average monthly expenditures
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SECTION. 3-1. pp. 146-148. Average Monthly Expenditures. Section Objective. Compute: average monthly expenditure. Key Words to Know. recordkeeping (p. 146) Keeping track of monthly expenses by recording them in a budget sheet. expenditures (p. 146) Items you spend money on. - PowerPoint PPT PresentationTRANSCRIPT
Average Monthly Expenditures
pp. 146-1483-1SECTIONSECTION
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Copyright © Glencoe/McGraw-Hill MBA, Section 3-1, Slide 2 of 17
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Section ObjectiveSection ObjectiveCompute:
• average monthly expenditure
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recordkeeping (p. 146)
Keeping track of monthly expenses by recording them in a budget sheet.
expenditures (p. 146)
Items you spend money on.
Key Words to KnowKey Words to Know
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budget sheet (p. 146)
A record of monthly expenditures.
Key Words to KnowKey Words to Know
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Average Monthly Expenditure =
Sum of Monthly Expenditures Number of Months
FormulaFormula
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What’s the importance of Classified’s keeping a budget?
A Rock Star’s Lyrical Leverage p. 146A Rock Star’s Lyrical Leverage p. 146
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Sue and Bob Miller keep records of their expenditures. They want to know how much they spend each month (on the average). Below are their records for three months.
What is their average monthly expenditure?
Example 1Example 1
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Figure 3.1Figure 3.1
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Figure 3.1 (cont.)Figure 3.1 (cont.)
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Step: Compute the average monthly expenditure.
A. Find the sum of monthly expenditures.
$1,368.22 + $1,365.00 + $1,337.21 = $4,070.43
B. Divide the sum by the number of months.
Sum of Monthly Expenditures ÷ Number of Months
$4,070.43 ÷ 3 = $1,356.81
Example 1 AnswerExample 1 Answer
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Use the Millers’ records of monthly expenditures to find the average monthly amount spent for the electric bill?
Example 2Example 2
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Step: Compute the average monthly expenditure.
A. Find the sum of monthly expenditures.
$71.47 + $73.56 + $51.42 = $196.45
B. Divide the sum by the number of months.
Sum of Monthly Expenditures ÷ Number of Months
$196.45 ÷ 3 = $65.48
Example 2 AnswerExample 2 Answer
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Amy and Todd Irvings’ monthly expenses for June, July, and August are as follows: June, $3,260; July, $3,537; and August, $3,430.
Find the average monthly expenditure for the Irvings..
Practice 1Practice 1
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$3,409
Practice 1 AnswerPractice 1 Answer
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The Benson family has grocery bills in the months of April through July for the following amounts: $90.85; $106.24; $79.87; and $101.16.
What is their average monthly expense for groceries?
Practice 2Practice 2
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$94.53
Practice 2 AnswerPractice 2 Answer
Average Monthly Expenditures
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