Texas Go Math Grade 7 Lesson 14.2 Answer Key Planning a Budget

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Texas Go Math Grade 7 Lesson 14.2 Answer Key Planning a Budget

Texas Go Math Grade 7 Lesson 14.2 Explore Activity 1 Answer Key

The Jones family includes two parents and two children. The family lives in Beaumont, Texas. They have an employer-sponsored ¡nsurance plan where the employer pays 100% of one parent’s insurance premium and 50% of the rest of the family’s premiums.

A. The table shows the minimum monthly expenses, rounded to the nearest dollar, for the family. The data is based on an online family budget estimator. Use this information to fill out the first column of rows 1-7 of the form given on the next page.
Texas Go Math Grade 7 Lesson 14.2 Answer Key 1

Texas Go Math Grade 7 Lesson 14.2 Answer Key 2

B. What is the combined household hourly wage for the Joneses? What does this mean if both parents are looking for a job and Mr. Jones finds a job paying $10 per hour?

C. The Joneses earn $600 more each month than the necessary monthly income. This allows them to save for retirement, emergencies, and college. Complete the chart for 8-10.

Your turn

Question 1.
Mr. Wilson and his daughter Shannon live in El Paso, Texas. Mr. Wilson’s employer pays 100% of his health insurance premium and 50% of his daughter’s. Use an online family budget estimator to estimate the minimum necessary monthly income and the hourly household wage for this family.
Answer:
Texas Go Math Grade 7 Lesson 14.2 Answer Key 7
Texas Go Math Grade 7 Lesson 14.2 Answer Key 8
Necessary monthly income is $2250

Texas Go Math Grade 7 Lesson 14.2 Explore Activity 2 Answer Key

Exploring a Family Budget in Different Cities

Living in different parts of the country or the state can mean different budgets for even the same family. This may be because housing is more expensive in one area compared to another, or perhaps transportation costs are generally higher because most people live in the suburbs and have a further commute to work. The Jones family is considering a move to the Dallas—Fort Worth area. The table shows the expenses from the table in Activity 1, as well as the data from an online family budget estimator for living in the Dallas—Fort Worth area.

A Fill in the missing blanks for the Dallas—Fort Worth area. Round to the nearest dollar.
Texas Go Math Grade 7 Lesson 14.2 Answer Key 3

B. Compare the cost of living in Beaumont to the cost of living in the Dallas—Fort Worth area.

Your Turn

Question 2.
Mr. Wilson and his daughter are thinking of moving to Austin. Use an online family budget estimator to compare the monthly required income in Austin with your results for the monthly required income you found for the Wilsons in El Paso.
Answer:
Texas Go Math Grade 7 Lesson 14.2 Answer Key 9
Texas Go Math Grade 7 Lesson 14.2 Answer Key 10
Necessary income in Austin is $17

Texas Go Math Grade 7 Lesson 14.2 Guided Practice Answer Key 

Question 1.
Mr. and Mrs. Dominguez have three children. They live in Corpus Christi, Texas. Their employers do not pay any of their health insurance. Use an online family budget estimator to estimate each of the following for the Dominguez family. Fill in the chart for Corpus Christi. (Explore Activity 1)
Texas Go Math Grade 7 Lesson 14.2 Answer Key 4
Answer:
Mr and Mrs Dominguez family’s Budget in Corpus Christi, Tx:
Texas Go Math Grade 7 Lesson 14.2 Answer Key 11
Texas Go Math Grade 7 Lesson 14.2 Answer Key 12
Hourly wage is $17.6

Question 2.
Complete the chart to show how the Dominguez family’s budget might change if they move to Lubbock, TX. (Explore Activity 2).
Answer:
Mr & Mrs Dominguez family’s budget in Corpus Christi, Tx:
Texas Go Math Grade 7 Lesson 14.2 Answer Key 13
Texas Go Math Grade 7 Lesson 14.2 Answer Key 14
Necessary income in Lubbock is $20.80

Question 3.
How does the amount needed to live in Lubbock differ from the amount needed to live in Corpus Christi? (Explore Activity 2)
Answer:
The necessary amount needed in the Lublock is $3000 including tax but the amount needed to live in Corpus Christi is $3350. This is because the living cost is bit higher in Lubbock as compared to the living cost in Corpus
Christi. Cost like housing rent and transportation is higher in Lubhock than Corpus Christi. And due to this the household hourly wage is also more in Lubbock titan in Corpus Christi. The household cost in Corpus Christi is
$17.6 while in Lubbock it is $20.80.
Difference in amount = Difference of necessary income both city
= $3350 83000
= $550
Difference in the necessary income of both the city are $550

Texas Go Math Grade 7 Lesson 14.2 Independent Practice Answer Key  

Question 4.
Multistep Andre and his parents are comparing family budgets in Midland, Texas, and San Antonio, Texas. Andre does not have any siblings. His parents have an employer-sponsored health plan.
a. Use an online family budget estimator to complete the table.
Texas Go Math Grade 7 Lesson 14.2 Answer Key 5
Answer:
Texas Go Math Grade 7 Lesson 14.2 Answer Key 15
Texas Go Math Grade 7 Lesson 14.2 Answer Key 16

b. How do the monthly expenses in San Antonio compare to those in Midland?
Answer:
The necessary amount needed in the Mildihild is $2100 including tax but the amount needed to live in San Antonio $3100. So, this means that the living cost in San Antonio is more as compared to the living cost of Midland. Cost like housing rent and transportation is higher in San Antonio than Midland.
Difference in amount = Difference of necessary income both city
= $3100 – $2400
= $700
Monthly expense in San Antonio is $3100 but in Midland it is $700

Question 5.
Justify Reasoning Jolene and her two children live in Texarkana, Texas. Jolene has employer-sponsored health insurance. She earns an annual salary of $68,000. How does her monthly income compare to the necessary monthly income to live in Texarkana? Use an online family budget estimator to estimate the necessary monthly income. Explain your thinking.
Answer:
Annual Salary: $68,000.
Using the book, monthly expenses are:
Texas Go Math Grade 7 Lesson 14.2 Answer Key 17
Since \(\frac{68000}{12}\) = 5,666.66 is enough for handling the monthly expense of the family.
The necessary monthly income of $68. 000 is moderately enough for living in Texarkana.

Question 6.
Choose a city in Texas that you would like to live in as a single adult, after graduating from college. Use an online family budget estimator to compare possible budgets with and without employer-sponsored health insurance.
Texas Go Math Grade 7 Lesson 14.2 Answer Key 6
Answer:
Texas Go Math Grade 7 Lesson 14.2 Answer Key 18
Texas Go Math Grade 7 Lesson 14.2 Answer Key 19
Necessary monthly income differ by $200

Question 7.
Draw Conclusions Luke earns an hourly wage of $ 14 and works 160 hours per month. He is a single adult living in Odessa, Texas. He does not have employer-sponsored health insurance. Luke’s expenses follow the budget outlined in an online family budget estimator, except that his rent is $435 and he spends about $230 on other necessities. Does Luke have enough additional money each month to buy a computer with monthly payments of $216? Explain.
Answer:
Monthly Saving of Luke = Monthly income – Monthly expenses
= $2240 $1415
= $825
Monthly saving of Luke is $825 and the monthly payment of his computer is $216 which less as compared to saving. So, yes Luke has enough additional money each month to pay for computer.
Yes Luke has enough money to pay each month your computer.

Question 8.
Analyze Relationships The Richardson family has two parents and two children. Their company is opening branches in Houston, McAllen, and Denison. The family needs to move to one of the cities. They use an online family budget estimator for no employer insurance to help compare living expenses in each city. In Houston, they estimate they will exceed the estimated budget by $1,600. The salary offer for Houston is $68,000. In McAllen, they estimate they will exceed the estimated budget by $1,300. The salary offer for McAllen is $62,000. In Denison, they estimate they will exceed the estimated budget by $1,400. The salary offer for Denison is $67,000. If the family wants to save as much money as possible, which city should they choose? Explain.
Answer:
They should move to Denison because even though the salary offer for the city is $67000. that is $1000 less than that at houston. the monthly excess in budget is $1600 – $1400 = $200 less than that from Houston. It is a further $1600 – $1300 = $300 less monthly in McAllen but the salary is only $62000 that is way too less than either Houston or Denison.
The Richardson family should move to Denison.

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