Question

Norman is a high school senior who is learning about financial planning. Below is a list of his income and expenses for the previous month. allowance: $200 movie tickets: $25 wages: $1,000 - bonus: $100 auto loan: $500 • birthday gift: $50 interest on savings: $15 auto repairs from accident: $150 - auto insurance: $450 - concert tickets: $45 For this homework assignment, answer all of the following questions. 1. Categorize each of the items above using the following categories: - Anticipated income

Answer 1

The anticipated income is the income that can be anticipated with certainty and it's the wages of $1000.

What is an anticipated income?

Your information is incomplete as the complete categories aren't given. Therefore, an overview will be given. Anticipated income simply means the income that can be anticipated with certainty regarding when it'll be received. An example is the wage of $1000.

Miscellaneous income simply means an income that is usually not expected. Examples include winning from gambling, birthday gift, etc.

Taxable income is the income that is earned on savings. In this case, the taxable income is $50 which is earned on savings.

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