Question

each month, jackie budgets $1640 for fixed expenses, $1320 for living expenses, and $260 toward her annual expenses. her annual net income is $38,640. which statement best describes her monthly budget? it shows a deficit of $210. it shows a surplus of $260. it is balanced. it shows a deficit of $260.

Explanation:

Step1: Calculate monthly net income

First, we find Jackie's monthly net income by dividing her annual net income by 12. Her annual net income is $38,640, so the monthly net income is $\frac{38640}{12} = 3220$.

Step2: Calculate total monthly expenses

Next, we calculate her total monthly expenses. She budgets $1640 for fixed expenses, $1320 for living expenses, and $260 for other expenses (toward annual expenses, so monthly it's included as is? Wait, the problem says "$260 toward her annual expenses" – so monthly, that's a monthly expense? Wait, no, maybe the $260 is a monthly contribution? Wait, the problem says "each month, Jackie budgets $1640 for fixed expenses, $1320 for living expenses, and $260 toward her annual expenses". So total monthly expenses are $1640 + $1320 + $260. Let's calculate that: $1640 + 1320 = 2960; 2960 + 260 = 3220$. Wait, no, wait: Wait, her monthly net income is $3220 (from step1: 38640/12 = 3220). Her total monthly expenses: 1640 + 1320 + 260 = 3220. Wait, that would mean it's balanced? But wait, maybe I misread. Wait, the options: "It is balanced." Wait, but let's check again. Wait, annual net income: 38640, so monthly net income is 38640 / 12 = 3220. Monthly expenses: fixed (1640) + living (1320) + annual expense contribution (260) = 1640 + 1320 + 260 = 3220. So income equals expenses, so it's balanced. Wait, but the options: "It is balanced." So that's the correct statement? Wait, but let's check the options again. Wait, the options are:

1. It shows a deficit of $210.

1. It shows a surplus of $260.

1. It is balanced.

1. It shows a deficit of $260.

Wait, maybe I made a mistake. Wait, let's recalculate monthly net income: 38640 divided by 12. 12*3200=38400, so 38640-38400=240, so 3200 + 240/12=3200+20=3220. Correct. Monthly expenses: 1640 (fixed) + 1320 (living) + 260 (annual) = 1640+1320=2960; 2960+260=3220. So monthly income (3220) equals monthly expenses (3220), so it's balanced. So the correct statement is "It is balanced."

Answer:

It is balanced.