Refers to the management of income and expenses  that affects the family.

Refers to the monetary payment received by family members for the goods and services rendered.

Rrefers to the money paid by the family for goods and services that they get.

Which is not a component of a family budget?

Tthis gets the biggest share in the allocation of your family income.

This is an item that you do not need to buy every day.

This involves allocating payment for rent of the house or apartment they live in

This is an allocated budget for your parent who stays at home or your house helper.

Wants are defined as the things that help us survive like food, clothing, and shelter

Always buy the correct size to avoid unnecessary expenses.

Knowing the cost of an item before buying it is unnecessary.

Spending money freely is a cautious approach to financial management.

Your family should live within the budget to avoid the burden of too many debts.

Arrange the following family budget component correctly:

The formula to compute the amount in the budget allocation is:

Amount = Family expense x allocation (in decimal)

In budget allocation, Mr. and Mrs. Donadillo's monthly family income is 50,000. They want to know what is the decimal value of 60% and 6% before computing the allocated amount for the food and savings. Match the correct percent and decimal value below:

Mr. Henry's family monthly income is 55,000. Help him link the correct amount and percentage in his budget allocation plan.