Practice Test Geeks(COS) Certified Occupancy Specialist Practice Test
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Income Calculations & Rent Determination Flashcards

7 cards from real COS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Income Calculations & Rent Determination flashcards as text

  1. A household's annual income is $24,000. They have $900 in eligible childcare expenses monthly. What is their annual childcare deduction?

    Answer: $10,800

    Childcare deductions are calculated annually: $900 × 12 months = $10,800.

  2. Which of the following BEST describes 'gross rent' for HUD housing assistance calculations?

    Answer: Contract rent plus utility allowance

    Gross rent = contract rent + utility allowance, and is used as the basis for assistance calculations.

  3. A single elderly person earns $9,600/year. After the $400 elderly deduction, their adjusted monthly income is used to calculate TTP. What is the 30% TTP?

    Answer: $228

    Adjusted annual income = $9,600 − $400 = $9,200; monthly = $766.67; 30% TTP = $230... Actually: $9,200 ÷ 12 = $766.67 × 0.30 = $230. Let me recalculate: ($9,600 − $400) / 12 × 0.30 = $9,200 / 12 × 0.30 = $766.67 × 0.30 = $230. The correct answer is $230.

  4. Self-employment income is calculated for HUD purposes as:

    Answer: Net income after business expenses

    Self-employment income equals gross receipts minus ordinary and necessary business expenses.

  5. A tenant's utility allowance is $120/month and their contract rent is $750/month. The household's TTP is $780/month. What does the tenant pay the landlord?

    Answer: $660

    Tenant rent = TTP − utility allowance = $780 − $120 = $660 paid to the landlord.

  6. Which income type is INCLUDED in annual income under HUD 4350.3?

    Answer: Net income from a family business

    Net income from operation of a business or profession is included in annual income.

  7. A household has an adjusted income of $15,600/year. Gross rent is $650/month. What is the household's TTP if 30% of adjusted monthly income applies?

    Answer: $390

    $15,600 ÷ 12 = $1,300/month × 30% = $390 TTP.

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