![]() These expenses can be categorized into fixed costs or variable costs. The remaining $90,000 is considered a liability.All companies encounter costs during the act of doing business. Although the house is a $150,000 asset, the person really owns only $60,000 of the value of the house. However, if she still owes $90,000 to the bank on the house, then her house is also a liability of $90,000. If a person’s house is worth $150,000 then she has an asset of $150,000. A liability is money owed, like a mortgage. An asset is something owned, like a house. To do this, look at all assets and liabilities. Now that you have an idea what a budget might look like, it’s time to look at the overall financial situation. Estimate the average hourly wage that Victoria’s parents need to make, working\ 40 hours per week, to meet basic needs. ![]() ![]() She also has five members in her family: her father, mother, and two sisters aged 5 and 15. Mary has a friend, Victoria, who lives in San Antonio, a larger town south of San Marcos. Estimate the average hourly wage that Mary’s parents need to make, working 40 hours per week, to meet basic needs.Create a family budget, and estimate the minimum household budget to meet her family’s basic needs.She lives in San Marcos, a small town in central Texas. Mary’s family includes her father, mother, and two brothers aged 9 and 12. The family expenses also depend on several variables, like the number and age of the children, whether they need to go to day care, educational expenses if they are in school, and extracurricular expenses if they play music or sports. For example, if the person lives in a small city, the rent might be less than in a larger city. When a person makes up a budget, the expenses will depend on the local situation. However, we would still need to estimate Sally's federal and state income taxes and see how much she would need to save to pay her income taxes. Sally's income is a little bit more than her monthly expenses.For example, the percentage of expenses for clothes is 100/2650 = 0.0377, which is about 3.8% The "% of Expenses" column is determined by taking each expense row and dividing by the total expenses.We find this by summing up all her expenses. Sally's total monthly expenses is $2,650.The rows in the expenses table labeled with "F" are fixed expenses, and the ones with "V" are variable expenses.Sally made a list of her monthly income and expenses in the two tables shown below. If the grocery bill totaled $120 in January, $150 in February, and $60 in March, then a good estimate of average monthly food expenses is (120 150 60)/ 3 = 110. To figure variable expenses, just estimate the average amount figured from previous expenses. For example, rent is a fixed monthly expense. Some of these expenses are fixed expenses they do not change each month. Your parents might also be saving money to send you to college, as well as for a vacation. Next might be car expenses, like monthly car payments, car and house insurance, emergency funds, savings for retirement, and local, state, and federal taxes. First, there are probably mortgage payments for a house or monthly rent. Next, consider the expenses that a family needs to plan for. Ask your parents if they can think of other income sources. Family members might also have other sources of income, for example presents from a birthday or miscellaneous income from a part-time job. First, start with income, both from wages and savings. To answer any financial question, it is necessary to examine the parts of a family budget. Does he have enough money to buy a $500 iPad? To know this, Frank must look at his upcoming expenses and develop a plan for how he will use his income so that he doesn’t run out of money that he needs for essentials, such as food. For example, on payday, Frank receives a monthly check of $2,500. And even if people have enough money at a given time, they might need money to pay future expenses, like a house or college. This can be a challenge because often people do not have enough money to buy everything that they want. In order to keep a good credit history, it is necessary to pay all bills on time. Research, Publications, and Presentations.Professional Development Payment Portal.Teacher Professional Development Application.Teacher Professional Development Information.Texas State College of Science and Engineering Mathworks Math Explorations Curriculum Additional resources for teachers Online Math Learning Tools Personal Financial Literacy The Math Of Finance - 7th Grade Math TEKS
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