Chapter 3 Recordkeeping Review

Front

What is recordkeeping?

Back

Recordkeeping is a way for you to manage your money by keeping track of items you spend money on during a period of time.

Front

How do you calculate average monthly expenditure?

Back

To calculate average monthly expenditure, sum all monthly expenses and divide by the number of months.

Front

If the Browns' monthly living expenses average $617, fixed monthly expenses average $1,108, and monthly share of annual expenses average $318, what is their expected monthly spending?

Back

$2,043

Front

What is a budget sheet?

Back

A budget sheet is a financial document that outlines expected income and expenses over a specific period.

Front

How do you find the average of a set of numbers?

Back

Add all the numbers together and divide by the total count of numbers.

Front

If the Hassan's average monthly living expenses are $912, fixed monthly expenses average $1,457, and annual expenses are $3,078, what is their expected monthly spending?

Back

$2,625.50

Front

What is the formula for calculating average expenses?

Back

Average Expenses = (Total Expenses) / (Number of Months)