Build and check a monthly budget
Grade 12 Social Studies Worksheet
Circle the best answer.
Read this first
Use this
Card A. Compare chart "Prices and average hourly pay" (U.S. Bureau of Labor Statistics, CPI-U and average hourly earnings, annual averages, through FRED, retrieved Nov 14, 2026), columns Year | CPI-U (1982–84 = 100) | Average hourly pay | Pay in 2019 dollars | Pay in 2021 dollars: 2019 | 255.657 | $28.00 | $28.00 | $29.68; 2020 | 258.811 | $29.36 | $29.00 | $30.74; 2021 | 270.970 | $30.61 | $28.88 | $30.61; 2022 | 292.655 | $32.26 | $28.18 | $29.87; 2023 | 304.702 | $33.70 | $28.28 | $29.97; 2024 | 313.689 | $35.06 | $28.57 | $30.29. Note: pay is the average hourly earnings of all private-sector employees. The last two columns were calculated for this sheet by multiplying pay by the 2019 or 2021 CPI-U and dividing by that year's CPI-U.
Milo reads card A. A 2019 job paid $28.00 an hour. Which 2024 wage keeps its buying power, and what does it show?
- About $34.36; the 2024 average of $35.06 is just above that wage
- $28.00 is enough, because a dollar of pay is worth the same in any year
- $44.24, since the index rose 58 points and the wage should rise 58 percent
- $35.06, since the average pay is the wage the 2019 job should now pay
A writer claims real pay fell from 2021 to 2024. Noah tests the claim with card A. What is the verdict?
- Supported: pay fell in 2022 and 2023, which pulled the average down
- Supported: pay rose about 14.5 percent, prices about 15.8, so real pay slipped about 1 percent
- Supported: each worker's buying power fell between 2021 and 2024, just as the average pay did
- Not supported: pay rose from $30.61 to $35.06, so workers could buy more
Ren sees that real pay in 2021 dollars rose from $29.68 in 2019 to $30.74 in 2020. Which claim is best supported?
- Workers received a real raise of about 3.6 percent in 2020
- Real pay fell in 2020, since prices rose 1.2 percent that year
- Average real pay jumped in 2020, but card A cannot tell raises from a change in who had jobs
- The 2020 jump shows that the downturn itself raised wages, as pay rose while many firms cut jobs
Use this
Card A. Compare chart "What each outing is worth to Sam" (made up for practice), columns Outing | Worth to Sam: 1st | $30; 2nd | $22; 3rd | $15; 4th | $9; 5th | $4. Note: made up for practice. Each outing costs $12, and the fun budget is $60.
Tala buys outings at $12 each. Using card A, how many outings should Tala choose?
- Three: the 3rd is worth $15 for $12, but the 4th is worth only $9 for $12
- Five: the $60 budget pays for five outings, and their total worth is $80
- Four: through four outings the total worth, $76, is above their $48 cost
- Two: stop at the last outing worth nearly twice its cost
The price of an outing rises to $18. Using card A, how many outings should Zee now choose?
- Three: the first three outings together are worth $67, above their $54 cost
- Two: the 2nd is worth $22 for $18, but the 3rd is worth only $15 for $18
- Three: the 3rd is worth $15, close enough to the $18 price
- One: the 1st outing is worth the most, so it is the only one to buy
A coupon cuts each outing to $6. Using card A, how many outings should Ari choose?
- Five: half-price means the $60 budget buys ten, so all five are worth it
- Three: a coupon does not change how many outings are worth buying
- Five: a cheaper outing makes each outing worth more to Sam
- Four: the 4th is worth $9 for $6, but the 5th is worth only $4 for $6
Bo claims that spending the whole $60 on five outings must leave Sam better off than stopping sooner. Using card A, what is the verdict?
- Not supported: five outings net $20 ($80 of worth less $60), but three net $31 ($67 less $36)
- Supported: a budget is meant to be spent, so unspent money is wasted
- Not supported: five outings net below zero, since the 4th and 5th are worth less than $12 each
- Supported: five outings give the largest total worth, $80
Use this
Card A. Compare chart "A market for one good, per week" (made up for practice), columns Price | Quantity buyers want | Quantity sellers offer: $3 | 90 | 0; $4 | 80 | 20; $5 | 70 | 40; $6 | 60 | 60; $7 | 50 | 80; $8 | 40 | 100; $9 | 30 | 120. Note: invented market, made up for practice. With no tax, the market settles where the two quantities are equal. Card B, "A $3 tax" (made up). The town charges sellers a tax of $3 on each unit sold. Buyers then pay a price; sellers keep that price minus $3. After the tax, buyers want to buy exactly as many units as sellers will offer at the price sellers keep. Card C, "A register tax" (made up). Suppose the town charged the $3 to buyers at the register instead. Sellers would keep the shelf price, and buyers would pay the shelf price plus $3.
Esme applies card B to card A. After the $3 tax, what do buyers pay and what do sellers keep per unit?
- Buyers pay $8, up $2, and sellers keep $5, down $1, with 40 units sold
- Buyers pay $6 and sellers keep $3, because the law charges sellers the tax
- Buyers pay $9, up $3, and sellers keep $6, because price rises by the whole tax
- Buyers pay $7.50 and sellers keep $4.50, which splits the tax evenly
Jun asks who bears the $3 tax, using cards A and B. Which statement is best supported?
- Buyers bear the whole $3, because sellers pass the tax to them in the price
- Buyers and sellers each bear $1.50 of each $3
- Sellers bear the whole $3, because the law charges them and they send in the money
- Buyers bear $2 of each $3 and sellers $1, though the law charges sellers
Kira asks what the town collects and who funds it. Which statement fits cards A and B?
- The town collects $200 on 40 units, since the tax is $5 on each unit
- The town collects $180 on 60 units, with buyers and sellers each funding $90
- The town collects $120, and sellers fund the whole of it because they send it in
- The town collects $120 on 40 units; buyers fund $80 of it and sellers $40