15
Using a Budget pp. 153-155 3- 3 SECTION
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Using a Budget pp. 153-1553-3SECTIONSECTION
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Section ObjectiveSection ObjectiveCompare:
• amount budgeted to actual expenditures
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expense summary (p. 153)
A monthly report that compares the amounts you spend to the amounts you have budgeted.
emergency fund (p. 153)
Extra monies set aside to be used for unpredictable expenses, such as medical bills and vehicle repairs.
Key Words to KnowKey Words to Know
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A Rock Star’s Lyrical Leverage p. 153A Rock Star’s Lyrical Leverage p. 153
List a few “surprise” expenses that you might incur in a year.
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At the end of March, the Zornows prepared an expense summary. They had planned to spend $220 on groceries. They actually spent $231.85.
How much more or less did they spend on groceries than they had budgeted for?
Example 1Example 1
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Compare.
Is the amount spent more or less than the amount budgeted?
Is $231.85 more or less than $220.00? More.
Example 1 Answer: Example 1 Answer: Step 1Step 1
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Find the difference.
$231.85 – $220.00 = $11.85 more than the amount budgeted
Example 1 Answer: Example 1 Answer: Step 2Step 2
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At the end of September, the Escobars prepared an expense summary. They had planned to spend $210 on transportation. They actually spent $197.80.
How much more or less did they spend on transportation than they had budgeted for?
Example 2Example 2
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Is the amount spent more or less than the amount budgeted?
Is $197.80 more or less than $210? Less.
Example 2 Answer: Example 2 Answer: Step 1Step 1
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Find the difference.
$210 – $197.80 = $12.20 less than the amount budgeted
Example 2 Answer: Example 2 Answer: Step 2Step 2
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The Murrays’ electricity bill for July was budgeted for $88. They actually spent $124.
How much more or less did they spend than they budgeted?
Practice 1Practice 1
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$36 more
Practice 1 AnswerPractice 1 Answer
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The Zieglers’ entertainment expenses for August were budgeted for $110. They actually spent $104.62.
How much more or less did the Zieglers spend than they budgeted?
Practice 2Practice 2
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$5.38 less
Practice 2 AnswerPractice 2 Answer
Using a Budget3-3END OF SECTIONEND OF SECTION
