Personal and Family Budgets

What two things does a budget compare?

• Income and Expenses
• Savings and Interest
• Income and Investments
• Expenses and Expenditures

Variable expenses may not be the same every month.

• True
• False

Tags

CCSS.7.EE.B.4

Expenses that stay the same every month are _________ expenses. Rent would be an example.

• fixed
• discretionary 
• variable
• intermittent

The mortgage payment and the car payment are examples of which of the following?

• variable expenses
• assets
• zero-based budgeting
• fixed expenses

Which of the following is an example of a variable expense?

• car payment

• petrol for your car

• student loan for college

• insurance

Phoebe earns $900 a month. The table shows her monthly budget. Which statement is supported by the information in the table?

• Phoebe spends 10% of her monthly budget on clothes.

• Phoebe spends less than 15% of her monthly budget on her cell phone bill.

• Phoebe uses more than 20% of her monthly budget for college savings.

• Phoebe uses more than 50% of her monthly budget on her car payment and food.

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CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

In Jamie's monthly budget, each category is assigned a certain percentage of his monthly income of $2,250.

Which statement is NOT supported by the information in the table?

• Jamie puts $360 of her monthly income into savings.

• Less than $900 of Jamie's monthly income is for his house payment and life insurance.

• Jamie budgets $485 of her monthly income for telephone, utilities, and emergencies

• More than $530 of Jamie's monthly income is for his car payment and car insurance.

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CCSS.7.EE.B.3

CCSS.7.RP.A.2

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Ryan would like to save 15% of his take-home pay towards retirement. How much should he save each month if he makes $5,000 each month?

• $750

• $75,000

• $1125

• $75

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CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

If Ryan's take-home pay is $3600, what percentage does he pay for rent if rent is $900.

• 25%

• 4%

• 0.04 %

• 0.25 %

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CCSS.7.RP.A.2

CCSS.7.RP.A.3

If Sonya works 160 hours in one month, what is her average hourly wage to meet the budget of $3250? Round to the nearest cent.

• $18.62
• $20.31
• $23.42
• $24.14

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CCSS.7.EE.B.3

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CCSS.7.NS.A.3