The Porter family is moving from Baltimore, Maryland, to San Francisco, California. They would like to know what the difference will be in their family budget. How would you explain cost of living to them?
Cost of living is the amount of money needed for fixed expenses such as housing, food, taxes, and health care, as well as variable expenses. Big cities tend to have a higher cost of living than smaller cities.
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The Porter family used an online family budget estimator to compare the costs of living in Baltimore and San Francisco for a family with two parents and two children. Where is the cost of living higher?
The Porter family has a net income of $5,000. How much do they spend on housing per month?$3,000✔ $1,500$150$450
What is Mr. Porter’s net pay each month? ✔ $5,000$6,100$6,500$7,500
Mr. Porter’s gross pay is $90,000 per year. He files taxes as head of a household, and his income tax percentage is 20%, so that is withheld from his paycheck. When he files his taxes, he owes $16,800 after deductions. Which of the following is true?
The Porter family budget in the new city is shown in the graph. Of the seven expenses shown, which of the following is fixed?
The Porters’ food, clothing, and medical expenses are not fixed expenses. Explain what type of expense they are, and why.
Which deal is the best? ✔ Store AStore BStore C
The 20% off sale is a better deal than the $200 rebate or $150 coupon for the $1,500 dining set. The Porters budgeted $1,250 for a new dining room set. Explain why this is the best deal for them. Are they under budget?
Yes, the Porters are under budget. The 20% off sale is the best deal because $1,500 times 0.20 is $300. $300 is a bigger discount than the $150 coupon and $200 rebate. $300 off $1,500 is $1,200, which is less than the amount budgeted.
Sample Response: Yes, the Porters are under budget. The 20% off sale is the best deal because $1,500 times 0.20 is $300. $300 is a bigger discount than the $150 coupon and $200 rebate. $300 off $1,500 is $1,200, which is less than the amount budgeted. Check all that you included in your response.$1,500 times 0.20 is $300. $300 is a bigger discount than the $150 coupon and $200 rebate.$1,200 is less than $1,250.Yes, the Porters are under budget.
Sample Response: Food, clothing, and medical are variable expenses because they occur regularly but can change from month to month. Check all that you included in your response.Food, clothing, and medical are variable expenses.Variable expenses occur regularly, but can change from month to month.
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