It what circumstance can bonus income be used?

If it has have been consistent and stable for the last 2 years

Bonus income received for 2 years but has declined 40% in the last year

Processing: Calculating Monthly Income

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| By Kathleenh

Kathleenh

Community Contributor

Quizzes Created: 2 | Total Attempts: 349

Questions: 10 | Attempts: 180 | Updated: Mar 22, 2023

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Questions and Answers

1.

Tom is paid $875.25 weekly. What will be his total monthly income? Please provide the calculation used.
2.

Bob is paid $3,272 semi-monthly. What will be his total monthly income? Please provide the calculation used.
3.

Mary Kate is paid $2,857.15 bi-weekly. What will be her total monthly income? Please provide calculation used.
4.

Steve is paid $15.00 per hour and is paid weekly. He works an average of 32 hours per week. What will Steve's monthly income be? Please provide calculation used.
5.

Susie makes $124,560 per year. What will be her total monthly income? Please provide the calculation used.
6.

All Borrowers will require a Written Verification of Employment
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement "All Borrowers will require a Written Verification of Employment" is false. Not all borrowers will require a written verification of employment. The requirement for a written verification of employment may vary depending on the lender, the type of loan, and other factors. Some lenders may accept alternative forms of employment verification, such as pay stubs or tax returns. Therefore, it is incorrect to say that all borrowers will require a written verification of employment.

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7.

It what circumstance can bonus income be used?
- A.
  
  If it is over $1000.00
- B.
  
  If it has have been consistent and stable for the last 2 years
- C.
  
  Bonus income received for 2 years but has declined 40% in the last year
- D.
  
  If your Team Lead Ok's it
Correct Answer
B. If it has have been consistent and stable for the last 2 years

Explanation
Bonus income can be used in circumstances where it has been consistent and stable for the last 2 years. This means that if an individual has been consistently receiving bonus income for the past 2 years without any fluctuations or significant changes, they can rely on this income for their financial planning and use it for various purposes. This stability in bonus income indicates a reliable source of additional funds that can be utilized effectively.

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8.

If commission income is at ___ % or more of the total annual income, ___ years signed federal income tax returns will be required.
- A.
  
  20 and 3
- B.
  
  25 and 3
- C.
  
  20 and 2
- D.
  
  25 and 2
Correct Answer
D. 25 and 2

Explanation
If commission income is at 25% or more of the total annual income, 2 years of signed federal income tax returns will be required. This means that if an individual earns a significant portion of their income through commissions, they will need to provide proof of their income for the past two years when filing their federal income tax returns.

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9.

Social Security income must continue for at least 2 years
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement is false because there is no requirement that Social Security income must continue for at least 2 years. Social Security income is typically provided for as long as the individual meets the eligibility criteria, which can vary depending on factors such as age, disability, and work history. There is no specific time limit or minimum duration for receiving Social Security income.

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10.

A borrower has 2 children ages 16 and 20. The borrower receives $500.00 per month in child support. How much of that income can we use to qualify the borrower?
- A.
  
  $500.00
- B.
  
  $0.00
- C.
  
  $250.00
- D.
  
  None of the above
Correct Answer
B. $0.00

Explanation
The borrower cannot use any of the $500.00 child support income to qualify because child support income is not considered as eligible income for loan qualification.

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Current Version
Mar 22, 2023

Quiz Edited by
ProProfs Editorial Team
Nov 03, 2013

Quiz Created by
Kathleenh

Processing: Calculating Monthly Income

Tom is paid $875.25 weekly. What will be his total monthly income? Please provide the calculation used.

Bob is paid $3,272 semi-monthly. What will be his total monthly income? Please provide the calculation used.

Mary Kate is paid $2,857.15 bi-weekly. What will be her total monthly income? Please provide calculation used.

Steve is paid $15.00 per hour and is paid weekly. He works an average of 32 hours per week. What will Steve's monthly income be? Please provide calculation used.

Susie makes $124,560 per year. What will be her total monthly income? Please provide the calculation used.

All Borrowers will require a Written Verification of Employment

It what circumstance can bonus income be used?

If commission income is at ___ % or more of the total annual income, ___ years signed federal income tax returns will be required.

Social Security income must continue for at least 2 years

A borrower has 2 children ages 16 and 20. The borrower receives $500.00 per month in child support. How much of that income can we use to qualify the borrower?

If commission income is at _ % or more of the total annual income, _ years signed federal income tax returns will be required.