Budgeting for Success Practice
Complete this assessment to review what you've learned. It will not count toward your grade.
5 of 55 of 5 Items
Question
Use the table to answer the question.
Items Cost
food and groceries $637.08
child care $701.25
medical $725.58
housing $1,324.17
transportation $1,059.03
monthly taxes $872.75
other basic necessities $512.50
The table shows the monthly basic needs budget for a 1-child family with 2 working adults in Fort Worth, Texas.
What should be the average of living wages of both adults so they can support their family’s basic needs? Assume both parents work full-time (40 hours per week). Round to the nearest hundredth.
(1 point)
$
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To calculate the average living wages of both adults, we need to add up all the costs and divide by 2 (since there are 2 working adults).
Total monthly basic needs budget
= food and groceries + child care + medical + housing + transportation + monthly taxes + other basic necessities
= $637.08 + $701.25 + $725.58 + $1,324.17 + $1,059.03 + $872.75 + $512.50
= $5,832.36
Average living wages of both adults = Total monthly basic needs budget / 2
= $5,832.36 / 2
= $2,916.18
Therefore, the average of living wages for both adults should be approximately $2,916.18.