Make-up Quiz 8 The Real World Panorama City

Explanation
Disposable income refers to the amount of money that is left after deducting taxes and other necessary expenses from your total income. It is the income that you have available for spending or saving after paying your bills. Therefore, the correct answer is False, as disposable income is not specifically used to pay bills, but rather represents the remaining income after bills have been paid.

Explanation
Going to the movie theaters and watching a movie is not considered a fixed expense because it is not a recurring, regular, or predictable expense that remains constant over time. Fixed expenses typically include things like rent, mortgage payments, or car payments, which are consistent and do not vary based on individual choices or preferences. Going to the movies is more of a discretionary or variable expense that can vary in frequency and cost depending on personal preferences and circumstances. Therefore, the correct answer is False.

Explanation
The given answer of $250 suggests that the individual in the project gets paid $250 per paycheck.

Explanation
The question asks about the amount of allowance the person is receiving from their parents in this project. The hint provided states that the parents are unaware of the person losing their job and are giving them what they expected them to make in a month. Therefore, the correct answer is $500, as it is the amount that the parents are giving, based on their expectations.

Explanation
The total income is $750 because the question states that you got paid only once, so there is no additional income from future paychecks. The income is a combination of the allowance and the paycheck, which amounts to $750.

Explanation
The disposable income can be calculated by subtracting the fixed expenses from the income. In this case, the disposable income would be $750 - $650 = $100. To calculate 10% savings on the disposable income, we can multiply $100 by 10% (0.10) which equals $10. Therefore, the correct answer is $10.

Explanation
With $50, it is realistic to afford a dinner at Islands, which is a casual dining restaurant, and then go to the movies at AMC. This option allows for a fun and enjoyable date without exceeding the budget. The other options mentioned would likely exceed the $50 budget, as they involve more expensive dining options or tickets to Disneyland.

Explanation
In June, the balance would be $350. This is because the question states that the interest rate is 0% for the first 3 months, including May. Therefore, there would be no interest added to the initial amount of $350 that was used to purchase the present. Hence, the balance remains the same.

Explanation
The credit card company will start charging the regular rate (APR) in August. This is because the question states that for the first 3 months, the interest (APR) is 0%. Since the credit card account was opened in May, the first 3 months would be May, June, and July. Therefore, starting from August, the regular rate of 25% will be charged.

Explanation
Since the balance is $300 by September, and the regular interest rate is 25%, we need to calculate the interest on the balance. The interest on $300 at a rate of 25% is $75. Therefore, the total amount owed would be the balance of $300 plus the interest of $75, which equals $375.

Explanation
Since the balance is $300 by September and the default rate is 40%, you would owe an additional 40% of $300, which is $120. Adding this to the balance, the total amount owed would be $300 + $120 = $420.

Explanation
The equation "=A1*A4" is asking for the product of the values in cell A1 and A4. In this case, A1 has a value of 1 and A4 has a value of 6. Therefore, the total would be 1 multiplied by 6, which equals 6.

Explanation
The equation =sum(A1:A4) is a formula used in Excel to calculate the sum of values in a range of cells. In this case, the range A1:A4 includes the values 1, 3, 5, and 6. When we add these values together, the total is 15.

Explanation
The equation is asking for the sum of the values in the range A1 to A4, which is 1 + 3 + 5 + 6 = 15. Then, it adds the value in cell A2, which is 3. Therefore, the total would be 15 + 3 = 18.