Question

Scenario 1


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 $350 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 $500 a month. Lisa's parents also provide her health insurance. Lisa's fixed monthly


expenses are:


Rent.


$600


Insurance (renter's and ID theft)


$25


Car insurance


$110


Utilities


$60


Cell phone.


$60


Cable TV


$40


Lisa's budget must also include: Giving, Saving, Food, Gas, Entertainment and Personal

Answer 1

Net income of Lisa per month is $755

Lisa works for 20 hours a week and makes $10 per hour.

Thus, Lisa's income per month = $10 per hour × 20hours × 4 week

= $800 per month

she also withdraws $350 per month for her expenses

her parents also give her money = $500 per month

Thus, she has total $800 + $500 +$350 = $1650 per month.

Her expenses are :

Rent = $600

Insurance = $25

Car insurance = $110

Utilities = $60

Cell phone = $60

Cable Tv = $40

Thus, total expenses are = $600 + 25+ 110+ 60+ 60+ 40

= $895

Net income = Gross income - expenditure

= $1650 - $895

= $755

Thus, Net income per month of Lisa is $755.

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