Personal Budget (7.13B)

Front

What are expenses that remain the same every month called?

Back

Fixed Expenses

Front

What is an estimate of income and expenses over a set period of time?

Back

Budget

Front

If Jonathan earns $3,500 each month and sets aside 5% for emergencies, how much does he save?

Back

$175

Front

What percent of their budget does the Hernandez family spend on taxes if they spend 10%?

Back

10%

Front

If Leslie's monthly budget is $2400 and she spends $1080 on rent and food, how much is left?

Back

$1320

Front

What are expenses that can change from month to month called?

Back

Variable Expenses

Front

What is the term for money that is available to spend after all necessary expenses are paid?

Back

Discretionary Income

Front

If a budget includes both fixed and variable expenses, what is it called?

Back

Comprehensive Budget

Front

What is the purpose of creating a personal budget?

Back

To manage income and expenses effectively.

Front

What is the formula to calculate the percentage of income spent on a specific expense?

Back

(Expense / Income) x 100