Page 1: Income and Weekly Costs

Work independently with teacher support. Use a calculator if needed. Show your working and write amounts in Australian dollars.

Scenario: A young adult earns $1,020 gross income each week. Tax and other deductions total $170 per week. Gross income is pay before deductions. Take-home income is the amount received after deductions.

$1,020 − $170 = $__________

a) Transport costs $120 per fortnight. $120 ÷ 2 = $__________ per week.

b) Utilities cost $140 per month. Use 4 weeks per month. $140 ÷ 4 = $__________ per week.

c) A study subscription costs $60 per fortnight. $60 ÷ 2 = $__________ per week.

$320 + $120 + $60 + $50 = $__________

Page 1: Classify Expenses

For each expense, write fixed or variable, and essential or discretionary. Some answers may depend on a person’s circumstances. Be ready to explain your choices.

a) Rent or board: ____________________ / ____________________

b) Groceries: ____________________ / ____________________

c) Mobile phone plan: ____________________ / ____________________

d) Streaming service: ____________________ / ____________________

e) Public transport to work or study: ____________________ / ____________________

f) Takeaway food: ____________________ / ____________________

Page 2: Build and Test a Balanced Weekly Budget

Your available weekly income is $850. Complete the budget below. You may use these realistic starting amounts or agree on different amounts with your teacher: rent or board $320, food $120, transport $60, utilities $35, phone $20, study or work $30, health $20, entertainment $50 and savings $100.

Total expenses: $__________

Final balance: $850 − total expenses = $__________

New final balance: $__________

Change 1: ________________________________________________________________

Change 2: ________________________________________________________________

Exit Questions

$__________