970.71. However, I am also looking for make the changes into the total expenses because of
lower savings.
While doing the assignment, it becomes bit tough to research on each of the expenses
of an individual. Because the motto and the choices of each individual is different and any
sudden requirement could take place in the life of an individual. Thus a perfect budget can’t
be prepared. While, various websites and articles were useful to get estimate an individual
expenses in the Australian market.
If the same time will be done by me in future then I will give more time to the task
and discuss it with the individuals who are living along and will ask them that how much they
can save in a year and why are they making effort to save the money. A possible
improvement could be done in my assignment in near future through focusing more on the
mathematical skills and few exemptions could also be taken from the income tax which has
been paid to the Australian government.
After completing this task, I dream to develop my skills in mathematics. It is an easy
and interesting subject to read and applies in the daily life of an individual. Through, the
entire assignment, I have got to learn various new methods, items and learning’s. Earlier, I
used to feel that mathematics is a tough subject and it is not easier to get a correct outcome in
mathematics. But after applying the standard and lactic methods in the addition, subtraction,
multiplication and divide process, it has been found that it is very easy for an individual to
understand the concepts of mathematics and apply them in the routine life to manage the
funds and other activities of routine life.

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References:
Burton, D. (2011). The history of mathematics: An introduction. McGraw-Hill Companies.
Canstar Blue. (2018). Average electricity bills. Retrieved from:
https://www.canstarblue.com.au/electricity/average-electricity-bills/
Cao, Y., Feng, J., & Wu, P. (2010). Preparation of organically dispersible graphene nanosheet
powders through a lyophilization method and their poly (lactic acid)
composites. Carbon, 48(13), 3834-3839.
Hildebrand, F. B. (2012). Methods of applied mathematics. Courier Corporation.
Numbeo. (2018). Cost of living. Retrieved from:
https://www.numbeo.com/cost-of-living/country_result.jsp?country=Australia
Pay-scale. (2018). Prime school teacher salary. Retrieved from:
https://www.payscale.com/research/AU/Job=Primary_School_Teacher/Salary
Real estate review. (2018). Rent for 1 bedroom. Retrieved from:
https://www.realestateview.com.au/real-estate/houses-for-rent/1-bedroom/
Russell, B. (2009). Principles of mathematics. Routledge.
Team poly. (2018). Water prices in Australia. Retrieved from:
https://www.teampoly.com.au/2018/06/15/water-prices-in-australia/