Personal Budget
Antonio is ready to move out of his parent's house and live on his own. He found a great apartment that has all utilities included. His job as an assistant plumber requires him to have a car, but his hours are flexible enough to give him time on the weekends to have fun with his friends. What is the best way Antonio's budget can be modified to help him save enough for the $200 down payment and make the $500 monthly rental payment?
d. Antonio could reduce his monthly entertainment expenses by $75 and his food expenses by $50 to pay the monthly rent. He could take $200 out of savings once for the deposit.
What is the actual net income for the month? What, if any, changes could have been made to the actual amounts this month to keep the actual net income at a positive value?
d. Both a and c
Predict how much money can be saved without having a negative actual net income.
b. $170 can be saved resulting in an actual net income of $0.
Tanisha lives with her older sister and helps with the rent by paying $500 per month. Her annual salary as a child care specialist is $14,700 after taxes. Shopping is her favorite pasttime and loves buying new things, but she also wants to save money for her college classes. Select the budget that would best help meet her goals. Table A
b. Budget B
When preparing a monthly budget, describe how net income is calculated.
b. Net income is calculated by taking the income subtotal and subtracting the expenses subtotal.
Which of these is an appropriate attitude to take toward personal budgets?
b. Personal budgets are useful regardless of your financial status and can be used by anyone.
Alexa has finished her culinary training program and is now working full-time as a chef in a hotel resort restaurant. She has tripled her salary from when she was working part-time to pay her expenses through school. How should this increased income affect her budget? Make comparisons with her previous budget and her current budget.
c. Alexa is earning quite a bit more money than she was previously. This would be a good time for her to re-evaluate her budget. Part of the extra money she is making could be put in her savings account.
Lauryn's wages were not as much as she had budgeted. How can her budget be modified so there will be a positive actual net income?
d. Do all of the above.
Analyze the following budget, with an income of $750, to determine how much can be spent on food for the month.
d. No more than $60 can be spent on food.
What is one difference between yearly and monthly budgets?
d. There is more uncertainty as you plan further ahead, so a yearly budget needs more room to account for unplanned expenses than a monthly budget does.
Calculate the income needed based on the following budgeted expenses.
a. The income would need to be at least $1000.
Damian wants to save $7200 to buy a car within the next 2 years. How could a monthly budget be created to help Damian save enough money to buy a car in a timely manner with minimal effect on his other essential expenses?
a. Budget A
Select the budget that would most quickly achieve the financial goal of saving $6000 for college tuition.
a. Budget A
Sofia still lives at home, but helps with the rent paying $200 per month. She has a job that pays about $700 per month after taxes. She has to pay for her own personal items such as clothing and toiletries spending about $120 per month. Going out with friends is important to her, but she also wants to save money to buy her own car. Select the budget that would best help meet her goals.
a. Budget A
Predict how much money can be saved without having a negative actual net income.
a. It is not possible to save any money this month without having a negative actual net income.
Maddox wants to go back to college full-time. His current employer has agreed to reduce his hours from 40 hours to 25 hours while retaining his current rate of pay. Maddox has lived in his own apartment for 1 year and really likes his independence. Which of the following budgets below would fit his new situation?
a. Modified Budget A
What is the actual net income for the month? What, if any, changes could have been made to the actual amounts this month to keep the actual net income at a positive value?
a. The actual net income for the month is -$85. Less money could have been spent on food, recreation and clothes.
Tristan has found a good job as a bookkeeping clerk after finishing his associates degree at the local community college. He is making a beginning annual salary of $19,760. How can this increased income affect his financial decisions? Compare his previous budget when he worked part time while finishing his degree with his current budget after getting a full time job.
b. Tristan is earning quite a bit more in his full time job. He is spending more on rent, utilities, food, and entertainment, as well as saving $350 each month.
Sienna wants to set up a special fund so she can save to buy presents for her friends and family throughout the year. If her gift purchases last year totaled $580, estimate how much she should save each month to have approximately the same amount available for gifts next year?
c. Approximately $48 .
The actual income for this month has been reduced by $200. How can this budget be modified so there will be a positive actual net income?
c. The actual income for this month has been reduced by $200. How can this budget be modified so there will be a positive actual net income?
Alejandro lives in a small apartment, within walking distance to school. He takes the bus to work where he makes $10 per hour after taxes and works 30 hours per week. He wants to save money to buy a $6000 car within the next 2 years. How could a monthly budget be created to help Alejandro meet his financial goals? Select the best option.
d. Budget D
