Identify anticipated and unanticipated income and expenses.
DefinitionIdentification should include sources of anticipated income, such as salary, allowance, wages, and educational grants or scholarships, and anticipated expenses, such as
- fixed expenses, which are constant and obligatory, such as monthly rent or a house payment
- variable expenses, which fluctuate according to changes in lifestyle, such as food and entertainment costs (e.g., video rentals, movies, sports activities, gym membership, books and music, Internet service).
A statement of the student’s current and anticipated expenses should be included.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge of personal financial planning by
- identifying short-term and long-term personal financial goals;
- identifying anticipated and unanticipated income and expenses;
- examining components and purposes of a personal net worth statement;
- developing a personal budget;
- investigating the effects of government actions and economic conditions on personal financial planning; and
- explaining how economics influences a personal financial plan.