PLEASE HELP ASAP
Final Review
Objectives:
- Explain the meaning of 'fixed' and 'flexible' expenses
- Create a personal budget that includes both fixed and flexible expenses
- Explain how a budget can change over time
Directions: Your final assignment is to create a personal budget. Use the template provided as a guide. Add or delete items as needed. Then write a short explanation of your budget, which items you would be able to change (flexible), and which are always the same (fixed). Describe how your budget may change over time and how you will respond to these changes.
Use ONLY ONE of a. or b. to calculate your income.
a. Your actual employment income if you have a job
b. If you are not employed then use a projected income of $10.00 per hour for 30 hours per week
Include c. through h. in your budget planning:
c. Don't forget to include such expenses as rent, food, utilities, phone, transportation, etc.
d. Identify the fixed and variable expenses in your budget
e. Total your expenses weekly, monthly, and yearly
f. Calculate your gross and net income
g. Describe how you calculated your monthly income. This budget should reflect how you would support yourself on the income that you calculated.
h. Do not submit a budget stating that you have no expenses.
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Use the rubric below to guide your writing:
Grading Rubric
4 points: Budget includes the gross and net income
4 points: Budget contains both fixed and variable expenses
2 points: Response includes at least two reasons a budget can change over time with examples
Grading Scale
9-10 points - A
7-8 points = B
5-6 points = C
3-4 points = D
1-2 points = F
You may use this template for your budget if you like, or you may create your own.
