Unit Test — Unit test Answers

Analyze the following budget, with an income of $750, to determine how much can be spent on food for the month. Month________Budgeted AmountFood$___Personal Items$20Cell Phone $75Entertainment$85Car Expenses – Gas, Insurance$260College Savings$250a.No more than $70 can be spent on food.b.No more than $75 can be spent on food.c.No more than $80 can be spent on food.d.No more than $60 can be spent on food.

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? Monthly Budget Old Budget New Budget Income Wages $1500 $1500 Expenses Food Cell Phone Savings Entertainment Car Expenses . $250 $175 $200 $200 $300 . $____ $____ $____ $____ $____ Net Income $375 $____ a. Antonio could keep his budget the same and hope he gets a raise at work. b. Antonio could reduce his monthly entertainment expenses by $100 to help pay the monthly rent. He could take $200 out of savings once for the deposit. c. Antonio could live at his parent’s house for one more month and save his net income. After one month of living at home, he would have enough additional money for the deposit and one year’s rent at the apartment. 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. Please select the best answer from the choices provided

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $125,000. Use $106,800 for maximum taxable earnings. (Soc Sec 6.2%, taxed up to $106,800 and Medicare 1.45%). a. Social Security tax: $77,500.00, Medicare tax: $18,125.00 b. Social Security tax: $7,750.00, Medicare tax: $1,812.50 c. Social Security tax: $66,216.00, Medicare tax: $18,125.00 d. Social Security tax: $6,621.60, Medicare tax: $1,812.50 Please select the best answer from the choices provided

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$75$____a.It is not possible to save any money this month without having a negative actual net income.b.$350 can be saved resulting in an actual net income of $0.c.$200 can be saved resulting in an actual net income of $75.d.Because there is a $75 budgeted net income, that $75 can be put towards savings.

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.Monthly BudgetBudget ABudget BBudget CBudget DIncome$700$700$700$700Expenses - Rent Personal Items Entertainment Savings$200$120$100$250$200$120$300$50$200$120$200$150$200$120$325$25a.Budget Ab.Budget Bc.Budget Cd.Budget D

Which describes a type of tax that people pay on money they earn?

What is the job outlook for a US postal worker?

Read the scenario.Guadalupe saved for months to buy a new laptop for college. She has enough for a basic model, but a high-end one caught her eye. It is priced a little more than she has saved. She's tempted by the thought of owning the best available option, but she's hesitant to part with the extra money. After some thought, she went for the basic model, fearing regret if she spent more.What cognitive bias is represented in this scenario?

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? Monthly Budget Current Amount Income Wages $1760 Expenses - Rent Utilities Food Gym Membership Entertainment Savings Clothes Cell Phone Car Expenses $350 $100 $220 $45 $225 $200 $175 $100 $300 Net Income $45 Monthly Budget Modified Budget A Modified Budget B Modified Budget C Modified Budget D Income Wages $1100 $1600 $1600 $1100 Expenses - Rent Utilities Food Gym Membership Entertainment Savings Clothes Cell Phone Car Expenses $350 $100 $120 $0 $20 $50 $30 $100 $300 $350 $100 $120 $0 $20 $50 $30 $100 $300 $350 $100 $220 $45 $225 $200 $175 $100 $300 $350 $100 $220 $45 $220 $150 $130 $100 $300 Net Income $30 $530 -$115 -$515 a. Modified Budget A b. Modified Budget B c. Modified Budget C d. Modified Budget D Please select the best answer from the choices provided

Predict how much money can be saved without having a negative actual net income. Monthly Budget Budgeted Amount Actual Amount Income Wages Savings Interest $1150 $25 $900 $25 Expenses Rent Utilities Food Cell Phone Savings $400 $100 $250 $75 $200 $400 $80 $200 $75 $____ Net Income $150 $____ a. It is not possible to save any money this month without having a negative actual net income. b. $170 can be saved resulting in an actual net income of $0. c. $200 can be saved resulting in an actual net income of $150. d. As long as you are saving money, you will not have a negative actual net income. Please select the best answer from the choices provided

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. Monthly Budget Previous Budget Current Budget Income Wages $800 $2400 Expenses Rent Utilities Groceries Savings Bus Pass $300 $60 $200 $100 $30 $300 $60 $250 $150 $30 Net Income $110 $1610 a. Alexa is earning quite a bit more money and her expenses reflect the change in income. b. Alexa is earning quite a bit more money than she was previously. She has worked hard and deserves to spend a lot of money on herself. 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. d. Her increased income should have no effect on her financial decisions. Please select the best answer from the choices provided

You have a gross income of $117,151 and are filing your tax return singly. You claim one exemption and can take a deduction of $2,713 for interest on your mortgage, an adjustment of $2,791 for business losses, an adjustment of $1,346 for alimony, a deduction of $2,086 for property taxes, a deduction of $2,376 for contributions to charity, and an adjustment of $1,091 for contributions to your retirement fund. The standard deduction for a single filer is $5,700, and exemptions are each worth $3,650. What is the difference between your adjusted gross income and your taxable income?

Which describes a set amount of pay received by a worker over the course of a year?