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Fixed vs. Variable Expenses Grade 7

This document provides information on identifying common household expenses and categorizing them as fixed, variable, or irregular expenses. It defines fixed expenses as costs that do not change each period, variable expenses as costs that change each period, and irregular expenses as costs that do not occur consistently. The document includes a sample worksheet for students to practice classifying different expenses.

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حيدر علي
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192 views

Fixed vs. Variable Expenses Grade 7

This document provides information on identifying common household expenses and categorizing them as fixed, variable, or irregular expenses. It defines fixed expenses as costs that do not change each period, variable expenses as costs that change each period, and irregular expenses as costs that do not occur consistently. The document includes a sample worksheet for students to practice classifying different expenses.

Uploaded by

حيدر علي
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Fixed vs.

Variable Expenses
Extension Activity for Real Cost – Real Life Presentation

Grade Level:
• Grade 7
Learning Objective:
This extension activity, along with the Real Cost – Real Life presentation should help students:
• identify common household expenses
• define fixed expense, variable expense and irregular expense
Materials Needed:
• whiteboard
• whiteboard marker
• Fixed, Variable, or Irregular Expense? worksheet (1 per student)
• pencils (1 per student)
Lesson Plan:
1. Ask students the following question: What are some things your family spends money
on? Write answers on the whiteboard. If students have difficulty answering, provide
them with some examples from the list below:

Common household expenses


o rent/mortgage payments o car maintenance (e.g. oil changes)
o utilities (heat, water, electricity) o gasoline
o internet o phone
o groceries o gifts
o eating out o entertainment (e.g. movies, concerts)
o clothes o toiletries (e.g. toothpaste, shampoo)
o haircuts o medicine / healthcare
o car insurance o cable
o car payments o vacations/travel
o property taxes o charitable donations
2. Share with students, expenses fall into three categories:

fixed expense costs that occur each period and the amounts
do not change from one period to the next
(e.g. rent or mortgage payment)
variable expense costs that occur each period and the amounts
change from one period to the next (e.g.
groceries)
irregular expense costs that do not occur on a consistent basis
(e.g. car maintenance)

3. Distribute the Fixed, Variable, or Irregular Expense? worksheet and pencils to students
4. Review the answers with students after they have completed the worksheet
Fixed, Variable, or Irregular Expense?

Fixed Expenses Variable Expenses Irregular Expenses


Costs that occur each period and Costs that occur each period and Costs that do not occur on a
the amounts do not change from the amounts change from one consistent basis
one period to the next period to the next (e.g. holiday gifts)
(e.g. mortgage payment) (e.g. groceries)

Read each item and decide if a fixed, variable, or irregular expense is being described. Write the
word fixed, variable or irregular on each line.

1. Angela makes a $300 car payment each month ____________


2. Ken paid $50 to get the oil in his car changed ____________
3. Patrick pays a flat rate of $75 for Internet each month ____________
4. Amy paid $150 to the dentist to get her teeth cleaned ____________
5. At Christmas, Elizabeth spent $300 on presents for her family ____________
6. Sarah normally pays $50 / month for her cell phone
However, some months she exceeds her data plan
and pays more ____________
7. Dustin usually cuts his own hair. However, this time he
decided to go to a hair dresser and paid $25 for a haircut ____________
8. Paula pays $75 for skating lessons each month ____________
9. The amount of money Clare spends on eating out each month
varies depending on what restaurants she goes too ____________
Fixed, Variable, or Irregular Expense? Answer Key

Fixed Expenses Variable Expenses Irregular Expenses


Costs that occur each period and Costs that occur each period and Costs that do not occur on a
the amounts do not change from the amounts change from one consistent basis
one period to the next period to the next (e.g. holiday gifts)
(e.g. mortgage payment) (e.g. groceries)

Read each item and decide if a fixed, variable, or irregular expense is being described. Write the
word fixed, variable or irregular on each line.

1. Angela makes a $300 car payment each month fixed


2. Ken paid $50 to get the oil in his car changed irregular
3. Patrick pays a flat rate of $75 for Internet each month fixed
4. Amy paid $150 to the dentist to get her teeth cleaned irregular
5. At Christmas, Elizabeth spent $300 on presents for her family irregular
6. Sarah normally pays $50 / month for her cell phone
However, some months she exceeds her data plan
and pays more variable
7. Dustin usually cuts his own hair. However, this time he
decided to go to a hair dresser and paid $25 for a haircut irregular
8. Paula pays $75 for skating lessons each month fixed
9. The amount of money Clare spends on eating out each month
varies depending on what restaurants she goes too variable

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