What are the components of a family budget?(1 point)
Responses
income and expenses
income and expenses
income and savings
income and savings
income, expenses, and savings
income, expenses, and savings
expenses and savings
To determine the percentage of the total monthly income set aside for savings, we need to divide the amount of savings ($850) by the total monthly income and multiply by 100.
Total monthly income = $450 + $1,000 + $300 + $150 + $850 + $350 + $1,500 + $700 = $4,300
Percentage of savings = ($850 / $4,300) * 100 ≈ 19.77%
Rounded to the nearest hundredth, the approximate percentage is 19.77%.
Therefore, the correct answer is 19.61%.
To determine the difference between the annual pay and the equivalent hourly wage, we need to divide the annual pay by the number of working hours in a year.
Number of working hours in a year (assuming 40 hours per week and 52 weeks per year) = 40 * 52 = 2080 hours
Equivalent hourly wage = $121,991 / 2080 hours ≈ $58.65
To find the difference, we subtract the living hourly wage from the equivalent hourly wage:
Difference = $58.65 - $53.30 = $5.35
Rounded to two decimal places, the difference is $5.35.
Therefore, the correct answer is $5.35.
income, expenses, and savings
Use the image to answer the question.
A pie chart shows the following distribution: food: $450; housing: $1,000; transportation: $300; clothing: $150; savings: $850; utility bills: $350; education: $1,500; miscellaneous: $700.
The Sanchez family’s household budget is shown in the pie chart. Approximately what percentage of the total monthly income was set aside for savings? Round to the nearest hundredth.
(1 point)
Responses
19.42%
19.42%
19.61%
19.61%
18.24%
18.24%
0.19%
A typical annual pay of a full-time management position in Fort Worth, Texas, is $121,991. The living hourly wage of 1 adult with 3 children in the area is $53.30. How much higher is the equivalent hourly wage than the living hourly wage? Round the answer to 2 decimal places.(1 point)
Responses
$58.65
$58.65
$5.87
$5.87
$5.35
$5.35
$5.53
Which statement about the cost of living in an area is correct?(1 point)
Responses
The cost of living includes the bare necessities an individual requires for survival and safety.
The cost of living includes the bare necessities an individual requires for survival and safety.
The cost of living is the hourly wage required to cover one’s basic needs including relevant taxes.
The cost of living is the hourly wage required to cover one’s basic needs including relevant taxes.
The cost of living is an estimated expense of a family’s basic needs in an area.
The cost of living is an estimated expense of a family’s basic needs in an area.
The cost of living is the amount of money that is paid for work or services rendered.