Do they have a surplus or deficit?
This specific lesson focuses on the fundamental skills of tracking income, categorizing expenses, and ensuring a budget balances. Below is a breakdown of the core concepts covered in this practice and the logic behind the answers. Core Concepts of Lesson 2: Personal and Family Budgets
: You have extra money to put toward savings or debt. Do they have a surplus or deficit
Before diving into the answers, let’s recap what this lesson typically covers. Most curricula (such as those from Glencoe, McGraw-Hill, or state financial literacy standards) focus on:
The Miller family spends $1,200 on rent, $400 on food, $150 on utilities, and $200 on savings. What are their total expenses? Answer Key Logic: Add all categories together. Calculation: $1,200 + $400 + $150 + $200 = $1,950 . 2. Determining the Necessary Income Core Concepts of Lesson 2: Personal and Family
For :
| Question # | Answer | |------------|--------| | Fixed vs. Variable (10 items) | 1F,2V,3F,4V,5F,6V,7F,8V,9F,10V | | Total expenses (Johnson family) | $3,270 | | Surplus or deficit? | Surplus of $930 | | Housing % of income | 35.7% | | Missing value A | +$50 | | Missing value B | $450 | | Missing value C | -$20 | | Three ways to fix deficit | Cut dining out, lower utilities, increase income | What are their total expenses
40 x $15 = $600/week; $600 x 4 = $2,400
For and parents , simply giving answers undermines the lesson. Instead:
Your answer key is only a starting point. Real financial health comes from consistent practice, not just correct homework answers.