1. Section 1

1.7. Explore 2

Mathematics 20-3 Module 1

Section 1: Personal Budgets

 

Did You Know?

Inuit artistry varies in style and composition depending on the region of Canada’s North where the artist lives. The main areas are Baffin Island, Keewatin, the Western Arctic, Belcher Islands, northern Québec, and Labrador.

 

This photo is of an Inuit carving of a hunter and a bear.

PhotoObjects.net/Hemera Technologies/Thinkstock

There are similar categories for income.

 

Regular income is the amount of income you receive on a regular basis, such as your monthly salary.

 

Variable income is income that changes—the amount is not predicable. This total includes tips, commissions, income from garage sales or yard sales, and casual labour.

 

An example of variable income is the payments an Inuit artist receives for carvings.



textbook

Work through “Example 1” on page 304 of your textbook, MathWorks 11.

 

Consider the following as you read:

  • Could any of the expenses be considered unexpected expenses?
  • How does Loree’s total income compare to her total expenses?
  • How much money does Loree have left after her expenses are added up? Suggest what she could do with this money.