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# Unit 7 Exam: Personal Budgets Name: ______________________________

Income Expenses

## Birthday Money \$200.00 Groceries \$330.00

Entertainment \$210.00

Miscellaneous \$225.00

TOTAL TOTAL

## 1. What percentage of his income does George spend on groceries?

a. 18% b. 17% c. 37% d. 33%

## 2. George’s “Birthday Money” is an example of

a. Regular income. c. Variable expense.
b. Recurring expense. d. Variable income.

## 3. How much money does George spend on rent in one year?

a. \$32 500.00 c. \$6250.00
b. \$7500.00 d. \$625.00
4. Julie’s monthly income is \$2152.50. She can put 32% of her income towards paying monthly
rent. How much does she pay for rent?
a. \$68880.00 c. \$8265.00
b. \$688.80 d. \$57.40

## 5. Which of the following is the best example of a recurring expense?

a. \$250.00 per month on food.
b. \$450.00 per month on rent.
c. \$75.00 per month on entertainment.

## 6. Which scenario best describes a balanced budget?

a. Total income is greater than total expenses.
b. Total income is less than total expenses.
c. Total income is equal to total expenses.

1. Hannah has made a list of her incomes and expenses for one month.

a. Calculate the Hannah’s total income and total expenses for one month. (1 mark)

## c. How much is Hannah able to save each month? (1 mark)

d. What percentage of her income do her savings (the answer in c.) represent? (1 mark)

e. After 6 months, Hannah wants to buy a new bicycle that costs \$1199.99. Will she have
enough money saved? (1 mark)
2. Pierre has kept a record of his spending over the past 4 months. He earns monthly pay of
\$2951.18.
Average Monthly \$

a. Use this information to calculate his average monthly expenses in each category for the
4-month period. (2 marks)

b. Create a budget for Pierre using the AVERAGEs from the table above. (4 marks)

Income Expenses

Total: Total:

## c. Approximately how much will he save in a month? A year? (1 mark)

3. Sean is creating a monthly budget.

## c. Create a circle graph of Sean’s spending. (3 marks)

[Make sure to show all of your calculations.]

d. Spending guidelines suggest housing should account for 30–35% of total income. Is
Sean’s spending within these guidelines? What is the minimum and maximum
amount he should spend on housing? (2 marks)