4.4.3 Quizizz: Analyzing Budget Sheets

Put the steps in order to start setting up a budget:

• Build your Budget

• Check your Account Statements

• Categorize your Expenses

Check Your Account Statements: Looking at your accounts will help you identify your ​ (a)   patterns. Your spending will consist of both ​ (b)   expenses and variable expenses. Fixed expenses are​ (c)   likely to change from month to month. You'll have more room to ​ (d)   variable expenses like food, clothing and travel.

• spending
• fixed
• less
• adjust
• variable
• fixed
• more
• constant

1. Categorize Your Expenses:

Begin by grouping your expenses into different ​ (a)   . Categorizing your expenses will help you not only track how much you’re ​ (b)   , but also see where your money is ​ (c)   . It is important to analyze your expenses by breaking them down into needs, ​ (d)   and savings/debts.

• categories
• spending
• wants
• going
• staying
• investing
• saving

After categorizing your expenses, the next step to consider is creating a budget. A budget can help you take actionable steps to reduce your spending where necessary.  A common strategy is the 50/30/20 budget.

• True

• False

Match the categories of the 50/30/20 Budget Model.

• 20%

• Needs

• 30%

• Future/Savings

• 50%

• Wants

Match each type of expense with it's description.

• Living/Variable Expenses

• They can vary from month to month. Ex: Food, Utilities, Pocket Money

• Annual Expenses

• Expenses that occur once a year. Ex: Real Estate Taxes or Life Insurance

• Fixed Expenses

• They DO NOT change from month to month. Ex: Rent or Car Payment

Monthly share of Annual Expenses = (a)   ​ ÷ ​ (b)  

• Annual Expenses
• 12
• Monthly Expenses
• Weekly Expenses
• 24
• 52

Total Monthly Expenses Formula = Monthly Living Expenses + Monthly Fixed Expenses + Monthly Share of Annual Expenses

• True

• False

Tags

CCSS.6.EE.B.6

Calculate the monthly share of annual expenses and then find the total monthly expenses.

Annual: $2,640.00

Living: $944.00

Fixed: $1,560.00

Tags

CCSS.6.RP.A.3B

Calculate the monthly share of annual expenses and then find the total monthly expenses.

Annual: $5,680.00

Living: $3,682.00

Fixed: $2,368.00

Tags

CCSS.7.EE.B.3