Personal Budget

Is a cell phone bill a fixed or variable expense?

• Fixed

• Variable

• Both fixed and variable

• Neither fixed nor variable

A loan payment is a fixed expense.

• True

• False

Every month, Jack’s mother pays the following expenses: the house payment, the club membership, the car payment, and the cost of food. Which is a variable expense?

• the house payment

• the cost of food

• the club membership

• the car payment

Mario paid off his car loan this year. His payments were $259 a month for each of the first 8 months. The last payment, in the ninth month, was $125. Are the payments Mario paid during the first 8 months fixed or variable?

• Fixed, because the amount did not change from month to month

• Variable, because the amount changed from month to month

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CCSS.5.OA.B.3

$10 from your favorite aunt for your birthday

• Income

• Expense

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Donate $15 to the Animal Humane Society

• Income

• Expense

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CCSS.6.NS.C.5

$5 for cleaning my room all week

• Income

• Expense

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CCSS.6.NS.B.3

Put $20 in my savings

• Income

• Expense

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CCSS.6.NS.B.3

Loaned $12 to my brother

• Income

• Expense

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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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