Question

Step 2: Calculating Monthly Expenses The second step to building a family budget is to outline your expenses in greater detail, itemizing fixed and variable expenses. Suppose the table below shows your family's monthly expenses by category. Fixed or Average Percent of Expense Variable Monthly Yearly Cost Yearly Budget Expense? Cost (Rounded) $4,800 Income Tax Fixed $400 $4,800 = 9.8% $48,900 $950 Housing $7,800 Food Clothing Variable $75 Fixed $6,000 Transportation $1,200 Insurance & Medical $100 $1,200 Entertainment Emergency Fund Fixed $50 $600 Savings for College Fixed $100 $1,200 Savings for Retirement Total $4,075 $48,900 100% a) Fixed expenses are expenses that do not change from month to month, and variable expenses are expenses that can fluctuate from month to month. Complete the second column of the chart by determining if each expense is fixed or variable. (10 points - 2 points each) b) Choose an example of a fixed expense and an example of a variable expense, and explain why they are classified that way. (4 points)

          Step 2: Calculating Monthly Expenses
The second step to building a family budget is to outline your expenses in greater detail, itemizing fixed
and variable expenses.
Suppose the table below shows your family's monthly expenses by category.
Fixed or
Average
Percent of
Expense
Variable
Monthly
Yearly Cost
Yearly Budget
Expense?
Cost
(Rounded)
$4,800
Income Tax
Fixed
$400
$4,800
= 9.8%
$48,900
$950
Housing
$7,800
Food
Clothing
Variable
$75
Fixed
$6,000
Transportation
$1,200
Insurance & Medical
$100
$1,200
Entertainment
Emergency Fund
Fixed
$50
$600
Savings for College
Fixed
$100
$1,200
Savings for Retirement
Total
$4,075
$48,900
100%
a) Fixed expenses are expenses that do not change from month to month, and variable expenses
are expenses that can fluctuate from month to month. Complete the second column of the chart
by determining if each expense is fixed or variable. (10 points - 2 points each)
b) Choose an example of a fixed expense and an example of a variable expense, and explain why
they are classified that way. (4 points)

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Step 2: Calculating Monthly Expenses
The second step to building a family budget is to outline your expenses in greater detail, itemizing fixed
and variable expenses.
Suppose the table below shows your family's monthly expenses by category.
Fixed or
Average
Percent of
Expense
Variable
Monthly
Yearly Cost
Yearly Budget
Expense?
Cost
(Rounded)
4,800
Income Tax
Fixed400
4,800
= 9.8%48,900
950
Housing7,800
Food
Clothing
Variable
75
Fixed6,000
Transportation
1,200
Insurance Medical100
1,200
Entertainment
Emergency Fund
Fixed50
600
Savings for College
Fixed100
1,200
Savings for Retirement
Total4,075
48,900
100%
a) Fixed expenses are expenses that do not change from month to month, and variable expenses
are expenses that can fluctuate from month to month. Complete the second column of the chart
by determining if each expense is fixed or variable. (10 points - 2 points each)
b) Choose an example of a fixed expense and an example of a variable expense, and explain why
they are classified that way. (4 points)

Added by Danielle D.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Donna Densmore

03/03/2023

Step 1

Fixed expenses remain the same every month, while variable expenses can change based on usage, needs, or other factors. - Income Tax: Fixed. This is usually a consistent amount that can be predicted based on annual income, although it might adjust slightly, the Show more…

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a) Fixed expenses are expenses that do not change from month to month, and variable expenses are expenses that can fluctuate from month to month. Complete the second column of the chart by determining if each expense is fixed or variable. b) Choose an example of a fixed expense and an example of a variable expense, and explain why they are classified that way. Step 2: Calculating Monthly Expenses The second step to building a family budget is to outline your expenses in greater detail; itemizing fixed and variable expenses. Suppose the table below shows your family's monthly expenses by category. a) Fixed expenses are expenses that do not change from month to month, and variable expenses are expenses that can fluctuate from month to month. Complete the second column of the chart by determining if each expense is fixed or variable. (10 points, 2 points each) b) Choose an example of a fixed expense, and an example of a variable expense, and explain why they are classified that way. (4 points)

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Transcript

00:01 Let's determine your weekly budget.

00:02 Well, first of all, let's figure out how much money you're going to be making.

00:06 So we're going to say 1175 for 40 hours.

00:10 11 .75 times 40.

00:13 That means you're going to be making $470 a week.

00:17 Okay, so we're going to go, that's going to be a positive 470.

00:20 That's going to be a week.

00:22 So now we're going to have taxes taken out.

00:25 We're going to take it all of these taxes.

00:27 So you can do them individually, but we can add up our percentage.

00:30 Percentages and do them together since they're all based on your gross.

00:34 So we'll say 7 .65 plus 10 .75 and 7 .5.

00:40 That means you're going to be taking out 25 .9 % of your check.

00:44 Let's go ahead and do that.

00:46 And see what that's the answer is going to be.

00:49 It means you're going to have taxes are going to be 12173.

00:54 So i'm going to, we're going to go minus 121 .73.

00:58 Now we're going to look at our.

01:00 Expenses.

01:01 We have weekly expenses...

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