Income and Expenses

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Class:

Date:

Show your work for each problem.

1.
Which of the following is an example of income?
1. a)Rent payment
2. b)Bus ticket
3. c)Grocery shopping
4. d)Salary from a job
2.
Which expense is a fixed expense?
1. a)Monthly rent
2. b)Restaurant meals
3. c)Clothing shopping
4. d)Movie tickets
3.
Tom earns 80 dollars a month from his job and gets 20 dollars a month in allowance. What is his total monthly income?
4.
Sara spends 30 dollars on food, 15 dollars on entertainment, and 10 dollars on transportation. What are her total expenses?
5.
If income is 150 dollars and expenses are 120 dollars, what is the net income?
6.
If someone has a negative net income, what does this mean?
1. a)They saved money
2. b)Their income and expenses are equal
3. c)They have no expenses
4. d)They spent more than they earned
7.
Emma earns 200 dollars and spends 240 dollars. What is her net income?
8.
Jake has income of 180 dollars (job: 150 dollars, allowance: 30 dollars) and expenses of 160 dollars (food: 60 dollars, entertainment: 50 dollars, transportation: 30 dollars, clothes: 20 dollars). Calculate his net income.
9.
Lisa wants to buy a 120 dollar tablet. She saves 40 dollars each month. How many months does she need to save?
10.
An annual magazine subscription costs 60 dollars. What is the monthly equivalent expense?
1. a)12 dollars
2. b)30 dollars
3. c)60 dollars
4. d)5 dollars
11.
A family earns 3500 dollars monthly. Their fixed expenses are 2000 dollars (rent: 1200 dollars, insurance: 300 dollars, car payment: 500 dollars) and variable expenses are 800 dollars. What is their net income?
12.
Carlos has a deficit of 50 dollars per month. His income is 250 dollars. If he wants to save 30 dollars each month instead, how much must he reduce his expenses?
13.
Mia wants to save 25% of her 240 dollar monthly income. How much can she spend at most each month?
14.
The Johnson family's monthly budget: Income: salary 4200 dollars, rental income 800 dollars. Expenses: mortgage 1400 dollars, utilities 250 dollars, groceries 600 dollars, car costs 450 dollars, insurance 350 dollars, entertainment 200 dollars. Their savings goal is 500 dollars per month. How much more than their savings goal do they have left over each month?
15.
Alex's budget shows: Income = 500 dollars, Fixed expenses = 200 dollars, Variable expenses = 250 dollars. What percentage of income goes to variable expenses?
1. a)50%
2. b)25%
3. c)40%
4. d)55%