Financial Literacy - 7th Grade TEKS 13B

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

Front

How do you calculate a percentage of income?

Back

To calculate a percentage of income, multiply the total income by the percentage (in decimal form). For example, 20% of $1,000 is $1,000 x 0.20 = $200.

Tags

CCSS.6.RP.A.3C

Front

What is the purpose of savings in a budget?

Back

Savings are set aside for future needs or emergencies, helping individuals achieve financial security and reach long-term goals.

Front

If Lauren's monthly income is $2,250 and she saves 16%, how much does she save?

Back

$360 (calculated as $2,250 x 0.16).

Tags

CCSS.6.RP.A.3C

Front

What is the formula to find the percentage of a specific expense in a budget?

Back

(Expense Amount / Total Income) x 100 = Percentage of Income.

Front

If Steve's car payment is $428 and his monthly income is $2,675, what percentage of his income goes to the car payment?

Back

16% (calculated as ($428 / $2,675) x 100).

Front

What is the significance of tracking expenses in a budget?

Back

Tracking expenses helps individuals understand their spending habits, identify areas to cut costs, and ensure they stay within their budget.

Front

If Allan spends $1,280 on rent and groceries from a $3,200 income, what percentage does he spend on these categories?

Back

40% (calculated as ($1,280 / $3,200) x 100).

Front

What are fixed expenses?

Back

Fixed expenses are costs that do not change from month to month, such as rent or mortgage payments.

Tags

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

Front

What are variable expenses?

Back

Variable expenses are costs that can fluctuate each month, such as groceries, entertainment, and utilities.