Processing: Calculating Monthly Income

10 Questions | Total Attempts: 83

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Calculation Quizzes & Trivia

Questions and Answers
  • 1. 
    Tom is paid $875.25 weekly.  What will be his total monthly income?  Please provide the calculation used. 
  • 2. 
    Bob is paid $3,272 semi-monthly.  What will be his total monthly income?  Please provide the calculation used. 
  • 3. 
    Mary Kate is paid $2,857.15 bi-weekly.  What will be her total monthly income?  Please provide calculation used. 
  • 4. 
    Steve is paid $15.00 per hour and is paid weekly.  He works an average of 32 hours per week.  What will Steve's monthly income be?  Please provide calculation used. 
  • 5. 
    Susie makes $124,560 per year.  What will be her total monthly income?  Please provide the calculation used. 
  • 6. 
    All  Borrowers will require a  Written Verification of Employment 
    • A. 

      True

    • B. 

      False

  • 7. 
    It what circumstance can bonus income be used?
    • A. 

      If it is over $1000.00

    • B. 

      If it has have been consistent and stable for the last 2 years

    • C. 

      Bonus income received for 2 years but has declined 40% in the last year

    • D. 

      If your Team Lead Ok's it

  • 8. 
    If commission income is at ___ % or more of the total annual income, ___ years signed federal income tax returns will be required.
    • A. 

      20 and 3

    • B. 

      25 and 3

    • C. 

      20 and 2

    • D. 

      25 and 2

  • 9. 
    Social Security income must continue for at least 2 years
    • A. 

      True

    • B. 

      False

  • 10. 
    A borrower has 2 children ages 16 and 20.  The borrower  receives $500.00 per month in child support.  How much of that income can we use to qualify the borrower?
    • A. 

      $500.00

    • B. 

      $0.00

    • C. 

      $250.00

    • D. 

      None of the above

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