Income
What is income?
Money you earn or receive.
What is an expense?
Money you spend.
What is savings?
Money you keep for future use.
If a person gets paid $20 per hour, how much money will they make in 4 hours?
$80
Is a cell phone bill a fixed expense or a variable expense?
Fixed expense.
Why should people save money?
For goals and emergencies.
If you make $7 per hour, how much will you earn in 8 hours?
$56
What is the difference between fixed and variable expenses?
Fixed stays the same; variable changes.
What is an emergency fund?
Money set aside for unexpected expenses.
A person earns $9 per hour. If they work for 5 hours, how much will they make?
$45
Is food a fixed or variable expense? Why?
Variable, because it changes each day.
If you save $10 per week, how much do you save in 1 month (4 weeks)?
$40
A person earns $50/week. How much do they earn in 4 weeks?
$200
: A student spends $20 on snacks, $30 on food, and $10 on transport. What is their total expense?
$60.
If you save $20 per day, how much will you save in 5 days?
$100