Business, 19.11.2020 05:40 Michael321

Max has a net spendable income of $1,700 per month. He has a new job and is looking for a new car. Max is trying to develop a budget for himself. Look at the following budget he has created. Which category should he adjust? Percent Amount Budgeted Amount Spent Amount Over/Under Budget
Net Spendable Income 100% 1700
1. Housing (30% - 36%) 600
a. Mortgage (rent)
b. Taxes
c. Insurance
d. Electricity
e. Gas
f. Water
g. Telephone

h. Sanitation
i. Other
2. Food (12% - 17%) 320
3. Transportation (15% - 20%) 300
a. Car Payments
b. Gas/Oil

c. Insurance
d. License/Registration
e. Taxes
f. Maintenance/Repair
4. Insurance (3% - 7%)
a. Life
b. Medical
5. Debts (5% - 6%) 150
6. Entertainment (5% - 8%)
7. Clothing (5% - 6%)
8. Savings 5%
9. Medical Expenses (4% - 8%)
a. Doctor
b. Dental
c. Prescriptions
10. Miscellaneous (5% - 10%)
a. Toiletries
b. Beauty/Barber
c. Laundry/Clothing
d. Subscriptions
TOTALS:
A. transportation
B. debts
C. housing
D. food

Answers: 2

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Max has a net spendable income of $1,700 per month. He has a new job and is looking for a new car. M...

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