Budgeting

What is a budget?

• An organized, detailed list of all income and expenses

• A truck you can rent for moving and hauling things

• How much money you have left after expenses

• How much money you make from your job or investments

What is income?

• Money you receive from your employer for working and/or money you receive through investments (savings, bonds, stock)

• A type of place to live

• Essential services such as water, electricity, and trash

• Money you have leftover when you subtract expenses from your savings

What is savings?

• Money you have remaining after subtracting your expenses from your income

• Money you have remaining after subtracting income from your investments

• Money you have to spend all at one time on fixed and variable expenses

• Money that you won from winning the Powerball

Tags

CCSS.6.RP.A.3B

What are examples of fixed expenses?

• Rent, car insurance, home insurance, phone bill

• Gasoline, restaurant bill, new tires

• Stocks and bonds

• Paychecks and taxes

What are examples of variable expenses?

• Restaurant bill, new socks, new suit, car repair bill

• Rent, phone bill, car insurance, home insurance

• 3x + 5 = 14

• Money taken out of your paycheck and placed into bonds

What is your savings if your income is $1,000 and your expenses are $582?

• $418

• $1,582

• $0

Tags

CCSS.7.EE.B.3

If your income is $1,200 and your expenses are $800, would you have enough in savings to pay for a $500 medical bill?

• No, I would be $100 in debt.

• No, I would $2,300 in debt.

• Yes, I would have $100 remaining.

• Yes, I would have $1,500 remaining.

Tags

CCSS.7.NS.A.1C

You have an income of $2,000 with fixed expenses of $1,400 and variable expenses of $300. What would be the best way to increase your savings?

• Try to reduce your variable expenses

• Try to reduce your fixed expenses

• Not pay your bills

Tags

CCSS.6.NS.B.3

Your yearly salary is $48,000. How much will you receive in salary per month before taxes?

• $4,000

• $2,000

• $12,000

• $400

Tags

CCSS.5.NBT.B.6

CCSS.6.NS.B.2

Your yearly salary is $104,000. How much would you receive a week on your paycheck before taxes?

• $2,000

• $1,000

• $4,000

• $8,667

Tags

CCSS.6.RP.A.3B