What is their current savings ratio?
George and Betty, a middle-aged couple, have watched their savings account dwindle over the years. They both make good incomes and can't understand why they aren't saving more each month. Below is their financial information to complete an income statement.
Gross monthly income: $8,000
Income taxes withheld monthly: $2,300
Monthly interest income from investments: $100
Monthly insurance payments: $700
Monthly housing expenses: $4,500
Monthly food expenses: $800
Miscellaneous expenses: $400
A) 10.3 percent
B) negative 10.3 percent
C) zero
D) None of the above
Answer: B
You might also like to view...
Define and discuss performance reviews
What will be an ideal response?
Despite having comparable per capita incomes, other industrialized countries are nevertheless quite small in terms of total annual income
Indicate whether the statement is true or false
Fraud statistics come from all of the following sources EXCEPT:
a. Government agencies b. Researchers c. Insurance Companies d. Victims e. Fraud perpetrator
What is the purpose of role- based governance software?