23 Aug For many of us our first job consists of an entry level, minimum wage job. This type of job is great for spending money, but could we support ourselves? What do
Introduction: For many of us our first job consists of an entry level, minimum wage job. This type of job is
great for spending money, but could we support ourselves? What does it look like to live by ourselves, pay all
our own bills, and supply our own needs? In this assessment you will compute the yearly expenses for a
person who lives on minimum wage. Then you will prepare a budget.
Basic Necessities: Listed are the expenses for a person who lives on a tight budget. Using the data given,
calculate the yearly expenses of each item. Remember, there are 12 months in a year and 52 weeks in a
year. The number of weeks per month varies.
Expenses
Water – $32.00/month
Electricity – $120.00/month
Heat – $40/month
Food – $120.00/week
Cleaning supplies, laundry, & personal hygiene – $60.00/month
Auto (older model)
Insurance – $450 every six months
Maintenance – $520.00/ year
Gas – $55.00/week
Medical insurance – $90.00/month
Clothes & shoes (second hand) – $60.00/month
Furniture, Kitchenware, etc. (second hand) – $200/year
Rent – $900/month
Cellphone – $75.00/month
Source: www.mathmotivation.com
Capstone Assessment Minimum Lifestyle on Minimum Wage
Deadline: November 7, 2025
Introduction: For many of us our first job consists of an entry level, minimum wage job. This type of job is great for spending money, but could we support ourselves? What does it look like to live by ourselves, pay all our own bills, and supply our own needs? In this assessment you will compute the yearly expenses for a person who lives on minimum wage. Then you will prepare a budget. Basic Necessities: Listed are the expenses for a person who lives on a tight budget. Using the data given, calculate the yearly expenses of each item. Remember, there are 12 months in a year and 52 weeks in a year. The number of weeks per month varies.
Expenses
Water – $32.00/month Electricity – $120.00/month Heat – $40/month Food – $120.00/week Cleaning supplies, laundry, & personal hygiene – $60.00/month Auto (older model) Insurance – $450 every six months Maintenance – $520.00/ year Gas – $55.00/week Medical insurance – $90.00/month Clothes & shoes (second hand) – $60.00/month Furniture, Kitchenware, etc. (second hand) – $200/year Rent – $900/month Cellphone – $75.00/month
Source: www.mathmotivation.com
Table 1 Expenses: Max Points: 20 points (______ points earned)
1. Use your calculations above to complete the chart below. Round answers to the nearest hundredth.
Expense Weekly Monthly Yearly
Rent $900
Heat $40.00
Electricity $120.00
Medical Insurance $90.00
Auto (gas) $55.00
Auto Insurance ($450 per 6 months)
Auto Maintenance $520.00
Cellphone $75.00
C. Supplies, laundry, & hygiene
$60.00
Water $32.00
Food $120.00
Clothes & shoes $60.00
Furniture, Kitchenware $200
Total Expenses Weekly Total $______________
Monthly Total $_____________
Yearly Expense Total $_____________
Source: www.mathmotivation.com
Equations: Max Points: 20 points (______ points earned)
2. Assume a person earns $8.25 per hour and made a total of $280.50 for the week. How many hours did the person work? Use the space provide to set up an equation using h (hours) as the variable, then solve the equation. Equation: _____________________________ 3a. Write an equation for the yearly income of a person living in Mississippi making a wage of $9.25/hour. (Remember to identify the unknown with a variable) The person works 40 hours per week and works fifty two (52) weeks a year. Solve the equation. Do your calculations in the space below. Equation:_________________________________________________ Yearly income before taxes $________________________ 3b. Next, take out 10% for taxes. Determine the yearly income after subtracting the taxes. Yearly income after taxes $_________________________
Source: www.mathmotivation.com
Deductive Reasoning: Max Points: 20 points
(______ points earned)
4. Is the income calculated for problem #3 enough money for the Yearly Expenses Total in #1? If so, you did something wrong and need to go back and check your work! How would you modify or change your lifestyle to make ends meet? (Note: Going back home or moving in with someone without paying rent is NOT an option.) You must show your answer mathematically.
Source: www.mathmotivation.com
Desirable Lifestyle Table: Max Points: 20 points
(______ points earned) 5. Calculate the yearly expenses for a more desirable lifestyle. Do this by adding 4 or more items that you personally would like to have or enjoy in the table. You can add rows if needed. Some examples are listed below. a.) Dating or going out (per week times 52) b.) Movies (per week times 52) c.) New clothes (per year) d.) New car (12 monthly payments plus $600 extra per year insurance) e.) Trips out of town/vacation (per year) f.) Sports/hobbies (per month) g.) Snacks and other nonessential items (per week) h.) Beauty shop/barber shop (per week or per month)
Item Weekly Expense Monthly Expense Yearly Expense
Sum of Desirable Yearly Expenses
Copy your Yearly Expense Total from Table 1 (see shaded Box) $
TOTAL Yearly Expenses for a More Desirable Lifestyle
(Yearly Expenses Total + Desirable Lifestyle Total) $
Source: www.mathmotivation.com
Desirable Income: Max Points: 20 points (______ points earned)
6. Now that you have an idea of how much your entire desirable lifestyle will cost (refer to your total at the end of Part 5 from the previous page), what income is needed to afford your desirable lifestyle? Assume 20% of your income will be taken out for taxes. Show your work to justify the income needed is enough to afford your desirable lifestyle after taxes. (Your approximation income must be close (within $2,000) to your total income in step 4 to receive credit.) Example: If you need $15,000 per year for expenses, then your total income must be $19,000.
$19,000 * 20% = $3800 $19,000-$3800= $15,200 (This is enough to afford the $15,000 expenses per year)
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