Problem #9 Test 2 Solution. Record Keeping and Budgeting Chapter Three Objective: Compute the...
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Transcript of Problem #9 Test 2 Solution. Record Keeping and Budgeting Chapter Three Objective: Compute the...
![Page 1: Problem #9 Test 2 Solution. Record Keeping and Budgeting Chapter Three Objective: Compute the average monthly expenditure.](https://reader036.fdocuments.net/reader036/viewer/2022082819/56649f345503460f94c5183b/html5/thumbnails/1.jpg)
Problem #9 Test 2Solution
15.5 x 35 equal 542.5
FIT 2-A 47SS 0.062 33.64
Medicare 0.0145 7.87Local 0.015 8.14State 0.03 16.28
Medical 50Deduct 162.93
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Record Keeping and Budgeting
Chapter ThreeObjective: Compute the average
monthly expenditure
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Average Monthly Expenses
• Should individuals keep track of their financial records?
• Key Terms:• Budget- plan for using money in a way that
best meets your needs and wants• Expenditures- items you spend money on • Budget Sheet- tool used to keep track of your
spending habits
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Making a budget:
• Income = Expenses
What about savings and Investing?
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Budget project
• Keeping track of the little things
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Net Worth
• How much am I worth?• Why is this important?• What do you want to see happen to your net
worth over your lifetime?
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What about variable expenses?
• Monthly Electric Bills:• 121.47, 153.56, 125.88, 201.00• What is the average bill over the four month
period?• 150.48• Insurance bill that comes only twice a year• 400 every six months• Average monthly expense?• 800 / 12 =
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Concept Check page 158
• Problems 1, 2,3• 197.22• 293.31• 124.04
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Budgeting Project
• Description:• Keep a log of your day to day expenses for a
period of 30 days.• October 1 thru October 31• Project: 30 points• Includes analysis and pie chart at the end of
the month.
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Closure
• How does the word “average” relate to budgeting concepts?
• When do you average your monthly costs instead of real costs?
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Homework page 159
• Problems 11-14