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Before Jamie and Claudia leave home for an adventure "hiding out" in the Metropolitan Museum of Art, Claudia plans very carefully. She is very worried about having enough income. Income is money people receive for doing work, such as earning a weekly allowance for making beds and emptying the wastebaskets. People also receive money as gifts.

Why was Claudia so concerned with income as she planned the escape? She enjoyed planning, and she enjoyed spending money, especially on hot fudge sundaes. By combining these two activities - planning and spending -you can make a budget for Claudia and Jamie. A budget is a plan for how to use income. It shows the income that you will have and the expenses that you think you will have. An expense is money paid for a good or service. Claudia had a weekly expense for a hot fudge sundae before leaving home.

Use the chart below to make a budget for Claudia and Jamie. List income (amount and source) on the left and expenses (things you think they'll buy) on the right. You won't always have dollar amounts, that's okay. You can fill them in later. Be sure to answer the questions below.

A Budget for Museum Life
INCOME EXPENSES
SOURCE AMOUNT ITEM AMOUNT

Questions:

  1. What is the total amount of income Jamie and Claudia bring with them?
  2. What was Claudia's weekly allowance? Jamie's allowance?
  3. Why did Jamie have so much more income than Claudia thought he would? Where and how did he get so much?
  4. What did Claudia find in the wastebasket that was almost like income?
  5. What would happen to Claudia if she broke a household rule?
  6. How was Jamie able to afford the transistor radio he brought?
  7. What were Jamie's responsibilities as "treasurer?"