This activity presents students with a personal budget and a family budget, and then has the students answering 6 questions based on each budget.
Monthly family budget
Percentage of each expense compared to budget
What percent of Sherri’s total budget is spent on utilities and groceries?
(13) Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one's life as a knowledgeable consumer and investor. The student is expected to:
(B) identify the components of a personal budget, including income; planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate what percentage each category comprises of the total budget;
(D) use a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student's city or another large city nearby;