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Personal and Family Budgets

Personal and Family Budgets

Assessment

Flashcard

Mathematics

7th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

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15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a personal budget?

Back

A personal budget is a plan that outlines an individual's or family's expected income and expenses over a specific period, helping to manage finances effectively.

2.

FLASHCARD QUESTION

Front

What are fixed expenses?

Back

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

3.

FLASHCARD QUESTION

Front

What are variable expenses?

Back

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

4.

FLASHCARD QUESTION

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, 15% of $5,000 is $5,000 x 0.15 = $750.

5.

FLASHCARD QUESTION

Front

What is the purpose of saving for retirement?

Back

The purpose of saving for retirement is to ensure financial security and stability in later years when one may no longer be working.

6.

FLASHCARD QUESTION

Front

What is the difference between income and expenses?

Back

Income is the money received, typically from work or investments, while expenses are the costs incurred for goods and services.

7.

FLASHCARD QUESTION

Front

What is a budget surplus?

Back

A budget surplus occurs when income exceeds expenses, allowing for savings or investment.

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