Vocabulary
Fixed Expense
An expense that stays the same each month
Blake gets a weekly allowance. She saves $5.06 each week, donates $3 to the public library, and spends $15.99 for personal expenses. How much is Blake's weekly allowance?
$24.05
Liliana paid $73.22 every month for her phone plan.
Layna paid $45.32 in January, $16.23 in February, and $28.99 in March for her phone plan.
What kind of expenses are each girl's cell phone bills? Why?
Liliana: Fixed because it stays the same each month.
Layna: Variable because it changes each month.
Variable Expense
Expenses that change each month
Fredrick is making a table allocating his weekly allowance between saving, spending and sharing. In which column should he list the money he used to purchase a sandwich?
Spending
Jackson is selling dragon sculptures.
-He buys 7 packs of clay for $9 each.
-He also buys 20 bottles of paint for $0.50 each.
He made $78.02 for his dragons. Did Jackson make a profit or a loss, how much was it?
$12.02
Financial Institution
The bank
The list below shows the amounts Emilio spends each month.
-$645 per month for mortgage
-$497 per month on his car payment and car insurance
-about $395 per month on food and cleaning supplies
-between $120 and $175 per month for the electric and water bill
-$127 per month for his cell-phone plan
What is Emilio's total fixed expenses?
$1,269
Hoyt is catching snakes. He spends $25.04 on a net and $8.48 on golves. He is paid $13 for each snake that he catches. He catches 37 snakes during the week.
What was Hoyt's profit?
$447.48
Profit (and formula)
The money you make after your expenses
(Profit= Income-Expenses)
Last month, Braxton earned money pulling weeds for a neighbor.
-He spent $14.75 on gloves and $11.38 on a hat for protection.
-He earned a total of $113.20 for his labor.
What was Braxton's profit?
$87.07
Ari bought a Pig for $285 to show at the fair. He spent $63 a month on pellets to feed him for a year, AND He had a Vet bill for $437. Ari made the Auction and sold for $1,658. Calculate the total expenses to determine whether or not he made a profit or a loss and how much it was.
What were the expenses?
What is the total expenses?
What was the income from the auction?
Did he make money or lose money?
What was the profit or loss?
Profit: $617
Lending
Letting someone borrow money and they will pay it back (usually with interest)
Hunter has a business selling marble art.
-He buys 37 bags of marbles for $4 each
He makes $495.33 selling his marble art at the craft fair. What was his profit?
$347.33
Jalen's monthly expenses are listed below:
-$322.28 for groceries
-$33.23 for his internet bill
-$2,002 for his mortgage
-$231 for sporting events
How many more dollars did Jalen spend on his fixed expenses than his variable expenses?
$1,481.95