7adv.MATH.14.A

Identify the components of a personal budget, including income; planned savings for college, retirement, and emergencies; taxes; and fixed and variable expenses, and calculate what percentage each category comprises of the total budget.

Grade 7 (Advanced) · Texas Essential Knowledge and Skills (TEKS) · TEKS 2012

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Vocabulary
componentspersonal budgetincomeplanned savingscollegeretirementemergenciestaxesfixed expensesvariable expensespercentagecategorytotal budget
Skills
  • identify (components of a personal budget) #dok1
  • recognize (examples of income, savings, taxes, fixed and variable expenses) #dok1
  • calculate (percentage each budget category is of the total) #dok2
  • categorize (expenses as fixed or variable) #dok2
  • analyze (the structure of a personal budget) #dok2
Learning Targets
  • I can identify the components included in a personal budget. #dok1
  • I can recognize sources of income, types of savings, and examples of expenses in a budget. #dok1
  • I can calculate what percentage each budget category makes up of the total budget. #dok2
  • I can categorize expenses as fixed or variable within a budget. #dok2
  • I can analyze a personal budget to determine the proportion of each component. #dok2
Big Ideas
  • A personal budget is made up of different components, such as income, savings, taxes, and expenses, each of which plays a specific role in financial planning.
  • Understanding and calculating the percentages for each category in a budget helps individuals make informed decisions and plan responsibly for current and future needs.
Essential Questions
  • What are the main components that make up a personal budget?
  • How do fixed and variable expenses differ, and why is it important to distinguish between them?
  • Why is it important to include planned savings, such as for emergencies or retirement, in your budget?
  • How can calculating the percentage of each budget category help you manage your finances effectively?
  • What might happen if certain components, like savings or taxes, are left out of a personal budget?