Question

Pam is 28 years old, single with no children. Pam works at the local
bookstore and Pam's monthly income and expenses are as follows:
Monthly Rent: $300
Monthly Income: $850
Monthly Food Bill: $150
Monthly Gas Expense: $100
Monthly Car Insurance: $80
Monthly Cell Phone Bill: $100
The following questions

In dollars, what is Pam’s total expenses?

In dollars, what is Pam’s total income?

Does Pam have a surplus or deficit?

What is the dollar amount of the surplus or deficit?

Answer 1

If Pam is 28 years old. Pam’s total expenses is $730 and  Pam’s total income is $850.

Expenses and income

a. Pam’s total expenses

Monthly Rent $300

Monthly Food Bill  $150

Monthly Gas Expense $100

Monthly Car Insurance $80

Monthly Cell Phone Bill $100

Total expenses $730

b. Pam’s total income

Monthly Income $850

c. Does Pam have a surplus because the income is higher than expenses.

d. Dollar amount of the surplus

Surplus=Income -Expenses

Surplus=$850-$730

Surplus=$120

Therefore  Pam’s total expenses is $730 and  Pam’s total income is $850.

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