Unit 1

Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT...

• Cell phone plan

• Rent

• Clothing

• Renters insurance

The two main portions of a budget are...

• the money coming in (income) and the money you're spending (expenses)

• the money coming in (expenses) and the money you're spending (income)

• the cash you are spending in stores and the bills you are paying online

• the items you want to buy and the money you need to save for retirement

Why is it important to be able to decide if an item is a NEED or a WANT?

• Needs are worth spending money on, but you should never spend on a want

• Needs can be very expensive, but wants are usually far less expensive so you don't need to keep track of them

• You cannot create a budget that has both needs and wants included -- you need them each in a separate budget

• When you budget, you should make sure all your needs are met first, then you can decide to spend on wants

Ethan is considering updating his cell phone plan to include unlimited data. In which situation could unlimited data be a NEED for Ethan?

• He loves watching movies, so now he needs the data

• Unlimited data will allow him to play video games with his friends even when he's not at home, and he LOVES video games

• He has so many social media accounts, and he needs to be able to check them throughout the day, even while in school

• He has an hour-long bus ride each direction to and from school, and he needs that time to complete homework and submit it all online

Justine's part-time job pays her $8 per hour. She works for 10 hours this pay period. How much is her gross pay?

• $8

• $80

• $320

• $80 plus taxes

Tags

CCSS.3.OA.D.8

• $50

• $200

• $250

• $450

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CCSS.7.EE.B.3

Why should you use your NET pay when creating a budget?

• Your net pay will always be higher, so you'll have more money to spend

• Your net pay is a more accurate picture of how much money you have available to spend or save

• Your employer knows what your gross pay is, but you only know what your net pay is

• Once you have your net pay, you can figure out how much to deduct in taxes, and then you can do your budget

Three of these items represent services provided by the federal government using taxpayer money. Which one represents a personal expense instead?

• Military protection

• Medicare and Medicaid

• Auto insurance

• Public School Education

Who has to pay taxes to the US government?

• Every citizen, regardless of their age or working status

• Every person or company that earns income in the US

• Anyone who owns a home or attends a public school

• No one has to - taxes are a voluntary program

Kylie plans on using the 50/30/20 rule for budgeting. How will she split her budget?

• 50% needs, 30% wants, 20% savings

• 50% budget, 30% needs, 20% wants

• 50% saving, 30% needs, 20% wants

Tags

CCSS.6.RP.A.3C