Personal Budgets

True or False: More than one-third of Joelle’s income is allocated toward rent.

• True

• False.

True or False: Joelle is saving less than 10% of her monthly income.

• True

• False

True or False: Joelle’s car payment and other spending account for less than 25% of her monthly

budget.

• True

• False

Which word matches the definition below?

The amount of money earned over a period of time

• Budget

• Income

• Fixed Expense

• Variable Expense

Which word matches the definition below?

An expense that differs from month to month

• Budget

• Income

• Fixed Expense

• Variable Expense

Which word matches the definition below?

An expense that is the same amount and cannot easily be

changed

• Budget

• Income

• Fixed Expense

• Variable Expense

Which word matches the definition below?

A plan that is used to determine how money will be spent

• Budget

• Income

• Fixed Expense

• Variable Expense

Ryan is evaluating his current budget.

Ryan’s take-home pay is $2,500

each month. What percent of his monthly pay has

Ryan allocated for his fixed expenses?

• 32%

• 45%

• 50%

• 55%

Ryan is evaluating his current budget.

Ryan’s take-home pay is $2,500

each month. Ryan would like to save 10% of his take-

home pay towards retirement. How much

would he be able to save each month?

• $250

• $182.50

• $25

• $18.25

Ryan is evaluating his current budget.

Ryan’s take-home pay is $2,500

each month. Assume that Ryan does save 10% for

retirement. If he allocates the remainder of his

take-home pay to entertainment, then how much money will be budgeted towards entertainment each month?

• $675

• $250

• $425

• $500