Budget for Terrance

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Questions and Answers

Based on the information provided, what is Terrance's average monthly net income?

$3,255.00
$3,155.00
$3,055.00 (correct)
$2,855.00

What is Terrance's current occupation?

Terrance's occupation is not mentioned.
Salesman (correct)
Office worker
College student

Where does Terrance live?

In a city apartment with two roommates (correct)
Terrance's place of residence is not mentioned.
In a suburban house with two roommates
In a dormitory on campus

What are Terrance's financial goals?

Both A and B (A) Signup and view all the answers

What does Terrance want to know about his finances?

His monthly cash surplus (B) Signup and view all the answers

How much money will Terrance put in his savings account each month?

$200/month (C) Signup and view all the answers

Terrance is attending college full-time while working full-time.

False (B) Signup and view all the answers

Terrance's average monthly net income is $3,055.00.

True (A) Signup and view all the answers

Terrance lives alone in his city apartment.

False (B) Signup and view all the answers

Match the following information about Terrance with the correct detail:

Age = 24 years old Occupation = Salesman Monthly savings = $200 Living arrangement = City apartment with two roommates Signup and view all the answers

Match the following aspects of Terrance's life to the correct statement:

Transportation = Drives to work daily Weekend activity = Going out with friends Financial Goals = Repay college loans and save for an apartment or house Work-education balance = Attending college part-time while working full-time Signup and view all the answers

Match the following financial aspects of Terrance's life to the correct value:

Average monthly net income = $3,055.00 Savings per month = $200 Other investments = None Financial goal = Repay college loans and save for an apartment or house Signup and view all the answers

Based on the information provided, what is Mason's net monthly income?

$3,575 (B) Signup and view all the answers

What is Sophia's net monthly income?

$4,435 (D) Signup and view all the answers

How much do the Smiths have in savings?

$8,000 (C) Signup and view all the answers

How much do the Smiths have in investments?

$22,000 (B) Signup and view all the answers

What is the monthly house payment for the Smiths' home?

$1,980 (D) Signup and view all the answers

How much are the Smiths investing monthly for retirement?

$500 (B) Signup and view all the answers

True or false: Mason and Sophia are both 40 years old?

True (A) Signup and view all the answers

True or false: Mason works as a Supervisor at a power plant?

True (A) Signup and view all the answers

True or false: The Smiths have $8,000 in savings?

True (A) Signup and view all the answers

Match the following people with their occupation:

Mason Smith = Supervisor at a power plant Sophia Smith = Works in a bank Signup and view all the answers

Match the Smiths' financial goals with the correct descriptions:

Short term goal = Pay off their house Long term goal = Begin a college fund for their kids Signup and view all the answers

Match the Smiths' commuting methods to the correct person:

Mason Smith = Drives to work daily Sophia Smith = Takes the subway each day Signup and view all the answers

Flashcards

Terrance's Average Monthly Net Income

The average amount of income Terrance receives each month after taxes and other deductions.

Terrance's Occupation

Terrance's current job.