Relating Income and Careers

Salary

A _ is a set amount of pay received by a worker over the course of a year.

$5,500

Amala listed her assets and liabilities. What is the total of Amala's liabilities?

$56,000

Amy is analyzing a job offer. How much income with benefits can she expect?

housing and meals.

At an educational institution, the cost of room and board includes

housing meals supplies textbooks

Besides the cost of an education, what additional expenses must students pay? Check all that apply.

Connor is correct because he is likely to earn a higher salary throughout his career. By earning by only $11,000 more in salary, he could make up the difference over the life of his career. He is also likely to have more employee benefits to save for his retirement.

Both Phoebe and Connor are trying to maximize their lifetime income. Each has a different plan on how to do it best. Phoebe claims that she wants a career with no college or trade school requirements because she could save the money for retirement rather than spending it on education. She estimates her average yearly salary at $35,000 a year with no post-secondary education requirements. Connor claims post-secondary education will help him get a career with a higher salary and more benefits he can use in retirement so the education costs will more than pay for themselves. Connor estimates his average yearly salary at $60,000 after earning a college degree. Which statement about their claims is correct?

the stamp collection, the bank account, and the skateboard

Brandon owes his brother $120. He has a stamp collection worth $1,250 and he has $300 in a bank account. He also has a skateboard worth $95. Which are Brandon's assets?

personal savings account

Brenden wants to set aside money for times when he may be without work due to illness or layoffs. Which method would be best?

Job 1 is a better choice because it costs $4,500 less per year to live there.

Caitlin has finished her schooling and training to be a dental hygienist. She has two job offers that she is considering. Caitlin's Job Offer Comparison Job 1: Albuquerque, NM Job 2: Ann-Arbor, MI Salary $54,000 $61,000 Benefits $2,500 bonuses, health insurance, 401K Health insurance, 401K Average Monthly Rent & Utilities $925 $1,300 Which job would offer the best annual income considering the cost of living in each locale?

The total of the assets is greater than the total of the liabilities.

Colin listed his assets and liabilities on a personal balance sheet. Which statement is true about the total assets and the total liabilities?

He has $50,000 more in assets than in liabilities.

Dante listed his assets and liabilities on a personal balance sheet. Which statement is true about the value of Dante's assets and liabilities?

$91,500

Darian has decided to attend an out-of-state public four-year university. His expected expenses are shown in the table. Category Annual Expected Expense ($) tuition $18,900 room/board $7,650 books/fees $1,475 other expenses $2,350 Darian expects to get $7,500 in grants each year. What is the minimum amount he should expect to contribute for four years at the university?

$9,750

David estimates that he will have expenses totaling $24,870 for one year of college. He will receive $7,560 in grants. How much will David have to contribute each semester during this year?

$5,791

Dustin estimates it will cost $7,721 annually to attend a public four-year college. He will receive $1,930 in grants. How much is Dustin's estimated annual contribution to his college education?

$127,000-$88,500

Enzo's balance sheet for the month of July is shown. Enzo's Balance Sheet (July 2013) Assets Liabilities cash $600 credit card $4,000 investments $500 student loan $2,500 house $120,000 mortgage $80,000 car $6,000 car loan $2,000 Total $127,100 Total $88,500 Which expression finds Enzo's net worth?

60

Eric wants to attend a public four-year university. He estimates that the average cost of one year at this university is $19,500. He can save at most $325 a month. Without factoring in interest, grants, or scholarships, what is the minimum number of months he needs to save in order to be able to pay for one year of college?

A student loan must be paid back, but a scholarship is not paid back.

How is a student loan different from a scholarship?

$60

If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax, how much money can be saved by buying a $1,000 television in New Hampshire?

6 percent.

If a new shirt costs $34.99 and the sales tax is $2.10, the sales tax rate is

state income tax.

In addition to federal income tax, many people also pay

$14,007

In his first school year, Leo contributed $13,468 toward college expenses. In his second school year, the expenses are expected to increase by 4%. What is the approximate minimum amount Leo should expect to contribute in his second school year?

Joaquin should take the class because a promotion will mean a larger salary over the long term compared to a single cash advantage.

Joaquin is offered vocational training that will cost $3,000 but will make him eligible for a promotion. Joaquin is trying to decide whether to get the training or put the money in savings for retirement. Which statement is true?

$88,700

Keisha owns a house worth $275,000 with a mortgage of $195,000. She owns a car worth $12,000 and has $7,500 in car loans. She has $3,000 in investments, $2,700 in a bank account, and owes $1,500 on a credit card. What is Keisha's net worth?

$124,400

Laura estimated the total cost of attending a private four-year university using the information in the table. Category Estimated Cost - 1 year tuition $29,500 room and board $9,600 books $2,125 lab and facilities fees $850 Laura received a grant that will pay for 30% of her annual estimated tuition and a scholarship that will pay for her books. What is the minimum Laura should expect to contribute to her college education for all four years?

Lauren made an error in step 3 because she should have subtracted the expenses from the income.

Lauren is trying to find her net income. She used the statement and the steps shown. Step 1 List all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing. Step 2 Total all the income. Then total all the expenses. Step 3 Add the total of the income and the expenses. Which explains Lauren's error?

Job 1 is a better choice because the annual income after housing is $65,800 but that of job 2 is $64,700.

Liam is a computer systems analyst and is looking to change to a company that offers more opportunities for advancement. He has job offers from two companies that look promising. Which company is a better choice based on annual income after housing and utility costs?

$7,650

Marco predicts he will have $18,750 in expenses for one year of college. He expects to receive $3,450 in grants annually. How much will Marco need to contribute to one semester of his education?

She could speak with a career counselor. She could visit the library and check out a book from the career section about veterinarians. She could visit the online site for the US Bureau of Labor and Statistics.

Mariana wants to research a career in veterinary medicine. Where could she find accurate and objective information? Check all that apply.

$200

Michael will attend college in 5 years. He anticipates he will need $19,000 to pay for the first year. He currently has $6,400 in a savings account. Without including any interest earned, what is a reasonable estimate of the amount Michael needs to deposit into his savings account each month over the next 5 years to be able to pay for his first year of college?

$9,500-$1,900

Patrick has assets that total $9,500. His liabilities total $1,900. Which expression will find Patrick's net worth?

cash stocks jewelry

Quincy listed his assets and liabilities. Cash Rent Stocks Jewelry Student Loan Utilities Which are Quincy's assets? Check all that apply.

the money she owes her sister

Rita does chores for her neighbors and makes $45 each weekend. She owes her sister $80. Rita has $178 in coins and a collection of baseball cards worth $475. Which is a liability?

It will make the assets $5,000 less than the liabilities.

Roberto listed his assets and liabilities on a personal balance sheet. After creating the balance sheet, Roberto decided to use his investments to pay off his car loan. How will that decision affect the difference between his assets and liabilities?

$50,000

Rosetta listed her assets and liabilities on a personal balance sheet. If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?

Tax rate

Sales tax is calculated by multiplying the price of an item by the

She should use the US Bureau of Labor Statistics website since it will cover a wide range of information about the careers around the United States.

Tayesha wants to find more information about a career in architecture. Which resource is most likely to give balanced, accurate information?

The family will likely have enough money. They will have saved $19,200 and have accumulated interest.

The Hartman family is saving $400 monthly for Ronald's college education. The family anticipates they will need to contribute $20,000 toward his first year of college, which is in 4 years. Which best explains whether the family will have enough money in 4 years?

The family will likely have enough money. They will have saved $9,900 and have accumulated interest.

The Lopez family is saving $275 monthly for Verona's college education. The family anticipates they will need to contribute $10,000 toward her first year of college, which is in 3 years. Which best explains whether or not the family can expect to have enough money after saving for 3 years?

Income is what a person earns, while taxable income reflects deductions for various expenses.

The chart shows taxable income. Which explains a difference between income and taxable income?

federal tax.

The document shows a 1040 form. The 1040 form is used to collect

lower overall taxes.

The document shows a personal allowances worksheet. The document asks about dependents because the number can

$50,505

The table shows the cost of various expenses Rosaria expects to pay for one year at a private four-year college while living on campus. How much should Rosaria expect to pay?

Job B has a lower salary than job A, but the benefits make job B a more attractive pay package.

These lists provide information about two jobs. Which statement best compares the two jobs?

private universities can cost three times as much to attend as public universities.

This graph compares the cost of an education at different institutions in Texas. This graph demonstrates that

many students might choose an alternative living situation over paying room and board at a four year institution.

This graph compares the cost of room and board at educational institutions in Texas. This graph helps explain why

Tuition for higher education has risen steadily since 1994.

This graph shows student loan debt in the United States from 1994 to 2009. What trend does the graph demonstrate?

An hourly wage may result in lower pay.

What is one benefit or drawback to an hourly wage?

how much has been earned how much has been withheld for taxes

What types of information does a W-2 form contain? Check all that apply.

assets liabilities time period

Which are shown on a balance sheet? Check all that apply.

Sales

Which are types of income tax that people pay? Check all that apply.

local income tax

Which describes a type of tax that funds city programs?

private colleges

Which educational institutions typically cost the most to attend?

post-secondary education employee benefits salary vocational training throughout career

Which factors positively affect lifetime income? Check all that apply.

health-insurance plan with company-paid premiums

Which represents an employee benefit?

Tuition is the price of attending classes at a school.

Which statement best defines tuition?

the total salary and retirement benefits for all the years worked

Which statement best describes lifetime income?

training to prepare for a career

Which type of training would be considered vocational training?

amount of money the employee will earn each month

Which would be considered part of an employee's salary?

$200 per month for 4 years

Yasmine plans to attend a four-year public university. She expects she will need to contribute $9,000 annually to her education. Which savings plan will help Yasmine save enough money to pay for one year of school, regardless of whether or not interest is earned on her savings?