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Xavier is independent. He earns $467 this fortnight on a casual work at a supermarket. His income bank is $50.The new value of his income bank is _______________.A.$80B.$480C.$0D.$37E.$63F.$50G.$517

Question

Xavier is independent. He earns 467thisfortnightonacasualworkatasupermarket.Hisincomebankis467 this fortnight on a casual work at a supermarket. His income bank is 50.The new value of his income bank is _______________.A.80B.80B.480C.0D.0D.37E.63F.63F.50G.$517

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Solution

The correct answer is E. 63.InAustralia,theincomebankisasystemthatallowspeoplereceivingcertainCentrelinkpaymentstoaccumulateanyunusedportionoftheirfortnightlyincomethreshold.Thiscanthenbeusedtooffsetincomeinthefuturethatisabovethethreshold.TheincomethresholdforYouthAllowanceiscurrently63. In Australia, the income bank is a system that allows people receiving certain Centrelink payments to accumulate any unused portion of their fortnightly income threshold. This can then be used to offset income in the future that is above the threshold. The income threshold for Youth Allowance is currently 480 per fortnight. Since Xavier earned 467,whichisbelowthethreshold,hecanaddthedifference(467, which is below the threshold, he can add the difference (480 - 467=467 = 13) to his income bank. So, his new income bank balance would be 50(oldbalance)+50 (old balance) + 13 = $63.

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