Personal Budget Answers

Examine the following budget:Monthly BudgetBudgeted AmountActual AmountIncome Wages$1000$850Expenses Car - gas, insurance Food & Personal Items Cell Phone College Savings Recreation Clothes$300$200$75$200$75$85$300$220$75$200$80$60Net Income$65 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?

Robert is currently working for a landscaping company earning $1520 per month. He has a dream of starting his own landscaping company and figures he would need to save $5000 to buy his own equipment. Select the budget that would help Robert most quickly achieve his financial goal of starting his own business, while still meeting his basic needs. Monthly Budget Budget A Budget B Budget C Budget D Income $1520 $1520 $1520 $1600 Expenses Rent Utilities Food Cell Phone Savings Entertainment Clothing $400 $80 $250 $0 $400 $220 $130 $400 $80 $25 $75 $600 $320 $0 $400 $80 $150 $70 $500 $125 $120 $400 $80 $400 $110 $260 $200 $150 Net Income $40 $20 $75 $0

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 totalled $580, estimate how much she should save each month to have approximately the same amount available for gifts next year?

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? Monthly BudgetBudgeted AmountActual AmountIncome Wages$1250$1050Expenses Rent Utilities Food Clothes Cell Phone$450$150$220$200$75$____$____$____$____$____Net Income$155$____

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?

Calculate the income needed based on the following budgeted expenses.Month _______Budgeted AmountRent$400Utilities$150Food $175Entertainment$125Cell Phone$75Car Expenses - Gas, Insurance$200

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 AMonthly BudgetBudget ABudget BBudget CBudget DIncome$1,470$1,225$1,470$1,225Expenses - Rent Food & Personal Items Clothes Savings$500$120$50$700$500$120$150$400$500$120$400$400$500$120$400$150

Damian wants to save $7200 to buy a car within the next 2 years. Which budget would help Damian save enough money to buy a car in a timely manner with minimal effect on his other essential expenses? Monthly Budget Budget A Budget B Budget C Budget D Income $1000 $1,000 $1,000 $1,000 Expenses- Rent Utilities Food Bus Pass Car Savings School Savings $300 $75 $150 $25 $350 $100 $300 $75 $150 $25 $250 $200 $300 $75 $75 $0 $300 $250 $300 $75 $150 $25 $100 $350

Predict how much money can be saved without having a negative actual net income.Monthly BudgetBudgeted AmountActual AmountIncome Wages$1025$675Expenses Rent Utilities Food Cell Phone Savings $300$100$175$75$300$300$100$200$75$____Net Income$75$____

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. Monthly Budget Previous Budget Current Budget Income Wages $786 $1646 Expenses Rent Utilities Groceries Savings Car Expenses Entertainment $300 $60 $130 $120 $150 $20 $600 $120 $200 $350 $150 $120 Net Income $6 $106 a. Tristan is spending too much money on groceries and entertainment. 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. c. Tristan is earning double his previous wages. He should double his expenses, as well. d. Tristan's increased income should have no effect on his financial decisions. Please select the best answer from the choices provided

Jacob is ready to move into his own apartment. He has a great job earning $1680 per month. What is the best way Jacob’s budget can be modified to help him make the $600 monthly rental payment? Monthly BudgetOld BudgetNew BudgetIncome Wages$1680$1680Expenses Rent Food Clothes Savings Recreation Car Expenses$0$200$75$700$400$300$____$____$____$____$____Net Income$5$____

When preparing a monthly budget, describe how net income is calculated.

Analyze the following budget, with an income of $600, to determine how much can be spent on food for the month. Month________Budgeted AmountCell Phone$65Food$___Entertainment$95College Savings$200Car Expenses - Gas, Insurance$160