Expense Expense
Fixed or
Variable
Expense?
Average
Monthly
Cost
Yearly Cost
Percent of
Yearly Budget
(Rounded)
Fixed
$400
$4,800
$4,800
= 9.8%
$48,900
Income Tax
$950
Housing
$7,800
Food
Variable
$75
Clothing
Fixed
$6,000
Transportation
Insurance & Medical
$1,200
$100
$1,200
Entertainment
Fixed
$50
Emergency Fund
Savings for College
Fixed
$600
$100
$1,200
Savings for Retirement
Total
$4,075
$48.900
100%
a) Fixed expenses are expenses that do not change from month to month, and variable
expenses are expenses that can fluctuate from month to month. Complete the second
column of the chart by determining if each expense is fixed or variable. (10 points - 2 points
each