2. Identify each as income or an expense Scholarship Pay Tuition Gasoline Canada Savings Bond interest Allowance Rent

3. Spence and Lia live in your community with their twin two-year-old daughters. They own a 3-bedroom townhouse.  List the housing expenses Spence and Lia would have.

4. If Spence and Lia spend a total of $2100 each month and 5% of that is for entertainment. How much do they spend for entertainment? $105

5. Determine the amount of each expense in one year.  Monthly rent of $875  Bi-weekly mortgage payments of $623.94  Semi-annual home insurance payments of $248.55  Monthly phone bill of $37.95 $10500 $16222.44 $497.10 $455.40

6. Determine the total monthly housing cost.  Rent of $715 plus $65 for utilities  Rent of $938 plus $102 for utilities  Rent of $280 plus a one-third share of $210 for utilities  Rent of $335 plus a one-quarter share of $180 for utilities $780.00 $1040.00 $350 $380

7. In the apartment above Rashid’s, a water pipe breaks, which affects Rashid’s apartment. Does the landlord have the right to enter Rashid’s apartment to assess the damage? Does He/She have the right to turn off electricity and heat if Rashid is not paying the rent?

8. Tori is moving to Kitchener to attend college. She finds two housing options. Which option would you recommend? Justify your answer.  A room in a furnished apartment shared with two other students. The rent is $450 per month including utilities. Tori would have to sign a 1- year lease.  A room in a furnished 2-bedroom suite in residence with shared kitchenette and bathroom. The cost is $5450 for September to April and includes utilities, cable, Internet, and local phone service.

9. Look at the circle graph on p. 521 #10 for the following questions.  Which category represents the greatest expense? The least?  If the Aboulnaga family spends a total of $5000 each month. What amount do they spend on day care each month?  What amount do they spend on their mortgage?

10. Design a monthly budget  Take-home pay: $3000 per month  Rent: $975 per month, including utilities  Phone plan: An average of $50 per month  Car Payment: $325 per month  Gasoline: An average of $50 per week  Food: $120 per week  Car and contents insurance: $30 per week  Entertainment: $170 per 2 weeks  Miscellaneous: $200 per month Is the family earning enough to cover the expenses?

11. In the previous situation, the salary decreases by 20%. Create a new budget that reflects this change. Underline your changes and give justify your decisions.

12. Hamid and Farah Fiez have 3 children. Hamid works full time and has a bi-weekly net income of $1850. Farah works part time and has a net monthly income of $2200. Their monthly expenses, not including housing, are $3000. They have a savings of $35000. Option 1: Buying a 3-beroom house Down payment of $25 000 with weekly mortgage payments of $405 Option 2: Renting a 4-bedroom house $1595 per month, plus utilities Is renting or buying the better option for the Feiz family? Justify your answer.