Question
Below is financial information to complete an income statement. Gross monthly income: $8,000 Income taxes withheld monthly: $1,500 Monthly interest income: $100 Monthly housing expenses:
Below is financial information to complete an income statement. Gross monthly income: $8,000 Income taxes withheld monthly: $1,500 Monthly interest income: $100 Monthly housing expenses: $4,200 Monthly transportation expenses: $540 Monthly food expenses: $800 Miscellaneous expenses: $400 What is their current savings ratio, and are they living within their means? A) +10%. Yes, they are living within their means. B) 10%. No, they are not living within their means. C) +5%. No, they are not living within their means. D) 5%. Yes, they are living within their means.
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