FB 11 - Spending and Budgeting

Front

What is the formula to calculate the budget for transportation based on salary?

Back

Budget for transportation = Salary x Percentage allocated for transportation.

Front

If Landon's monthly salary is $1209 and he budgets 15% for transportation, how much is that in dollars?

Back

$181

Front

What are the two main components of a budget?

Back

Income and expenses.

Front

How do you determine how much to save each month for annual expenses?

Back

Divide the total annual expenses by 12.

Front

If Jacob has annual homeowner expenses of $2,598 for insurance and $156 for property tax, what is his total annual expense?

Back

$2,754.

Front

What is the monthly savings required for Jacob to cover his annual expenses?

Back

$229.50.

Front

What part of a budget should you consider reducing if you are spending too much?

Back

Entertainment.

Front

What is the 30% guideline in budgeting?

Back

It suggests that no more than 30% of your income should be spent on housing costs.

Front

If Allie has a weekly net income of $290, what is her monthly income?

Back

$1,160 (assuming 4 weeks in a month).

Front

If Allie's half of the rent is $300, how does this compare to the 30% guideline?

Back

She is under the guideline by $73.