Determine whether the spending pattern described is at, above, or below the national average. Assume that any salariesor wages are after tax.
-A single 31-year old man with a monthly salary of $3100 spends $560 on food.

Question

Determine whether the spending pattern described is at, above, or below the national average. Assume that any salariesor wages are after tax. 
-A single 31-year old man with a monthly salary of $3100 spends $560 on food.

Quizplus · Accepted Answer

The average monthly food expense varies by location, income, and personal dietary choices. However, spending $560 on food for a single person can be considered above average in many contexts, especially when compared to basic budgeting guidelines which often suggest allocating around 10-15% of monthly income to food. For a $3100 monthly salary, this percentage would suggest a food budget closer to $310-$465.

Determine Whether the Spending Pattern Described Is At, Above, or Below