Personal Financial Literacy>Using Budget Estimators to Calculate Household Budgets and Wages(TEKS.Math.7.13.D)
Help Questions
Texas 7th Grade Math › Personal Financial Literacy>Using Budget Estimators to Calculate Household Budgets and Wages(TEKS.Math.7.13.D)
A family of four in Austin needs each month: Housing $2,100, Food $800, Transportation $650, Healthcare $400, Other necessities $550.
What is the minimum hourly wage each parent must earn if both parents work 40 hours per week?
19
14
28
13
Explanation
Total monthly budget: $2100+800+650+400+550=4500$. Combined work hours per week: $40+40=80$. Using $4$ weeks per month gives $80\times 4=320$ hours per month. Required hourly wage (each, at the same rate): $4500\div 320=14.0625\approx$ $14.06$. Higher Austin housing costs raise the needed wage compared with some cities.
Basic living costs in Dallas for a family are $4,200 per month.
At $15 per hour, how many combined work hours per month are needed to cover this budget?
320 hours
560 hours
210 hours
280 hours
Explanation
Needed hours: $4200\div 15=280$ hours per month (combined for the household). If two adults worked $40$ hours per week each, that would be $80\times 4=320$ hours per month, which would cover the Dallas budget at this rate. Different cities' costs change the hours needed at a given wage.
A family of three in San Antonio needs each month: Housing $1,600, Food $650, Transportation $500, Healthcare $350, Other necessities $400.
If only one parent works 40 hours per week, what minimum hourly wage is needed to meet the family's basic monthly budget?
22
11
15
44
Explanation
Total monthly budget: $1600+650+500+350+400=3500$. One worker's monthly hours: $40\times 4=160$. Required hourly wage: $3500\div 160=21.875\approx$ $21.88$. Because San Antonio's costs are lower than some other Texas cities, the required wage is lower than it might be elsewhere.
A family of four in Houston needs each month: Housing $1,900, Food $750, Transportation $700, Healthcare $450, Other necessities $500.
Parent A works 35 hours per week and Parent B works 25 hours per week at the same hourly rate. What minimum hourly wage is needed (per parent) to meet the monthly budget?
36
14
18
22
Explanation
Total monthly budget: $1900+750+700+450+500=4300$. Combined weekly hours: $35+25=60$. Monthly hours (using $4$ weeks): $60\times 4=240$. Required hourly wage: $4300\div 240=17.916\ldots\approx$ $17.92$. Houston's cost of living determines how high the hourly rate must be for these hours.
Basic living costs in Fort Worth–Arlington are $3,600 per month.
If two adults each work 40 hours per week at $11 per hour, how much more income per month does the family need to meet the budget?
0
80
160
1840
Explanation
Combined monthly hours: $(40+40)\times 4=320$. Monthly income at $11$ per hour: $320\times 11=3520$. Shortfall: $3600-3520=80$. This shows how a city's costs can create a gap even when both adults work full time.