Willie gets paid $1000 every two weeks and follows the same spending and saving plan unless an emergency arises. The first thing Willie does is to immediately put $350 in his savings account.
Next, using online bill pay through his bank, Willie spends about $300 on bills such as his cell phone, electricity, and rent. Willie
withdraws $150 in cash for daily expenses, and leaves the remaining amount ($100) in his checking account.
Based upon the information about Willie's spending and saving habits, which statement is TRUE?
A)
Willie's annual household income is approximately $55,000.
B)
Willie's income is used exclusively as a medium of exchange for goods and
services
C)
Willie operates on a 'cash only basis, which is a very smart personal
finance decision
D)
Willie allocates $350 every two weeks as a store of value in his savings
account