Vocabulary
Things you must have, such as food are called...
Needs
Would eating out be considered a need or a want?
$721.38 + $378.43 =
$1,009.81
Suppose you want a guitar. It costs $756. About how much would you have to save every month for 6 months to be able to buy a guitar?
You would have to save $126.00 per month.
Would rent be considered a fixed or variable expense?
Rent would be a fixed expense.
Services such as electricity, gas, water, and heat are called...
Utilities
Would toothpaste be considered a need or want?
Toothpaste would be considered a want.
$287.56 - $38.27 =
$249.29
The new set of tires you will need for your car costs $320. You have $80 saved. How much will you need to save each month to buy tires in 3 months?
You would need to save $80 per month.
Would clothing be considered a fixed or variable expense?
Clothing would be considered a variable expense.
Things you would like, but can do without are called...
Wants
Would rent be considered a need or a want?
Rent would be considered a need.
$412 x $35 =
$14,420
You want a $300 couch as soon as possible. How much would you have to save every month for 5 months to afford the couch?
You would have to save $60 each month.
Would your car payment be considered a fixed or variable expense?
Expenses that are the same from week to week are called...(2 words)
Fixed Expenses
Would groceries be considered a need or a want?
Groceries are a need.
$3.62 x $21 =
$76.02
Tracy has $34.02 left for savings.
Would your car insurance be considered a fixed or variable expense?
Your car insurance would be a fixed expense.
Expenses that change from week to week or month to month are called...(2 words)
Variable Expenses
Would nail polish be considered a need or a want?
Nail polish would be a want.
$30,100 / 35 =
$860
If your income were $998.00, how much more would you need to pay $1,160.81 in expenses?
I would need $162.81 more.
Would electricity be considered a variable or fixed expense?
Electricity is a variable expense. The more you use, the more you pay.