Minimum Household Budget

What is the Felicia family's minimum household budget?

• $3,160

• $3,750

• $4,349

• $4,158

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

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

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.

The Bowmans have a monthly income of $5,000. Which expense makes up 20% of their budget?

• Mortgage

• Food

• Utilities

• Retirement Savings

Tina earned $15 doing laundry and $9 washing the car last month. She created a balanced budget for her earnings. Which table could show Tina’s budget?

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If you were to split the cost of rent with your roommate, and rent was $1054 per month. How much will be your share?

• $527

• $345

• $762

• $545