What is a minimum household budget?
7.13D Minimum Household Budgets

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•
Mathematics
•
7th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A minimum household budget is the least amount of money a family needs to cover essential expenses such as housing, food, transportation, and utilities.
2.
FLASHCARD QUESTION
Front
How do you calculate the total annual budget from a monthly budget?
Back
To calculate the total annual budget, multiply the monthly budget by 12.
3.
FLASHCARD QUESTION
Front
If a family has a monthly budget of $4,405, what is their total budget for one year?
Back
$4,405 x 12 = $52,860.
4.
FLASHCARD QUESTION
Front
What percentage of a budget is considered for savings?
Back
Typically, it is recommended to save at least 20% of your monthly budget.
5.
FLASHCARD QUESTION
Front
How do you determine how much each person needs to earn in a two-adult household?
Back
Divide the total household budget by the number of adults.
6.
FLASHCARD QUESTION
Front
If rent is $1,054 per month, how much would each roommate pay if they split the rent equally?
Back
Each roommate would pay $1,054 ÷ 2 = $527.
7.
FLASHCARD QUESTION
Front
What is the formula to find out how much each adult must earn to meet the budget?
Back
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