Sba Questions

Topics: Credit card, Loan, Income Pages: 11 (2585 words) Published: January 1, 2013
May/June 2013

Sample SBA 3 from the syllabus was adopted and modified.

ASSIGNMENT COMPONENTS: • • • • Spreadsheet Database Management Word Processing Problem Solving


SBA 2012-2013


SBA 2012-2013

Description of the Project
The citizens of Jamaica are unable to purchase housing for their families, mainly due to the extremely high cost of house prices, and the fact that building materials are also costly. Middle and low income earners are severely affected they wont be able to qualify for a loan to purchase or build their homes. The Ministry of Housing has assigned their agency, Jamaica Housing Contractors Limited, to intervene and they have decided to implement a widespread house building exercise in three selected parts of the country. Citizens were invited to apply for the chance to own one of these homes. As a part of the Jamaica Housing Contractors Limited team, you are asked to carry out the following tasks: • use word-processing, spreadsheet and database management applications to design and implement computer-based solutions to ensure that the public is well informed of the government’s new housing initiative • ensure that an efficient record of applicants’ information is maintained • accurately calculate and assess applicants’ financial income and expense commitments • inform suitably qualified and approved applicants

SPREADSHEET Jamaica Housing Contractors Limited is a state agency in the Ministry of Housing responsible for providing affordable housing for middle and low income earners. The Jamaica Housing Contractors Limited invites applications from nationals who are employed and who can demonstrate that they would be able to meet their mortgage payments each month. Each application must be supported by documents giving details of the applicant’s financial status. These include the applicant’s salary and monthly salary deductions. The amount owed to banks and other financial institutions must also be disclosed with supporting verifying documents. In addition, details of applicants’ monthly expenses on groceries, utilities, transportation, etc. must be submitted. Homes are being built to accommodate approved applicants in three communities: Rosemount Heights, Mandeville Meadows and Norbrooke Estates. Applicants, who are middle and low income earners, must meet a net monthly income in order to qualify for consideration in each of these communities: $25,000, $20,000 and $15,000 respectively. This net income may be met by the applicant himself/herself or in conjunction with his/her spouse.

You are required to:

Design a spreadsheet that accepts income data from applicants for each housing community. You may accept at least ten but no more than fifteen applications for each community GO ON TO THE NEXT PAGE 

Page 2 of 8


SBA 2012-2013


You must enter income data and use appropriate formulae to calculate deductions, gross income, and net income and determine whether the application qualifies for consideration. ii) There should be an indication of how many persons applied to each of the three housing communities. Applicant Salary Salary Deductions 28,560.00 5,674.00 Spouse Salary 36,530.00 Salary Deductions 6,450.00 Gross Income 65,090.00 Net Income

Applicant Sophia Edwards


52,966.00 Qualified

Monthly deductions from salary include Income Tax, Health Coverage, Workers’ Union, Retirement Plan and Mortgage Contribution.  No Income Tax is deducted should the applicant’s salary be $10,000 or less. A flat rate of 12% is deducted on the amount in excess of $10,000  Health Coverage is fixed at $500 per month  Workers’ Union fees are 5% of salary  Retirement Plan is 15% of salary  Mortgage Contribution is 5% of salary In a small number of...
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