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Jonathan built a shed in his friend's backyard to make some extra money. His friend paid him $970 for building the shed. The materials Jonathan had to buy cost $350. How much profit did Jonathan make?
$620
This month a family has the following variable expenses: $75, $350, $62, and $200. What is their total expenses?
$687
What do we call expenses that change in price?
variable expenses
What do we call expenses that stay the same every month?
fixed expenses
What do we call a plan used to manage expenses?
a budget
What do we call the money we make after all expenses are paid?
profit
What is a loan?
Money you can borrow from the bank.
What is savings?
Money put aside for later.
The Wells family had fixed expenses and variable expenses to pay. The fixed expenses are $650 for their house payment, $375 for their car payment, $200 for utilities, $65 for their phone. What is the total fixed expenses?
$1,225
What is a bank?
A safe place to store money.
Give an example of a variable expense.
clothing, food, entertainment
Give an example of a fixed expense.
house payments, car payments, loan payments
A group of boy scouts had a bake sale to raise money for camp. The cost of ingredients for the brownies, cookies, and cakes were $95. The amount of money they received at the bake sale was $215. How much did they make in profit?
$120
Eddie's family had fixed expenses of $695 this month and variable expenses of $345 this month. What are their total expenses for the month?
$1,040
Umbo received $134 for his birthday. He wants to put half of it in the bank. How much money should he put in the bank?
$67
Peter catches fish for a local restaurant. They pay him $1.75 for each fish he catches. So far this month he has brought in 200 fish. What have they paid him?
$350
