7.2.3.1 - Budgeting and Financial Management
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Practice Questions
Test your understanding with targeted questions
What is a budget?
💡 Hint: Think about how you want to spend your money.
Name one example of fixed and one of variable expenses.
💡 Hint: Consider regular bills vs. occasional purchases.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What is the purpose of a budget?
💡 Hint: Remember the main reason for a budget.
True or False: Fixed expenses can vary each month.
💡 Hint: Think about what monthly bills are consistent.
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Challenge Problems
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Imagine you are responsible for managing a household budget of $5,000 a month. You have set aside $1,200 for rent, $600 for food, and $400 for utilities. If you also plan to save $800 for future expenses, what remaining amount do you have for entertainment, transportation, and other expenses?
💡 Hint: Total your expenses and subtract from the initial budget.
If you start with a budget of $1,500 for groceries for the month but spend $200 on the first week and $300 on the second week, how can you adjust your spending for the remaining weeks to stay within budget, considering you have two weeks left?
💡 Hint: Divide the remaining budget by the weeks left.
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