Keeping lights and electricity on is important for living and needs to be included in a budget.

Question

For this budget scenario, use $150
for the monthly electricity cost.

1. What percentage of the budget is used for electricity? Round to the nearest percent.

2. Input the dollar amount for electricity on the Personal Budget excel spreadsheet.
10%
8%
7%
12%

Answer 1

To determine the percentage of the budget used for electricity, we first need to understand what the total budget is. Since you haven't specified a total budget amount, let’s assume your total budget is available.

1. Assuming the total budget is $X$:

   $$\text{Percentage of budget used for electricity}=\left(\frac{\text{Electricity Cost}}{\text{Total Budget}}\right)\times 100$$

   Plugging in the electricity cost of $150:

   $$\text{Percentage}=\left(\frac{150}{X}\right)\times 100$$

   To find the percentage of the budget used for electricity, we'll need to know the total budget $X$. However, if we assume a few example budgets:

   • If total budget = $1,000: $$\text{Percentage}=\left(\frac{150}{1000}\right)\times 100=15$$

   • If total budget = $1,200: $$\text{Percentage}=\left(\frac{150}{1200}\right)\times 100=12.5$$

   • If total budget = $1,300: $$\text{Percentage}=\left(\frac{150}{1300}\right)\times 100\approx 11.54$$

   Given the choices (10%, 8%, 7%, 12%), 12% is a valid option if the total budget is approximated to $1,300.

So, if your budget is around $1,300, then 12% is the answer.

2. For inputting the dollar amount for electricity ($150) in the Personal Budget Excel spreadsheet, you would simply enter the dollar amount in the designated location for utilities or electricity costs.

Final Answers:

1. 12% (if total budget is around $1,300)
2. $150 for electricity on the spreadsheet.