Budgeting and Fractions Flashcard

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What is a budget?

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A budget is a plan that outlines expected income and expenses over a specific period, helping individuals manage their finances.

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How do you calculate the remaining budget after expenses?

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Subtract the total expenses from the total budget. For example, if the budget is $500 and expenses are $250, remaining budget = $500 - $250 = $250.

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What is the total expense if you spend $150 on groceries, $200 on utilities, $100 on transportation, and $50 on entertainment?

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Total expenses = $150 + $200 + $100 + $50 = $500.

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What is an equivalent fraction?

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An equivalent fraction is a fraction that represents the same value as another fraction, even though the numerator and denominator may be different.

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How do you determine if two fractions are equivalent?

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What is the process to create a budget plan?

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Identify income sources, categorize expenses, allocate funds to each category, and ensure total expenses do not exceed total income.

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If you have a monthly income of $2000, how much should you allocate for rent if it is 30% of your income?

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Rent allocation = 30% of $2000 = 0.30 * 2000 = $600.

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What is the formula to calculate a percentage of a number?

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Percentage of a number = (Percentage/100) * Number. For example, to find 20% of $500, calculate (20/100) * 500 = $100.

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