WorkedUnit8Review

School: Sistema Universitario Ana G Mendez - Course: MATH 152 - Subject: Accounting

Unit 8 - Budgeting test reviewName Period 8.1 Average Monthly Expenses 1. IfDaja spends an average of $140 per month on gas for her car, how much will she spend in ayearon gas? 2. Jeannine spent the following amounts on transportation for 3 months: $330, $285.96, and$553.22. What is her average monthly transportation expense? 3.Driscoll's semi-annual auto insurance premium is$483.Howmuch should he budget each month forauto insurance? 8.2 Creating a Budget 4.Jon Marlow's total income lastyearwas $31,300.Ofthat amount, he spent $7,900 for food.Whatpercent of Jon'stotal income did he spend for food? 5. CesarGuerra's total incomelastyearwas$35,000.He expectsto earn $4,000 more thisyearand wants to budget24%of that income for food.Whatyearly amountshould Cesar budgetfor food? What monthly amountshould he budget forfood? 6. What yearly amount should Cesar budget for transportationifit is 17% of his income? Whatmonthly amount,rounded tothe nearest dollar? 7. Joanna earns $750 per week. She plans to save 15% of herincome.Howmuch will she save per week?How much will she save per year? 8.3 Best Buys 8. Shampoo A costs $3.89 for a 12-ounce bottle.Shampoo B costs $7.29 for a25-ounce bottle.Which shampoo costs less per ounce? How muchless? Round to the nearest tenth of a cent. 9.You can buy 2 16-oz.jars of pasta sauce on sale for $1.99.Each 16-oz.jar regularly sells for $1.29. How much will you save if you buy 6 jars on sale? 10. A trench digger can be rented for $27 an hour or $145 a day.If you need the trench digger for6 hours, how much will you save byrenting it for the day instead of for 6 hours? 11.Leslie Wickham can rent an aircompressor for$240 a week or buy it for $1,499.99.How many weeks of renting will it take for the rental cost to equalor exceed the purchase price? $140742 months )= $1680 $1169.18 $330 t$285.96 t$553.22 = = $389.73 3 3 $483 = $80.50 6 $7900 $31300 ° 100 = 25 % ($3900076.24) = $9360 yearly $9360112 = $780 monthly ( $39000)(o . 17 ) = $6630 yearly $6630112 = $552.50 monthly ( $750710.15) = $112.50 Weekly ( $112.507652 ) = $5850 yearly B cheaper ⑦ $3,821 =$0.32103⑧ $72251 = $0.29103 by $0.03 Sale(3)($1.99)= $5.97 for 6 jars save $1.77 Regular(6)($1.29)-_ $7.74 for6 jars buying 6 jars on sale hourly ( $27)( 6 hours ) = $162 you save $17 renting for the day $1499.99= 6.25 It will take7 weeks of $240 renting toexceed the purchaseprice

8.4 Optional Personal Expenses 12. Mia Rapa has a cell phone with Telco. In the month of March, she used 500 peak minutes and 2,000 off-peak minutes.If taxes were 12%of the totalairtime charges, what was her total cell phone bill for March? 13.ValMyer's ISP charged a $20 installation fee,$95 for a network connection card,a monthly rental fee of $3 for a modem, and a monthly access fee of $49.95 for an unlimited connection.In addition, Val bought antivirus and firewall software for $39.98 total. What will be Val's total cost to connect to the Internet for the first year? 14.A satellite television provider charges $19.99 per month for service. If you commit to a 2-year contract, they willwaive the $39.99 set-up fee and charge $15.99 per month.How much money will yousave by committing to a 2-year contract? 8.5 Adjusting a Budget 15.The Rutledge family finds that they are over-budget by $100 in food spending. They increase their $750 food budget by $100 per month and decrease their $300 entertainment budget by $100.If their monthly income is $5,000 per month,what percent of income is budgeted for food? for entertainment? 16.The Settle family earns $45,000 per year.In the coming year, they will have an 8%increase in their income.If they budget 15%for savings, how much of their new income should they be saving per year? per month? Peak500used- 450 included= 50 extra ( 50min )( 0.45 ) = $22.50 Off- peak2000 Used - 5000 included = no extra charges $39.99 t $22.50=$62.49 taxes ($62.49)( 0.12 ) = $7.50 Total $62.49t $7.50 = $69.99 $20 t$95t ( $3742Mos) t ($49.95412 Mos ) + $39.98 $20 t$95 t $36 t $599.40t $39.98 $790.38 monthly(419.99%4)t $39.99 = $519.75 for 2years 2 year ( $15.99 )(24 ) = $383.76 contract save $135.ggsigning a 2year contract food $850 -. 100=1740 $5000 $200 entertainment $-5000. 100=440 increase (8.45000×0.08)=513600 $45000t $3600 = $48600 savings ($48600)( o. 15 ) = $7290 / year $7291 = $607.50 / mo 12