1. What is one thing you can do if your budget ends with a negative?
Bell Question:
What is one thing you can do if your budget ends with a negative?
(Hint for your test today) ;)
12/09/16
Bell
Budgeting
Midterm
Closing

2. 12/09/16 Bell Budgeting Midterm Closing
1a. If your Gross income a year is $60,000. You get paid once a month, and get the following deductions taken out; $125 per check for medical insurance, $30 per check for life insurance, and %10 per check for retirement before deductions. You also got a bonus of $1000 in this year. What is your Monthly Net income? Please show your work.
3,047.27
3,274.33
4,044.27
4,000.00
None of the above
12/09/16
Bell
Budgeting
Midterm
Closing

3. 12/09/16 Bell Budgeting Midterm Closing
1b. You have the following bills for the year to pay off;
Cell phone $40.00 a month,
Credit Card 2,500,
another credit card 1,000,
car loan $17,000 with a monthly payment of $250 a month,
College Loan of $8,000 with a monthly of $100,
2,437.09
None of the above
12/09/16
Bell
Budgeting
Midterm
Closing

4. 12/09/16 Bell Budgeting Midterm Closing
1c. You’re saving up to get a loan for a $ house, but you must have %20 of the price of the house as down payment. How much do you need and how much should you put aside each month to get the loan by the end of the year?
Down Payment
Save Each Month
Final Net income:_____$
12/09/16
Bell
Budgeting
Midterm
Closing

5. 12/09/16 Bell Budgeting Midterm Closing
2a. If your Gross income a year is $56,000. You get paid bi weekly, and get the following deductions taken out; $75 per check for medical insurance, $15 per check for life insurance, and %15 per check for retirement before deductions. What is your Monthly Net income? Please show your work.
Show Work:
None of the above
12/09/16
Bell
Budgeting
Midterm
Closing

6. 12/09/16 Bell Budgeting Midterm Closing
2b. You have the following bills for the year to pay off;
Cell phone $20.00 a month,
Credit Card $550,
another credit card 1,200,
College Loan of $10,000 with a monthly of $100,
None of the above
12/09/16
Bell
Budgeting
Midterm
Closing

7. 12/09/16 Bell Budgeting Midterm Closing
2c. You’re saving up to get a loan for a $30,000 but you must have %20 of the price of the car as down payment. How much do you need and how much should you put aside each month to get the loan by the end of the year?
Down Payment:_______$
Save Each Month?_____$
Final Net income:____$
12/09/16
Bell
Budgeting
Midterm
Closing