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General Mathematics · Unit 1 · Consumer arithmetic · Applications of rates, percentages and use of spreadsheets

Prepare a personal budget for a given income, taking into account fixed and discretionary spending.

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Question 1

Sienna has a fortnightly take-home income of $1,850. Her expenditure records for a typical fortnight are shown in the table below. Determine Sienna's net position (surplus or deficit) after accounting for all fixed and discretionary spending.

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Question 2

A student receives a fortnightly income of $1,850. The budget diagram below shows the allocation of income across four spending categories: fixed expenses, discretionary spending, savings, and emergency fund. Which option shows the correct fortnightly amount allocated to discretionary spending?

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Question 3

Jayden receives a weekly net income of $1,450. His weekly expenses include: rent $380, utilities $58, internet $32, health insurance $47, groceries $165, transport $72, and phone $29. He allocates 35% of his remaining income to discretionary spending and saves the rest. Calculate: (a) total fixed expenses (b) amount available after fixed expenses (c) amount allocated to discretionary spending (d) amount available for savings.

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Question 4

Mia receives a monthly take-home income of \(\$3{,}850\). Her fixed monthly expenses are: rent \(\$1{,}200\), utilities \(\$180\), insurance \(\$95\), and loan repayment \(\$320\). Her discretionary spending includes groceries (\(\$280\)), entertainment (\(\$150\)), and dining out (\(\$210\)). (a) Calculate Mia's total fixed expenses. (1 mark) (b) Calculate Mia's total discretionary spending. (1 mark) (c) Determine the amount Mia has remaining after all expenses. (1 mark)

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Compare prices and values using the unit cost method.
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