Creating A Balanced Budget

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Let’s Learn!

I can develop a system to keep and use financial records

and balance a simple budget.

Multiple Choice

How much does Lisa earn planting flowers?

• $25.96

• $16.25

• $12.00

• $35.67

​Learning Objective

​I can develop a system to keep and use financial records and balance a simple budget.

Created by HISD Curriculum using Google Slides

Let’s review our vocabulary.

Budget

A plan used to decide
the amount of money
that can be spent and
saved for a given
period of time.

Balanced Budget

When expenses are
equal to income; also
known as a zero
budget; extra money
not spent on itemized
expenses can be
allotted to savings in
order to balance a
budget.

​Surplus: Extra money left over after expenses, income is greater than expenses.

​Deficit: Spent more than you made, expenses are greater than income.

Created by HISD Curriculum using Google Slides

Guiding Question:

What is a balanced budget?

Created by HISD Curriculum using Google Slides

What is a balanced budget?

A budget is a spending plan that helps people make responsible decisions about spending
and saving money. A balanced budget is when expenses are equal to income. Look at the
example of a budget below. What do you notice? What do you wonder?

We notice that William has 4 sources of income, which is money he is earning. We also
notice that he has four expenses. We also notice that we don’t know William’s total income or
total expenses.

Image by HISD Curriculum using Microsoft Word

Created by HISD Curriculum using Google Slides

What questions can we answer from William’s budget?

1.

What is William’s total income for the month?

2.

What is William’s total expenses for the month?

3.

Did William create a balanced budget?

4.

If not, how much more money does William need to pay for all of his expenses?

Let’s answer our first question.

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Fill in the Blanks

What is William’s total income for the month?

Fill in the Blanks

What is William’s total expenses for the month?

Multiple Choice

Did William create a balanced budget?

• Yes

• No

• Maybe

Fill in the Blanks

If not, how much more money does William need to pay for all of his expenses?

(What is the difference between income and expenses?)

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What is William’s total expenses for the month?

We can find William’s total expenses by adding the money he spent on savings, snacks,
movies, and donations. Let’s generate our equation and solve.

e = $20.00 + $26.38 + $25.75 + $16.50

e = $88.63

William’s monthly expenses were $88.63.

Did William create a balanced budget?

Image by HISD Curriculum using Microsoft Word

Created by HISD Curriculum using Google Slides

Your Turn!

Go to the “Let’s Practice” activitynext.

First lets sort between income and expenses.

​Purchasing a PlayStation for $554.74.

Earned $25 per lawn and mowed a total of 15 lawns this month.

Got $15 per hour babysitting and baby sat total of 16 hours this month.

Parents gave me my $100 monthly allowance.

Bought a game for $64.35

Put $50 in savings.

Was gifted $200 from birthday cards from family.

Paid $27.19 for my BBF birthday gift.

Fill in the Blanks

What was the total income for the month?

Fill in the Blanks

What was the total expenses for the month?

Multiple Choice

Did you have a surplus or deficit in your budget?

• Surplus

• Deficit

Fill in the Blanks

What was the surplus?

Multiple Choice

How much does Lisa earn planting flowers?

• $25.96

• $16.25

• $12.00

• $35.67

Multiple Choice

Which expression shows how to find the amount of money Lisa has in available funds after she buys orange juice?

• $12 + $2.29

• $25.96 − $2.29

• $9.71 − $2.29

• $12 − $2.29

Multiple Choice

Lisa wins a $25-door prize at a party on August 5. She spends $5.40 for new markers on August 6 and $18 for a soccer ball on August 7. What are her available funds now?

• $21.31

• $15.91

• $39.31

• $33.91

Multiple Choice

Jacob starts June with $20 in available funds. He earns $30 for mowing lawns and gets an allowance from his parents. His expenses for the month were $20.65. If Jacob ends the month with $44.35 in funds, what is his monthly allowance?

• $30.00

• $15.00

• $44.35

• $45.00

Multiple Choice

The chart shows Micah’s finances during the first week in May. He earns $25 for babysitting on May 8. He buys another book on May 12 for $9.49.

How much does Micah have in available funds now?

• $36.54

• $27.05

• $15.51

• $17.56

Multiple Choice

How much does Heather spend on advertising?

• $28.99

• $5.02

• $16.25

• $23.75

Multiple Choice

What is the difference between Heather’s expenses and her earnings?

• $5.02

• $21.27

• $2.77

• $7.72

Multiple Choice

Which expression shows how to find the amount in available funds after Heather sells some pies on June 3?

• $26.74 − $18.50

• $18.50 + $26.74

• $45.24 − $26.74

• $45.24 + $26.74

Multiple Choice

Heather sells cookies for $14.85 on June 6. She spends $8.99 for packing supplies on June 7 and $5.19 for ribbon on June 8. What are Heather’s available funds now?

• $5.69

• $0.67

• $19.87

• $5.86