QuestionCalculate the variance for each budget item: Food ($360$ vs $298$), Transportation ($320$ vs $334$), Housing ($950$ vs $982$), Clothing ($110$ vs $134$), Personal ($275$ vs $231$). Indicate deficit or surplus.

Studdy Solution
Now, let's determine whether each variance is a deficit or a surplus. If the variance is positive, it is a surplus. If it is negative, it is a deficit.
For "Food", the variance is \$62, which is positive. Therefore, it is a surplus.
For "Transportation", the variance is -\$, which is negative. Therefore, it is a deficit.
For "Housing", the variance is -\$32, which is negative. Therefore, it is a deficit.
For "Clothing", the variance is -\$24, which is negative. Therefore, it is a deficit.
For "Personal", the variance is \$44, which is positive. Therefore, it is a surplus.