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DISCOVERY LEARNING

DISCOVERY LEARNING EXERCISE 1: PERSONAL BUDGET

Jacklyn Dougherty



DISCOVERY LEARNING EXERCISE 1: PERSONAL BUDGET Jacklyn Dougherty
DISCOVERY LEARNING EXERCISE 1: PERSONAL BUDGET

  1. Explain your budget.Why did you make the choices you made?Cite at lea stone article from your research that you conducted while making your budget that illustrates sound reasoning. My personal budget will be a reflection of my earnings from my job as a music teacher. My current salary is $20.00 a half hour. My anticipated salary when I finish my education is $60.00 a half hour. I am budgetinging for all of my expenses and as a student I will be able to save some money. https://musiclab.co/blog/2019/08/16/9-tips-for-starting-a-music-school/

  2. What is your evaluation of your estimated bud gete dr evenue and expenses for the month and for the year? At this current time, I am estimating my budget on ten students a half hour per student, per week. If this is the case, I will be able to have my own personal budget a estimated budgeted revenue of $200.00 weekly, $800.00 monthly, and 9,600.00 monthly. My estimated budgeted expenses for the month and for the year are budget lower for the month and year at this time. Currently I am using my parent home for my space, as my instrument teaching and practice space. So at this time I don’t have a rent. However I check locate small office rentals and the cheapest cost would be $350.00 per month including utilities, internet access, security, parking. I am using my personal cell phone for all of my business phone calls, which cost $45.00 a month. I have the piano, violin, viola and cello and all the necessary books. So at this time I am not paying for any of these expenses. However I do have a print out sheets for sheets to log their practice times weekly. The printing cost will be a weekly time expense. The budget for printing is $5.00 weekly, $20.00 monthly, and $240.00 yearly. I also have a monthly and yearly budget for other expenses as instrument repairs, tuning and strings. Strings are every six months and tuning is once a year. The strings repairs expenses are $50.00 every six months and $100.00 yearly. The tuning expenses are $100.00 every year. One other expense that I have that is in my budget is my Google scheduler is cost $10.00 a month and $120.00 a year. This is used to schedule all of my students appointments. Advertisement I currently hand out business cards when passing a parent or speaking to people in the community. I order 500 cards and they are paid for by the month at $8.00, $96.00 yearly.

  3. What Could Do to Change The Forecasted Income,expenses,andnetincome or loss for the periods? This forecasted just happen last month in real time. I had to deal with the loss of income, when a student does not show up for a lesson, I have handled this by emailing all of my students to see if they are interested in taking a lesson each week. I put in place a Google schedule where the student parents can schedule their own lessons. This has worked well for me and my business as their is no cancels, no refund. If the student does not show up for a lesson they are considered not showed, but I still get paid for the lessons. My goal is to keep using my parents home and continue to grow my business. To help with extra income. I have taken a job teaching music at a local music school once a week. This provides extra income and also I get a discount on my instrument repairs, strings, tuning.

  4. If you were a hotel General Manager, what would your requirements be to your department managers to increase the bottom-line profits by the end of the year? My main goal as General Manager would be to increase revenue, This could be done in a number of ways. One way is providing promotions to the guests of the hotel, having them book their next stay for the following year at the time of their departure. Providing a 'welcome back' promotion to return guests who have not returned in the past year. Another way would be providing great customer service to all the guests. Allowing the guest to use the internet for free and asking them to leave a comment on tripadvisor and all social media.

  5. How can this type of an alysis and planning help are venue management team? The analysis I have done will help the revenue management team by allowing them to determine the demand of a hotel and the availability of the rooms. This is a big part of revenue management. Use of social media will help in the social media component of the analysis. Bring in more customers and keep them coming back by providing them with a great experience

  6. What steps could you take toch ange the forecasted income,expenses,and net income or loss for the periods if your personal budget were a hotel budget? The analysis I have done will help in forecasted income I could have done this by

adding up the total income and expenses. The net income or loss is forecasted to be a positive I think if I was a hoteliers the best way to increase income would be to increase

the number of guests by advertising and using social media. This could help with music lessons to by including music lessons in the price or advertising more to get more client students.

“9 Tips for Starting a Music School.” Music Lab Schools, musiclab.co/blog/2019/08/16/9-tips-for-starting-a-music-school/. Accessed 6 Sept. 2023.


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