Mastering Your Personal Budget

What is the first step in creating a personal budget plan?

• Spend money on entertainment

• Identify your income sources

• Buy groceries

• Pay off all debts

Which of the following is a fixed expense?

• Groceries

• Rent

• Dining out

• Clothing

• $250

• $300

• $350

• $400

Tags

CCSS.7.NS.A.3

Which category would a gym membership most likely fall under in a budget?

• Fixed expenses

• Variable expenses

• Discretionary expenses

• Income

• $100

• $150

• $200

• $250

Tags

CCSS.7.EE.B.3

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

• Mortgage payment

• Utility bill

• Car insurance

• Internet subscription

How would you categorize an unexpected car repair in your budget?

• Fixed expense

• Variable expense

• Emergency fund

• Income

• $250

• $300

• $350

• $400

Tags

CCSS.3.OA.D.8

What is the purpose of categorizing expenses in a budget?

• To increase spending

• To track and manage spending

• To avoid paying bills

• To reduce income

If your monthly income is $1,000 and you want to save 20% of it, how much should you save?

• $100

• $150

• $200

• $250

Tags

CCSS.6.RP.A.3C