Week 19-Monthly budget

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

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

• car payment

• gas 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.

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.

Which equation can be used to determine y, the minimum amount of money a family must earn to meet the requirements of this budget for one year?

• y = 3,600 × 12

• y = 3,600 ÷ 7

• y = 3,600 × 4

• y = 3,600 ÷ 52

The monthly budget for a two-adult family living in El Paso, TX is shown.

Both adults in the family work and earn the same amount in wages. Which equation can be used to determine x, the minimum amount each adult must earn to meet the requirements of this budget for one year?

• x = 4,405 • 12

• $x=\frac{4,405\ \cdot2}{12}$

• x = 4,405 • 12 • 2

• $x=\frac{4,405\ \cdot\ 12}{2}$

What is the Felicia family's minimum household budget?

• $3,160

• $3,750

• $4,349

• $4,158