In this exercise you will be learning how to set up a budget for two (2) different scenarios.1) choose two (2) from the list below and complete a monthly budget for each, including all expenses you would incur; i. e., rent, food, etc. a. married, 2 income family. you have a 4-year degree, your spouse does not have a degree. you have a total annual income of $80,000. you have three (3) children – 2, 6, 12.b. married, 1 income family. you have a 2-year degree, your spouse does not have a degree. you have a total annual income of $50,000. you have two (2) children – 5, 10.c married, 2 income family. neither partner has a degree. you have a total annual income of $40,000. you have no children. d. single. you have a 4-year degree. you have a total annual income of 65,000. you have four (4) children – 4, 6,8, 10.e. single. you have no degree. you have a total annual income of $35,000. you have no children. f. single. you have a 2-year degree. you have a total annual income of $55,000. you have no children.2) once you complete the budgets, complete a one page reflection essay explaining what you learned from the chapters discussing accounting and financing and these budgeting activities. explain how all of these will impact your finances the most..