Personal Budgets

Flashcard
•
Mathematics
•
7th Grade
•
Hard
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a personal budget?
Back
A personal budget is a plan that outlines how an individual will allocate their income to various expenses, savings, and investments over a specific period.
2.
FLASHCARD QUESTION
Front
What percentage of Ryan's take-home pay does he save for retirement?
Back
10%.
3.
FLASHCARD QUESTION
Front
If Ryan's take-home pay is $2,500, how much does he save for retirement each month?
Back
$250.
Tags
CCSS.6.RP.A.3B
4.
FLASHCARD QUESTION
Front
What is a fixed expense?
Back
A fixed expense is a cost that remains the same each month and cannot easily be changed, such as rent or mortgage payments.
5.
FLASHCARD QUESTION
Front
What is a variable expense?
Back
A variable expense is a cost that can change from month to month, such as groceries or entertainment.
6.
FLASHCARD QUESTION
Front
How do you calculate the percentage of income allocated to entertainment?
Back
Subtract the percentage saved and the percentage for fixed expenses from 100%.
Tags
CCSS.6.RP.A.3C
7.
FLASHCARD QUESTION
Front
What is the formula to find the total amount saved from income?
Back
Total Savings = Total Income x Savings Percentage.
Tags
CCSS.6.RP.A.3C
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