Lisa is a third-year college student living alone in an apartment. She works 20 hours a week at a local bank. She makes $10 per hour. Lisa has a savings account that she built up during high school and by working full-time summer jobs. During the school year, she withdraws $30 per month in order to help cover her living expenses.
Lisa s college tuition and books are covered by her scholarships. Lisa's parents help her by providing an additional $200 a month. Lisa s parents also provide her health insurance. Lisa s fixed monthly expenses are: Lisa's budget must also include: Giving, Saving, Food, Gas, Entertainment and Personal
Answer Key: Lisa Gross monthly income (from part-time job)...20 x $10 = $200; $200 x 4 = $800 Net monthly income (from part-time job)...$800 x.80 = $640 Net monthly income (from part-time job)...$640 Income from savings...$30 Support from parents...$00 Total Income...$1,490
In business and accounting, net income is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.
Therefore, the correct answer is as given above
learn more about net income: https://brainly.com/question/15530787
The complete question goes thus:
Develop a plan for spending and saving. Given a scenario, design a personal budget for a young person living alone. Procedure Distribute the handout to students. Students will read the given scenarios and use the foundationsu.com budgeting tool to design a budget for each young adult. While budgets will vary slightly, make sure that students assign money for all necessary categories, including saving and giving. Note: Have students deduct 20% of the income for payroll taxes (gross income - 20% of gross income = net income). Students should use the net income as the starting income for the budget.
