Review: U4L1-U4L5 Budgeting

According to the 50/30/20 rule, if your monthly income is $3,000, how much should you allocate to needs (essentials)?

• $1,000

• $1,500

• $900

• $600

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CCSS.7.EE.B.3

CCSS.7.RP.A.1

CCSS.7.RP.A.2

CCSS.7.RP.A.3

What percentage of your income should be allocated to wants (non-essentials) according to the 50/30/20 rule?

• 50%

• 30%

• 20%

• 10%

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CCSS.7.RP.A.2

CCSS.7.RP.A.3

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

• Groceries

• Entertainment

• Rent

• Dining out

• $350

• $375

• $400

• $425

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CCSS.7.EE.B.3

CCSS.7.NS.A.3

What is the formula to calculate an average?

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CCSS.6.SP.A.3

CCSS.6.SP.B.5

According to the 50/30/20 rule, if your monthly income is $4,000, how much should you allocate to savings or debt repayment?

• $800

• $1,200

• $2,000

• $400

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CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

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

• Mortgage payment

• Car loan payment

• Utilities

• Insurance premium

If your monthly income is $5,000, how much should you allocate to wants according to the 50/30/20 rule?

• $1,000

• $1,500

• $2,500

• $3,000

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CCSS.7.RP.A.1

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Which of the following is NOT a key concept of the 50/30/20 rule?

• 50% to needs

• 30% to savings

• 20% to wants

• 20% to savings or debt repayment

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CCSS.7.RP.A.3

Monthly expenses that do NOT change (same amount every time).

• Fixed Expenses

• Variable Expenses

• Liabilities

• Cash Flow