Expense Category
What expense category does a toothbrush go in?
Personal Hygiene/Personal Needs
You make $2500 per month. How much can you afford to spend on rent?
(hint housing should be 35% of your budget)
$875
money you earn from different sources (money, job, birthday, etc.)
(money coming IN)
income
Bob works at CVS 10 hours per week making $15.00 per hour. What is his weekly income?
$150.00
True or False: It is a good idea to create a budget.
True
You are putting $100 away every month to save it. Which expense category is this?
Savings
What percent of your budget should go into your savings every month?
10%
money you spend or give away
expense
Susan works at Boston Tavern making $16.50 per hour. She works 20 hours per week. What is her weekly income?
$330.00
What is a need? Give an example.
Something you must have in order to survive.
You have to pay your cell phone bill. Which expense category would you pay it from?
Utilities/bills
If you make $1860 per month, how much money should go towards your utilities in bills?
(hint: what percentage goes into utilities and bills?)
$279.00
money a person puts away in order to buy something
savings
Casey works 30 hours per week at Dairy Queen making $17.50 per hour. What is her weekly income? What is her monthly income?
Weekly: $525.00
Monthly: $2100.00
Describe a want. Give an example
something you would like to have for personal satisfaction.
Tell me the expense category in which each of the following things belong:
rent
spaghetti
video game
gas money
Housing
Food
Entertainment
Transportation
You make $1300 per month. How much money should go into your monthly food budget?
$130
using more money than you have available
overspending
Kevin works 16 hours per week at Hannaford's making minimum wage. What is his weekly income? What is his monthly income?
Weekly: $240.00
Monthly: $960.00
Give me two reasons why it is important to budget your money.
Answers will vary.
You got in a fender bender on the way to work. You have to pay $2000 to get the bumper on your car fixed. What category would this money come from?
Emergency Funds
or
Transportation
You make $875.00 per month. How much money should you spend in the entertainment category?
$43.75
a plan for spending and saving money
budget
The Smith family has a monthly budget of $3500.00. How much money should they spend in each category?
Ask your teacher for a budgeting chart if you need one.
Housing: $1225.00
Utilities: $525.00
Food: $350.00
Personal Care: $350.00
Transportation: $175.00
Medical Expenses: $175.00
Savings: $350.00
Entertainment: $175.00
Emergency Funds:$175.00
Tell me how you can use budgeting in your adult life.
Answers will vary