Dollars and Sense Flashcard

Front

What is income?

Back

Income is the money received for work or services, usually on a regular basis.

Front

How do you calculate monthly income from weekly income?

Back

To calculate monthly income from weekly income, multiply the weekly income by 4 (approximately, since some months have more than 4 weeks).

Front

What does it mean to decrease income by one-fourth?

Back

Decreasing income by one-fourth means reducing the income amount by 25%.

Front

If a helper earns $45 a week, what is their monthly income?

Back

$45 x 4 = $180.

Front

What is a budget?

Back

A budget is a plan that outlines expected income and expenses over a certain period.

Front

What does it mean to have a balanced budget?

Back

A balanced budget means that total income equals total expenses, with no deficit.

Front

How do you determine the amount budgeted for entertainment?

Back

The amount budgeted for entertainment is determined by subtracting all other expenses from total income.

Front

If the total budget is $2,000 and $1,500 is allocated for other expenses, how much is left for entertainment?

Back

$2,000 - $1,500 = $500 left for entertainment.

Front

What is the total amount budgeted for expenses if it is $2,000?

Back

The total amount budgeted for expenses is $2,000.

Front

How do you find the new income after a decrease?

Back

Subtract the decrease from the original income.