Question 1(Multiple Choice Worth 4 points) (Budgeting LC) An entry level civil engineer earns an average bi weekly net pay of $2,104 95 The engineer has created a monthly budget using the following percentages for expenses Percent Housing 30 Food Household 20 Savings 5 Transportation 10 Debt 10 Entertainment 5 Medical Personal Care 3 Giving 5 Clothing 2 Miscellaneous 10 Which balance sheet correctly represents the engineer's income, expenses, and balance Income Amount Bi weekly income $2,104 95 Total Monthly Income $4,560 73 Expenses Percent Amount Housing 30 $1,368 22 Food Household 20 $912 15 Savings 5 $228 04 Transportation 10 $456 07 Debt 10 $456 07 Entertainment 5 $228 04 Medical Personal Care 3 $136 82 Giving 5 $228 04 Clothing 2 $91 21 Miscellaneous 10 $456 07 $4,560 73 Balance Income $4,560 73 Expenses $4,560 73 Balance $0 Income Amount Bi weekly income $2,104 95 Total Monthly Income $4,209 90 Expenses Percent Amount Housing 30 $1,262 97 Food Household 20 $841 98 Savings 5 $210 50 Transportation 10 $420 99 Debt 10 $420 99 Entertainment 5 $210 50 Medical Personal Care 3 $126 30 Giving 5 $210 50 Clothing 2 $84 20 Miscellaneous 10 $420 99 $4,209 90 Balance Income $4,209 90 Expenses $4,209 90 Balance $0 Income Amount Bi weekly income $2,104 95 Total Monthly Income $2,104 95 Expenses Percent Amount Housing 30 $631 49 Food Household 20 $420 99 Savings 5 $105 25 Transportation 10 $210 50 Debt 10 $210 50 Entertainment 5 $105 25 Medical Personal Care 3 $63 15 Giving 5 $105 25 Clothing 2 $42 10 Miscellaneous 10 $210 50 $2,104 95 Balance Income $2,104 95 Expenses $2,104 95 Balance $0 Income Amount Bi weekly income $2,104 95 Total Monthly Income $3,157 43 Expenses Percent Amount Housing 30 $947 23 Food Household 20 $631 49 Savings 5 $157 87 Transportation 10 $315 74 Debt 10 $315 74 Entertainment 5 $157 87 Medical Personal Care 3 $94 72 Giving 5 $157 87 Clothing 2 $63 15 Miscellaneous 10 $315 74 $3,157 43 Balance Income $3,157 43 Expenses $3,157 43 Balance $0 Question 2(Multiple Choice Worth 4 points) (Business Costs LC) Zion Sun Chairs manufactures 3,575 beach chairs each month Determine the minimum sales price Zion Sun Chairs must sell each chair for to earn a monthly profit of $75,000, if the total monthly fixed costs are $17,363 50 and the variable cost per chair is $52 17 $20 98 $25 84 $72 50 $78 01 Question 3(Multiple Choice Worth 4 points) (Budgeting MC) A daycare center has a weekly revenue of $15,000 The daycare director has created a monthly budget using the following percentages for expenses Percent Employee Wages 40 Building Rent 5 Supplies 15 Equipment 5 Educational Licensing 2 Food 13 Utilities 10 Maintenance 5 Emergency Repair 5 Which balance sheet correctly represents the daycare's income, expenses, and balance Income Amount Weekly Income $15,000 00 Total Monthly Income $65,000 00 Expenses Percent Amount Employee Wages 40 $26,000 00 Building Rent 5 $3,250 00 Supplies 15 $9,750 00 Equipment 5 $326 29 Educational Licensing 2 $1,300 00 Food 13 $8,450 00 Utilities 10 $6,500 00 Maintenance 5 $3,250 00 Emergency Repair 5 $3,250 00 $65,000 00 Balance Income $65,000 00 Expenses $65,000 00 Balance $0 Income Amount Weekly Income $15,000 00 Total Monthly Income $30,000 00 Expenses Percent Amount Employee Wages 40 $12,000 00 Building Rent 5 $1,500 00 Supplies 15 $4,500 00 Equipment 5 $1,500 00 Educational Licensing 2 $600 00 Food 13 $3,900 00 Utilities 10 $3,000 00 Maintenance 5 $1,500 00 Emergency Repair 5 $1,500 00 $30,000 00 Balance Income $30,000 00 Expenses $30,000 00 Balance $0 Income Amount Weekly Income $15,000 00 Total Monthly Income $60,000 00 Expenses Percent Amount Employee Wages 40 $24,000 00 Building Rent 5 $3,000 00 Supplies 15 $9,000 00 Equipment 5 $3,000 00 Educational Licensing 2 $1,200 00 Food 13 $7,800 00 Utilities 10 $3,000 00 Maintenance 5 $3,000 00 Emergency Repair 5 $1,500 00 $60,000 00 Balance Income $60,000 00 Expenses $60,000 00 Balance $0 Income Amount Weekly Income $15,000 00 Total Monthly Income $67,500 00 Expenses Percent Amount Employee Wages 40 $27,000 00 Building Rent 5 $3,375 00 Supplies 15 $10,125 00 Equipment 5 $3,375 00 Educational Licensing 2 $1,350 00 Food 13 $8,775 00 Utilities 10 $6,750 00 Maintenance 5 $3,375 00 Emergency Repair 5 $3,375 00 $67,500 00 Balance Income $67,500 00 Expenses $67,500 00 Balance $0 Question 4(Multiple Choice Worth 4 points) (Federal Income Taxes and Piecewise Functions LC) The graph of a piecewise function is shown What is the domain of the function (, 2) 1,) (, 2 (1,) , (,) Question 5(Multiple Choice Worth 4 points) (Budgeting LC) A high school teacher earns an average bi weekly net pay of $1,541 65 Which compound inequality correctly shows the amount of money, m , the teacher can spend if the monthly budget for transportation is between 15 and 20 $501 04 m $668 05 $462 50 m $616 66 $334 02 m $501 04 $231 25 m $308 33 Question 6(Multiple Choice Worth 4 points) (Calculating Net Worth LC) The assets and liabilities of a doctor are listed below Home Value $589,674 Mortgage $99,408 Credit Card Balance $8,057 Owned Work Equipment $51,797 Car Value $61,182 Investments $59,090 Personal Loan $76,348 What is the total value of the doctor's capital assets $51,797 $61,182 $589,674 $702,653 Question 7(Multiple Choice Worth 4 points) (Federal Income Taxes and Piecewise Functions MC) The piecewise function represents the amount of taxes owed, f ( x ), as a function of the taxable income, x Use the marginal tax rate chart or the piecewise function to answer the question Tax Bracket Marginal Tax Rate $0 $10,275 10 $10,276 $41,175 12 $41,176 $89,075 22 $89,076 $170,050 24 $170,051 $215,950 32 $215,951 $539,900 35 $539,901 37 Determine the effective tax rate for a taxable income of $175,000 Round the final answer to the nearest hundredth 20 00 20 74 24 95 32 00 Question 8(Multiple Choice Worth 4 points) (Calculating Net Worth MC) The assets and liabilities of a local surf shop are listed below Building Mortgage $109,850 Other Debt $35,988 Accounts Receivable $10,760 Property Value $162,974 Long Term Investments $238,000 Small Business Loan $62,700 Long Term Liabilities $38,000 Owned Inventory $72,980 Cash $215,083 Savings Account $128,721 Owned Equipment $30,971 The surf shop owner receives notice that the property value has increased by $20,000 What is the net worth of the surf shop $859,489 $879,489 $612,951 $632,951 Question 9(Multiple Choice Worth 4 points) (Business Costs MC) The profit, P ( x ), that Rivka's Delivery Service makes from delivering packages between local businesses is P ( x ), where x is the number of $0 10 price increases for each delivery Use the graph below to answer the question What is the approximate value for the maximum profit 81 80 50 45 Question 10(Multiple Choice Worth 4 points) (Calculating Net Worth LC) The assets and liabilities of a lawyer are listed below Car Value $25,023 Car Loan $10,892 Savings Account Balance $32,543 Season Baseball Tickets $5,768 Student Loans $15,089 Credit Card Balance $5,928 Checking Account Balance $2,125 Home Value $307,654 What is the lawyer's net worth $332,677 $335,436 $341,204 $373,113

The Answer is in the image, click to view ...

Question: Question 1(Multiple Choice Worth 4 points) (Budgeting LC) An entry-level civil engineer earns an average bi-weekly net pay of $2,104.95. The engineer has created a

Question 1(Multiple Choice Worth 4 points)

(Budgeting LC) An entry-level civil engineer earns an average bi-weekly net pay of $2,104.95. The engineer has created a monthly budget using the following percentages for expenses:

	Percent
Housing	30%
Food/Household	20%
Savings	5%
Transportation	10%
Debt	10%
Entertainment	5%
Medical/Personal Care	3%
Giving	5%
Clothing	2%
Miscellaneous	10%

Which balance sheet correctly represents the engineer's income, expenses, and balance?

Income
		Amount
Bi-weekly income		$2,104.95
Total Monthly Income		$4,560.73

Expenses
	Percent	Amount
Housing	30%	$1,368.22
Food/Household	20%	$912.15
Savings	5%	$228.04
Transportation	10%	$456.07
Debt	10%	$456.07
Entertainment	5%	$228.04
Medical/Personal Care	3%	$136.82
Giving	5%	$228.04
Clothing	2%	$91.21
Miscellaneous	10%	$456.07
		$4,560.73

Balance
Income		$4,560.73
Expenses		$4,560.73
Balance		$0

Income
		Amount
Bi-weekly income		$2,104.95
Total Monthly Income		$4,209.90

Expenses
	Percent	Amount
Housing	30%	$1,262.97
Food/Household	20%	$841.98
Savings	5%	$210.50
Transportation	10%	$420.99
Debt	10%	$420.99
Entertainment	5%	$210.50
Medical/Personal Care	3%	$126.30
Giving	5%	$210.50
Clothing	2%	$84.20
Miscellaneous	10%	$420.99
		$4,209.90

Balance
Income		$4,209.90
Expenses		$4,209.90
Balance		$0

Income
		Amount
Bi-weekly income		$2,104.95
Total Monthly Income		$2,104.95

Expenses
	Percent	Amount
Housing	30%	$631.49
Food/Household	20%	$420.99
Savings	5%	$105.25
Transportation	10%	$210.50
Debt	10%	$210.50
Entertainment	5%	$105.25
Medical/Personal Care	3%	$63.15
Giving	5%	$105.25
Clothing	2%	$42.10
Miscellaneous	10%	$210.50
		$2,104.95

Balance
Income		$2,104.95
Expenses		$2,104.95
Balance		$0

Income
		Amount
Bi-weekly income		$2,104.95
Total Monthly Income		$3,157.43

Expenses
	Percent	Amount
Housing	30%	$947.23
Food/Household	20%	$631.49
Savings	5%	$157.87
Transportation	10%	$315.74
Debt	10%	$315.74
Entertainment	5%	$157.87
Medical/Personal Care	3%	$94.72
Giving	5%	$157.87
Clothing	2%	$63.15
Miscellaneous	10%	$315.74
		$3,157.43

Balance
Income		$3,157.43
Expenses		$3,157.43
Balance		$0

Question 2(Multiple Choice Worth 4 points)

(Business Costs LC) Zion Sun Chairs manufactures 3,575 beach chairs each month. Determine the minimum sales price Zion Sun Chairs must sell each chair for to earn a monthly profit of $75,000, if the total monthly fixed costs are $17,363.50 and the variable cost per chair is $52.17.

$20.98 $25.84 $72.50 $78.01

Question 3(Multiple Choice Worth 4 points)

(Budgeting MC) A daycare center has a weekly revenue of $15,000. The daycare director has created a monthly budget using the following percentages for expenses:

	Percent
Employee Wages	40%
Building Rent	5%
Supplies	15%
Equipment	5%
Educational Licensing	2%
Food	13%
Utilities	10%
Maintenance	5%
Emergency/Repair	5%

Which balance sheet correctly represents the daycare's income, expenses, and balance?

Income
		Amount
Weekly Income		$15,000.00
Total Monthly Income		$65,000.00

Expenses
	Percent	Amount
Employee Wages	40%	$26,000.00
Building Rent	5%	$3,250.00
Supplies	15%	$9,750.00
Equipment	5%	$326.29
Educational Licensing	2%	$1,300.00
Food	13%	$8,450.00
Utilities	10%	$6,500.00
Maintenance	5%	$3,250.00
Emergency/Repair	5%	$3,250.00
		$65,000.00

Balance
Income		$65,000.00
Expenses		$65,000.00
Balance		$0

Income
		Amount
Weekly Income		$15,000.00
Total Monthly Income		$30,000.00

Expenses
	Percent	Amount
Employee Wages	40%	$12,000.00
Building Rent	5%	$1,500.00
Supplies	15%	$4,500.00
Equipment	5%	$1,500.00
Educational Licensing	2%	$600.00
Food	13%	$3,900.00
Utilities	10%	$3,000.00
Maintenance	5%	$1,500.00
Emergency/Repair	5%	$1,500.00
		$30,000.00

Balance
Income		$30,000.00
Expenses		$30,000.00
Balance		$0

Income
		Amount
Weekly Income		$15,000.00
Total Monthly Income		$60,000.00

Expenses
	Percent	Amount
Employee Wages	40%	$24,000.00
Building Rent	5%	$3,000.00
Supplies	15%	$9,000.00
Equipment	5%	$3,000.00
Educational Licensing	2%	$1,200.00
Food	13%	$7,800.00
Utilities	10%	$3,000.00
Maintenance	5%	$3,000.00
Emergency/Repair	5%	$1,500.00
		$60,000.00

Balance
Income		$60,000.00
Expenses		$60,000.00
Balance		$0

Income
		Amount
Weekly Income		$15,000.00
Total Monthly Income		$67,500.00

Expenses
	Percent	Amount
Employee Wages	40%	$27,000.00
Building Rent	5%	$3,375.00
Supplies	15%	$10,125.00
Equipment	5%	$3,375.00
Educational Licensing	2%	$1,350.00
Food	13%	$8,775.00
Utilities	10%	$6,750.00
Maintenance	5%	$3,375.00
Emergency/Repair	5%	$3,375.00
		$67,500.00

Balance
Income		$67,500.00
Expenses		$67,500.00
Balance		$0

Question 4(Multiple Choice Worth 4 points)

(Federal Income Taxes and Piecewise Functions LC) The graph of a piecewise function is shown. What is the domain of the function?

(, 2) [1,) (, 2] (1,) [,] (,)

Question 5(Multiple Choice Worth 4 points)

(Budgeting LC) A high school teacher earns an average bi-weekly net pay of $1,541.65. Which compound inequality correctly shows the amount of money,m, the teacher can spend if the monthly budget for transportation is between 15% and 20%?

$501.04 m $668.05 $462.50 m $616.66 $334.02 m $501.04 $231.25 m $308.33

Question 6(Multiple Choice Worth 4 points)

(Calculating Net Worth LC) The assets and liabilities of a doctor are listed below.

Home Value	$589,674
Mortgage	$99,408
Credit Card Balance	$8,057
Owned Work Equipment	$51,797
Car Value	$61,182
Investments	$59,090
Personal Loan	$76,348

What is the total value of the doctor's capital assets?

$51,797 $61,182 $589,674 $702,653

Question 7(Multiple Choice Worth 4 points)

(Federal Income Taxes and Piecewise Functions MC) The piecewise function represents the amount of taxes owed,f(x), as a function of the taxable income,x. Use the marginal tax rate chart or the piecewise function to answer the question.

Tax Bracket	Marginal Tax Rate
$0-$10,275	10%
$10,276-$41,175	12%
$41,176-$89,075	22%
$89,076-$170,050	24%
$170,051-$215,950	32%
$215,951-$539,900	35%
> $539,901	37%

Determine the effective tax rate for a taxable income of $175,000. Round the final answer to the nearest hundredth.

20.00% 20.74% 24.95% 32.00%

Question 8(Multiple Choice Worth 4 points)

(Calculating Net Worth MC) The assets and liabilities of a local surf shop are listed below.

Building Mortgage	$109,850
Other Debt	$35,988
Accounts Receivable	$10,760
Property Value	$162,974
Long Term Investments	$238,000
Small Business Loan	$62,700
Long Term Liabilities	$38,000
Owned Inventory	$72,980
Cash	$215,083
Savings Account	$128,721
Owned Equipment	$30,971

The surf shop owner receives notice that the property value has increased by $20,000. What is the net worth of the surf shop?

$859,489 $879,489 $612,951 $632,951

Question 9(Multiple Choice Worth 4 points)

(Business Costs MC) The profit,P(x), that Rivka's Delivery Service makes from delivering packages between local businesses isP(x), where x is the number of $0.10 price increases for each delivery. Use the graph below to answer the question. What is the approximate value for the maximum profit?

81 80 50 45

Question 10(Multiple Choice Worth 4 points)

(Calculating Net Worth LC) The assets and liabilities of a lawyer are listed below.

Car Value	$25,023
Car Loan	$10,892
Savings Account Balance	$32,543
Season Baseball Tickets	$5,768
Student Loans	$15,089
Credit Card Balance	$5,928
Checking Account Balance	$2,125
Home Value	$307,654

What is the lawyer's net worth?

$332,677 $335,436 $341,204 $373,113

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Question 1(Multiple Choice Worth 4 points) (Budgeting LC) An entry-level civil engineer earns an average bi-weekly net pay of $2,104.95. The engineer has created a monthly budget using the following...

Hi! I have completed the exam, but am looking for someone to provide the answer key! Name: PENN ID: _________________________ ACCOUNTING 101 - 620, EXAM #1 Spring Semester, 2010 Instructions: 1. 2....

O (PC - PP) x QE Zoom out (PC - PP) x (QE - Q") x Question 3(Multiple Choice Worth 1 points) (03.02 MC) Use the graph to answer the question that follows. Price MC ATC ATC, Quantity (units) The shift...

Question 1 (Multiple Choice Worth 1 points) (01.01 MC) Why might salt be a resource with a high cost in one market and a very low cost in another market? Trade could affect costs. Its supply could be...

Board CHAPTER 1 Economics: Foundations and Models n this book, we use economics to answer questions such as the following What determines the prices of goods and services from bottled water to smart...

I need Chapter 2 & 3 finished. Chapter 4 & 5, Chapter 6 & 7, & Chapter 8. Some of this is completed, but it isn't 100% finished. Let me know if you can get to it. Personal Finance, Fifth Edition by...

1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...

I need chapters 18, 19, 20, and 21 for the workbook for Personal Finance by Madura!! Please help!!! Personal Finance, Fifth Edition by Jeff Madura BUILDING YOUR OWN FINANCIAL PLAN WORKBOOK INDEX...

Hi. I need Chapter 11 part 1-4 Let me know. Thanks! (it wont letme add more than $8, but I will give $12+ tip) Personal Finance, Fifth Edition by Jeff Madura BUILDING YOUR OWN FINANCIAL PLAN WORKBOOK...

PART I (32 Points, 2 Points each) Multiple Choice: Indicate the answer that best completes the opening statement. 1. A static budget is appropriate in evaluating a manager's performance if a. actual...

On August 1, 2010, Marie and Paz formed a partnership. Marie contributed inventory of P500,000 with a fair value of P300,000 while Paz contributed cash of P250,000 and a land valued that cost her...

If you looked in the wanted ads section of your local newspaper, would you expect to find more advertisements run by hospitals in your town seeking nurses or janitors? Similarly, among ads for...

A sales analyst wants to know which area to target customers for luxury car wlecs Whathiction Drill - down and GIS Maps and Database EIS and GIS EIS and Database

133) Refer to the following bank reconciliation: Bank Book Balance, June 30. 2018 $11.240 Balance. June 30. 2018 $10.200 Add: Add: Deposit in transit 3,110 Note collected by bank 2,100 Interest...