Vocab
Needs
Examples?
things you MUST have to survive
Examples- food, water, shelter, etc.
$721.38+$378.43= ??
$1,099.81
What kind of expense is a birthday gift? Why?
Variable expense...
You want to buy a bicycle. It costs $250. You have $75 saved. How much will you need to save each month to buy the bicycle in 5 months?
$175
Mari earns $24,700 a year. How much money does she earn in a month?
$2,058.33 per month
Wants
Examples?
Things you would like, but can do without
Examples: Ice, Hamilton Tickets, New Scooter, Ozuna tickets, etc.
$72.05-$29.69= ??
$42.36
What type of expense is a newspaper subscription? Why?
Fixed expense...
A new sound system for your car costs $1,500. You are able to save $400 towards this. Will you be able to buy it in 3 months? If not, how much more money will you need?
No, $300 more
$101.05-$22.03= ??
$79.02
Electricity, Gas, Water, Heat
Variable expense
$5,000-$199= ??
$4,801
What type of expense is a car payment? Why?
Fixed expense...
You would like to buy a necklace as a graduation gift for your brother. It costs $216. You have no savings yet, but you have a job. About how much would you have to save each month to buy the necklace in 6 months?
About $36 per month
$21.62+$9.27+$0.14= ??
$31.03
Expenses that are the same from week to week or month to month
$412 x 35= ??
$14,420
What type of expense is a telephone bill? Why?
Variable expense...
Rudie earns $942 each month. Last month his fixed expenses were $625 and his variable expenses were $259. How much did he save last month?
He saved $58
In your own words, what is the difference between needs and wants?
...own words...
What is a variable expense?
Expenses that change from week to week or month to month
$860
Name two fixed expenses and two variable expenses that your family has each month.
...
Brendan earns $1,826 each month. How much money does he earn in a year?
$21,912 per year
What is income?
Money you earn for working, or receive from investments or other sources