Question

Justin is married with one child. He works 40 hours each week at a rate of $16 per hour. His wife began working part time after their daughter was born, but still contributes about $350 to the cash inflow each month. Their monthly cash outflow is generally about $3,000. They have a balance of $2,000 in their savings account. Justin has retirement contributions taken out of his paycheck at work. They have renter's, car and life insurance coverage.

Answer 1

The answer is A I took the test.

Answer 2

Justin and his wife should work on the financial plan like managing income.

Step-by-step explanation:

Income management is a great task that should be followed by everyone to lead a happy and prosperous life. The income management helps in preparing the budget to get all the essentials for life.

The finances of the individual should be controlled to stabilize their lives. Income management helps in managing the income and save for future retirement.

In the above scenario, both Justin and his wife work to earn the money. Every month they have some balance from their expense and save it in their savings account. They also invested in life insurance. Their income management will help to live a happy life during their retirement.