Develop budgets that fit within various incomes using spreadsheets and other technology.


Example: Develop a budget spreadsheet for your business that includes typical expenses such as rental space, transportation, utilities, inventory, payroll, and miscellaneous expenses. Add categories for savings toward your own financial goals, and determine the monthly income needed, before taxes, to meet the requirements of your budget.


Clarification 1: Instruction includes budgets for a business and for an individual. 

Clarification 2: Instruction includes taking into account various cash management strategies, such as checking and savings accounts, and how inflation may affect these strategies.

General Information
Subject Area: Mathematics (B.E.S.T.)
Grade: 912
Strand: Financial Literacy
Status: State Board Approved

Benchmark Instructional Guide

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Purpose and Instructional Strategies

In middle grades, students engaged in real-world problems involving money calculations. In Math for Data and Financial Literacy, students develop budgets with various income points, inflation and cash management strategies. 
  • Instruction includes the use of spreadsheets to develop the budget to complete the computations. 
  • Instruction includes budget terms to support student understanding such as income, savings, net income and expenses, including variable and fixed liabilities. 
  • Budgets developed for individuals can vary greatly depending on expenses at different stages of life. They can be developed by month as well as yearlong depending on the need of the individual. Instruction includes a monthly budget that can transition to a yearly budget to show costs that are semi-annual or one-time costs such as an insurance payment. 
  • A business budget is developed to track income and expenses to have a plan for spending, determining profit and growth. The budget will help the business with long range planning and predictions for the company. Business budgets have similar components to personal budgets such as revenue, fixed costs, variable costs, one-time expenses, cash flow and profit.

Common Misconceptions or Errors

  • Students may need more information of what is included in a budget such as utility bills, cell phone and internet use, consumable items such as groceries, and larger items such as rent and car payments. 
  • Students can display budgets in multiple ways by using graphs such as a line graph or circle graph and may need instruction on what the graphs represent. 
  • Students may need instruction on understanding terms of bills within the budget, for example, monthly, quarterly, semi-annual or bimonthly payments.

Instructional Tasks

Instructional Task 1 (MTR.7.1
  • Create a spreadsheet for an annual personal budget to include income, weekly and monthly expenses and other expenses. Consider the frequency of the expenses and items that you may have based on your living plans for the future. 
    • Part A. Using a $2,500 bi-weekly income, determine total income first as you set up the spread sheet. 
    • Part B. Include some weekly expenses such as food, eating out and entertainment. 
    • Part C. Include monthly expenses such as mortgage or rent, utilities, car loans, insurance and savings. 
    • Part D. Include any other expenses that could potentially be in your budget like additional insurance, vacation, repair savings for car or home, and medical.

Instructional Items

Instructional Item 1 
  • ACE Painting Company is working on their monthly budget. They have 12 employees that paint for them and are hired as contractors each month depending on how many homes they paint per month. In their budget, will this be variable or fixed expense?

*The strategies, tasks and items included in the B1G-M are examples and should not be considered comprehensive.

Related Courses

This benchmark is part of these courses.
1200388: Mathematics for Data and Financial Literacy Honors (Specifically in versions: 2022 and beyond (current))
1200384: Mathematics for Data and Financial Literacy (Specifically in versions: 2022 and beyond (current))
7912120: Access Mathematics for Data and Financial Literacy (Specifically in versions: 2022 - 2023, 2023 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
MA.912.FL.2.AP.5: Given typical monthly expenses (housing, utilities, food, etc.), determine the monthly income needed.

Related Resources

Vetted resources educators can use to teach the concepts and skills in this benchmark.

Lesson Plans

Budgeting: Finding Personal Financial Success:

During this lesson, students will learn about budgets, checking and savings accounts, and interest. They will then have a research activity to focus on their future lives, which they will use to create a budget for their lives after they have finished their education and/or job training. This budget will be created using a spreadsheet or other technology to explore how various factors, such as interest rates, will affect their budget and necessary income.

Type: Lesson Plan

Balanced Budgets:

Students will create and format spreadsheets to build a balanced budget for personal and business situations using income and expenses, in this lesson.

Type: Lesson Plan

Cost of Living:

Students will create budgets to compare the cost of living in two different locations.

Type: Lesson Plan

What are my options?:

Using the case study, Drowning in Debt: Making Healthy Decisions to Manage Money, students will consider various actions a consumer can take to minimize expenses and budget their money.

Type: Lesson Plan

Student Resources

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Parent Resources

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