Budget sheet for Pete and Sara Smith Monthly Living Expenses Monthly Fixed Expenses Food/Grocery Bill $320.00...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Budget sheet for Pete and Sara Smith Monthly Living Expenses Monthly Fixed Expenses Food/Grocery Bill $320.00 Rent/Mortgage Payment Car Payment $528.64 $219.45 Household Expenses Other Installments Electricity $58.40 Student Loans $150.00 Heating Fuel $65.00 Other -0- Telephone $30.50 Regular Savings $20.00 Water/Sewer Fee $38.20 Emergency Fund $40.00 Garbage Fee -0- Total of Fixed $ Other -0- Annual Expenses Transportation Life Insurance $244.00 Gas/Oil $218.82 Home Insurance $357.00 Parking Fees $32.00 Car Insurance $650.60 Tolls $12.00 Real Estate Taxes $1,847.40 Buses -0- Car Registration $90.00 Other Personal Spending Charity Donations $72.00 Other -0- Clothing $114.00 Total of Annual Enter Monthly Value $ $ Credit Card -0- Payments Miscellaneous $27.27 Monthly Balance Sheet Gifts, etc. $25.00 Net Monthly Income $ Pocket Money $25.00 Enter Monthly Budget Sheet Totals Below Entertainment Living Expenses $ Movies/Theater $32.00 Fixed Expenses $ Sporting Events $40.00 Total Annual Expenses $ Recreation -0 (monthly value) Dining Out $57.00 Total of Monthly Expenses $ Total of Living Expenses $ Amount of money left $ over **Total of Annual Expenses divided by 12 to calculate monthly expense Pete and Sara Smith have a combined monthly net income of $2300. Directions: Use their budget sheet to answer the following questions. 1. The Smiths Total of Living Expenses is? Answer is: $ 2. The Smiths Total of Fixed Monthly Expenses is? Answer is: 5, 3. The Smiths Total of Annual Expenses is? Answer is: $ 4. What is the Monthly value of the Smiths annual expenses? Answer is: S 5. What is the Total of Monthly Expenses? Answer is: $ 6. If the Smiths are living within their budget, they would have money left over at the end of the month. Are the Smiths living within their budget? Answer is: S 6. If the Smiths are living within their budget, they would have money left over at the end of the month. Are the Smiths living within their budget? Yes or No 7. The Smiths just received their 6% annual pay increase. What is their new combined net income? Answer is: $ Copyright 2017 Michigan Virtual Revised7/9/2020 Page 2 8. If all of their expenses stay the same, can the Smiths live within their budget with the new monthly income? Yes or No a. If you determine that they can live within their means, where should they apply the excess money? 9. Take a look at the budget sheet. If this was yours, and your net income was $2300, what areas would you change in order to live within your budget? What else could you do? Budget sheet for Pete and Sara Smith Monthly Living Expenses Monthly Fixed Expenses Food/Grocery Bill $320.00 Rent/Mortgage Payment Car Payment $528.64 $219.45 Household Expenses Other Installments Electricity $58.40 Student Loans $150.00 Heating Fuel $65.00 Other -0- Telephone $30.50 Regular Savings $20.00 Water/Sewer Fee $38.20 Emergency Fund $40.00 Garbage Fee -0- Total of Fixed $ Other -0- Annual Expenses Transportation Life Insurance $244.00 Gas/Oil $218.82 Home Insurance $357.00 Parking Fees $32.00 Car Insurance $650.60 Tolls $12.00 Real Estate Taxes $1,847.40 Buses -0- Car Registration $90.00 Other Personal Spending Charity Donations $72.00 Other -0- Clothing $114.00 Total of Annual Enter Monthly Value $ $ Credit Card -0- Payments Miscellaneous $27.27 Monthly Balance Sheet Gifts, etc. $25.00 Net Monthly Income $ Pocket Money $25.00 Enter Monthly Budget Sheet Totals Below Entertainment Living Expenses $ Movies/Theater $32.00 Fixed Expenses $ Sporting Events $40.00 Total Annual Expenses $ Recreation -0 (monthly value) Dining Out $57.00 Total of Monthly Expenses $ Total of Living Expenses $ Amount of money left $ over **Total of Annual Expenses divided by 12 to calculate monthly expense Pete and Sara Smith have a combined monthly net income of $2300. Directions: Use their budget sheet to answer the following questions. 1. The Smiths Total of Living Expenses is? Answer is: $ 2. The Smiths Total of Fixed Monthly Expenses is? Answer is: 5, 3. The Smiths Total of Annual Expenses is? Answer is: $ 4. What is the Monthly value of the Smiths annual expenses? Answer is: S 5. What is the Total of Monthly Expenses? Answer is: $ 6. If the Smiths are living within their budget, they would have money left over at the end of the month. Are the Smiths living within their budget? Answer is: S 6. If the Smiths are living within their budget, they would have money left over at the end of the month. Are the Smiths living within their budget? Yes or No 7. The Smiths just received their 6% annual pay increase. What is their new combined net income? Answer is: $ Copyright 2017 Michigan Virtual Revised7/9/2020 Page 2 8. If all of their expenses stay the same, can the Smiths live within their budget with the new monthly income? Yes or No a. If you determine that they can live within their means, where should they apply the excess money? 9. Take a look at the budget sheet. If this was yours, and your net income was $2300, what areas would you change in order to live within your budget? What else could you do?
Expert Answer:
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Posted Date:
Students also viewed these finance questions
-
This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
For the non-seasonal frequencies, use \(g \operatorname{lm}()\) to fit the additive exponential model \[ E\left(|\hat{Y}(\omega)|^{2}ight)=\beta_{0}+\beta_{1} \exp \left(-|2 \pi \lambda \omega|^{1 /...
-
On December 1, Euphonia, a famous singer, contracted with Boito to sing at Boito's theater on December 31 for a fee of $45,000 to be paid immediately after the performance. (a) Euphonia, for value...
-
Refer to the North Valley Real Estate data, which report information on homes sold in the area last year. a. Create a probability distribution for the number of bedrooms. Compute the mean and the...
-
You have been engaged to audit the financial statements of the Elliott Company for the year ended December 31, 1999. You also audited the December 31, 1998 financial statements. Following is the...
-
Based on market research, a film production company in Ectenia obtains the following information about the demand and production costs of its new DVD: Demand: P = 1,000 10Q Total Revenue: TR =...
-
Media and advertising companies still use the same old demographics to understand audiences, but they're becoming increasingly harder to track online, says media researcher Johanna Blakley. As social...
-
Calculate the support reactions for this simply supported beam, a component of the bridge. Key Values A 15 kN B 20 KN C 3 kN/m X 1.5 m y 2.5 m R1 X A 1m B Y UDL = C R2 1m
-
External auditors play an important role in ensuring compliance with corporate governance principles through the protection of shareholders' interests. Critically evaluate the role of the external...
-
The operations performed in a system depicts (a) state (b) behavior (c) abstraction (d) None of the above
-
When problem domain-based analysis is applied to identify the objects and classes in a problem domain, which will be the first phase? (a) Existing applications analysis (b) Existing operations...
-
What is potential GDP? Explain its relation to full employment GDP.
-
What are the effects of economic recessions on companies? Briefly explain.
-
analysis is applied when the developers are allocated with some module in the product development and are under development (a) Behavioral (b) CRC cards (c) Noun-Verb (d) Abstraction
-
Clearborn Manufacturing Co. completed the following transactions during 2018: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in Clearborn's...
-
Under what conditions is the following SQL statement valid?
-
Locust Inc. owes $16 000 to be repaid by monthly payments of $475. Interest is 6% compounded monthly. (a) How many payments will Locust Inc. have to make? (b) How much interest is included in the...
-
Sofia made a deposit of $600 into a bank account that earns interest at 3.5% com- pounded monthly. The deposit earns interest at that rate for five years. (a) Find the balance of the account at the...
-
Tina, an entrepreneurial business student, wants to set up a business completing tax forms for other students. Her price would be $50 for each job. Fixed expenses include $395 for the purchase of tax...
-
Design a HEN to meet the MER targets for \(\Delta T_{\text {min }}=10^{\circ} \mathrm{C}\) and \(N_{H X, \text { min }}\) for a process involving five hot streams and one cold stream as introduced by...
-
The PFD in Figure 11.63 shows a process in which two liquid products, A and B, are produced from a feed stream of raw material R. In the process, the reactor feed is preheated to \(300^{\circ}...
-
Consider a process with the following streams: (a) Compute \(\Delta T_{\text {thres }}\) as well as the minimum external heating and cooling requirements as a function of \(\Delta T_{\text {min }}\)....
Study smarter with the SolutionInn App