1. Budgeting
● Income: This refers to money received, such as allowances, wages from a job, or
gifts. It's important to track all sources of income.
● Expenses: These include money spent on things like food, clothes, school supplies,
and entertainment. Fixed expenses (like rent) remain the same every month, while
variable expenses (like food) can change.
● Savings: Set aside a portion of your income for future needs or emergencies. A good
rule of thumb is to save at least 10% of your income.
2. Simple Interest
● Formula: I=P×R×TI = P \times R \times TI=P×R×T
● I = Interest earned or paid
● P = Principal (initial amount of money)
● R = Interest rate (usually as a decimal)
● T = Time (in years)
● Example: If you invest $1,000 at a 5% interest rate for 2 years, the interest would be:
I=1000×0.05×2=100 dollarsI = 1000 \times 0.05 \times 2 = 100 \,
\text{dollars}I=1000×0.05×2=100dollars
3. Percentages
● Used in calculating discounts, taxes, and tips.
● Example: To find 20% of $50, multiply 50×0.20=1050 \times 0.20 = 1050×0.20=10.
4. Sales Tax
● Sales tax is a percentage added to the price of goods or services.
● Formula: Total Price=Item Price+(Item Price×Sales Tax Rate)\text{Total Price} =
\text{Item Price} + (\text{Item Price} \times \text{Sales Tax Rate})Total Price=Item
Price+(Item Price×Sales Tax Rate)
● Example: If a book costs $20 and the sales tax is 8%, the total cost is
20+(20×0.08)=21.60 dollars20 + (20 \times 0.08) = 21.60 \,
\text{dollars}20+(20×0.08)=21.60dollars.
5. Discounts
● Discounts reduce the original price of an item.
● Formula: Discounted Price=Original Price−(Original Price×Discount
Rate)\text{Discounted Price} = \text{Original Price} - (\text{Original Price} \times
\text{Discount Rate})Discounted Price=Original Price−(Original Price×Discount Rate)
● Example: If a jacket costs $80 and is on sale for 25% off, the discounted price is:
80−(80×0.25)=60 dollars80 - (80 \times 0.25) = 60 \,
\text{dollars}80−(80×0.25)=60dollars
6. Unit Pricing
● Income: This refers to money received, such as allowances, wages from a job, or
gifts. It's important to track all sources of income.
● Expenses: These include money spent on things like food, clothes, school supplies,
and entertainment. Fixed expenses (like rent) remain the same every month, while
variable expenses (like food) can change.
● Savings: Set aside a portion of your income for future needs or emergencies. A good
rule of thumb is to save at least 10% of your income.
2. Simple Interest
● Formula: I=P×R×TI = P \times R \times TI=P×R×T
● I = Interest earned or paid
● P = Principal (initial amount of money)
● R = Interest rate (usually as a decimal)
● T = Time (in years)
● Example: If you invest $1,000 at a 5% interest rate for 2 years, the interest would be:
I=1000×0.05×2=100 dollarsI = 1000 \times 0.05 \times 2 = 100 \,
\text{dollars}I=1000×0.05×2=100dollars
3. Percentages
● Used in calculating discounts, taxes, and tips.
● Example: To find 20% of $50, multiply 50×0.20=1050 \times 0.20 = 1050×0.20=10.
4. Sales Tax
● Sales tax is a percentage added to the price of goods or services.
● Formula: Total Price=Item Price+(Item Price×Sales Tax Rate)\text{Total Price} =
\text{Item Price} + (\text{Item Price} \times \text{Sales Tax Rate})Total Price=Item
Price+(Item Price×Sales Tax Rate)
● Example: If a book costs $20 and the sales tax is 8%, the total cost is
20+(20×0.08)=21.60 dollars20 + (20 \times 0.08) = 21.60 \,
\text{dollars}20+(20×0.08)=21.60dollars.
5. Discounts
● Discounts reduce the original price of an item.
● Formula: Discounted Price=Original Price−(Original Price×Discount
Rate)\text{Discounted Price} = \text{Original Price} - (\text{Original Price} \times
\text{Discount Rate})Discounted Price=Original Price−(Original Price×Discount Rate)
● Example: If a jacket costs $80 and is on sale for 25% off, the discounted price is:
80−(80×0.25)=60 dollars80 - (80 \times 0.25) = 60 \,
\text{dollars}80−(80×0.25)=60dollars
6. Unit Pricing
