working and earning
The table below is comparing level of education achieved to the rate of unemployment and the median weekly earnings in 2008. Based on the information provided, the unemployment rate decreases the most when moving between which two consecutive educational levels?
"Less than high school" and "High School Graduate"
Luis makes $23.10 per hour at his job for the first 40 hours he works each week. If he works more than 40 hours, then Luis makes $34.65 per hour. If Luis works 46 hours in one week, how much does he earn?
$1,131.90
The figure above shows a store's supply-demand graph for lawn chairs. If the store makes $800 by selling lawn chairs, which of the following is a possible valid price for them?
$20
Say that the economy is in a recession, which is causing the value of gold to fall by three percent. If you have gold reserves which were previously worth $8,590, how much value have you lost as a result of this recession, to the nearest cent?
$257.70
Yvonne continues to work full-time at her job while she attends college part-time. It takes 5 years for Yvonne to complete the program, but when she does she is able to increase her salary from $37,000 per year to $45,000 per year. At this rate, Yvonne will have recovered her college costs after 4.5 years. How much did it cost Yvonne to go to college?
$36,000
Brendon had total job benefits of $39,500 last year. He was required to wear a shirt with the company logo on it for work that he was responsible for buying. Brendon purchased 12 shirts for work during the year at a cost of $23.95 each. He was also required to attend a training at a cost to him of $135. What was Brendon's total employment compensation last year?
$39,077.60
You give up a full-time salary of $45,000 a year to go to school for 2 years. The total cost of going to school is $30,000. If you want to be able to recover your investment in 5 years or less, what is the minimum salary you would need to earn upon earning your degree?
$69,000
James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment?
10 years
Trevor's total employment compensation is $33,500. If Trevor has no job expenses and his gross pay is $28,600, then his total employee benefits are _____% of his gross pay.
17.1
The figure above shows a store's supply-demand graph for coffee makers. If the store sells $375 worth of coffee makers, which of the following is a valid possible price for them?
25
Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Mario has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Mario would have $13 more in his take home pay. How many withholding allowances does Mario currently claim?
4
Below are the supply and demand equations for blenders in a certain market. In these equations, p represents price, D represents demand, and S represents supply. D=(-5/8)p+35 S=(6/5p)-44 What is p at the point of equilibrium, to the nearest tenth?
43.3
Using the above supply/demand graph, what is the price at the point of equilibrium?
70
The graph above shows one store's projected demand curve for hand-held vacuum cleaners. If the demand at point P3 is fully satisfied, how much money will the store make by selling hand-held vacuum cleaners?
900
Which of the following would affect an employee's net pay?
Claiming a different number of dependents and thereby reducing their income tax withholdings
Which of the following companies offers the greatest total employment compensation? Company A Company B Company C Company D Gross Pay $37,600 $36,800 $38,100 $39,000 Paid insurance $2,800 $2,400 $2,100 $1,800 Paid time off $3,100 $3,600 $2,900 $2,500 Job expenses $1,200 $600 $300 $800
Company C
Which of the following companies offers the greatest total employment compensation? Company A Gross pay $38,200 Insurance $3,500 Paid time off $4,100 Company B Gross pay $39,000 20% of gross pay in total employee benefits Job expenses $700 Company C Gross pay $39,900 Insurance $3,200 Paid time off $3,900 Job expenses $1,000 Company D Gross pay $39,400 18% of gross pay in total employee benefits
Company D
Based on the information provided in the graph, for which of the following situations could you expect to have the greatest increase in salary?
Having a master's degree and getting a doctorate degree.
Marilyn has a biweekly gross pay of $810 and claims 3 federal withholding allowances. Marilyn has all of the following deductions from her gross pay: federal tax from the following table Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 21% of her federal tax Determine how Marilyn's net pay will be affected if she increases her federal withholding allowances from 3 to 4.
Her net pay will increase by $18.15.
There is a correlation between higher education and greater degrees of both income and job stability. What is one downside of continuing education that might cause someone to choose not to seek a higher level of education despite the benefits?
Higher education can be expensive, and most students who seek degrees must accept some burden of debt.
Padraig receives total employment compensation of $70,000 and had $2,000 in job expenses. Which of the following could be true about Padraig's gross pay and total employee benefits?
His total employee benefits are 12.5% of his annual gross pay of $64,000.
The table below shows the typical hours worked by employees at a company. A salaried employee makes $50,000 per year. Hourly employees get paid $20 per hour, but get $30 per hour for each hour over 40 hours. Sun. Mon. Tues. Wed. Thurs. Fri. Sat. 0 8 8 9 9.5 7.5 4 Which of the payment options would you recommend to a new employee?
Hourly pay. Hourly employees make more per week than salaried employees.
Which of the following is not a question college students find themselves asking when considering the costs of school during the recession?
How often should I go to class?
Padraig is a financial advisor. He earned a salary of $80,000 last year and sold stocks for $5,000. Which of the following types of income did Padraig have? I earned income II passive income III capital gains income
I & III
The following federal tax table is for biweekly earnings of a single person. A single person earns a gross biweekly salary of $840 and claims 5 exemptions. How will federal taxes affect his net pay?
Net pay will decrease $13 from the gross pay.
The following federal tax table is for biweekly earnings of a single person. A single person earns a gross biweekly salary of $780 and claims 6 exemptions. How does their net pay change due to the federal income tax withheld?
No federal income taxes are withheld.
Two people quit work and begin college at the same time. Their salary and education information is given in the table below. Salary prior to school Years attending college Total cost of college Salary upon graduating Person A $18,000 3 $45000 $33,000 Person B $27,000 4 $30,000 $37,000 Choose the true statement.
Person A recovers their investment in a shorter amount of time.
The table below shows the typical hours worked by employees at a company. A salaried employee makes $78,000 per year. Hourly employees get paid $26 per hour, but get $39 per hour for each hour over 40 hours. Sun. Mon. Tues. Wed. Thurs. Fri. Sat. 0 8 8.5 9.5 10 8 3 Which of the payment options would you recommend to a new employee?
Salaried pay. Salaried employees make more per week than hourly employees.
Juanita receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax is 6.2% of gross pay, Medicare tax is 1.45% of gross pay and state tax is 19% of federal tax, determine if Juanita's net pay is correct. Earnings Deductions Week Ended Regular FED. SOC. MED STATE WITH. WITH. CARE. WITH. NET PAY 11/17 $1,020.00 $107.00 $63.24 $14.79 $20.33 $814.64 Choose the true statement below.
The net pay is correct.
Elisha is a photographer and charges a set fee to photograph weddings. This is an example of _____ income.
earned
Employee benefits ______.
increase total employment compensation
Mikah invented and patented a new product which sells in local department stores. This is an example of _____ income.
passive
If there is a positive correlation between number of years of education and the amount of company pension contributions, which of the following professions would you expect to have the best company pension contributions?
pharmacist, doctorate degree
Which of the following is an example of a passive income?
receiving royalties from writing a book
Which of these describes the fundamental conflict of economics?
the management of limited resources to satisfy unlimited wants
What is equilibrium, from an economic perspective?
the theoretical price point at which demand equals supply
Which of the following terms best applies to a very fast increase in economic output which usually occurs before a peak?
boom
Which of the following is the best thing to consider when making comparisons between job offers?
total employment compensation
Which of the following is not something that states saw a significant decrease in as a result of the recession?
transportation costs
Chuck has a gross pay of $815.70. By how much will Chuck's gross pay be reduced if he has the following items withheld? federal tax of $56 Social Security tax that is 6.2% of his gross pay Medicare tax that is 1.45% of his gross pay state tax that is 19% of his federal tax
$129.04
Use the tax table to help answer the following question. Luce is single and making $763 biweekly. She claims no federal withholding allowances. If the state tax is 19% of the federal tax, how much in state tax does Luce contribute?
$16.34
Selina claims single having one exemption. Her state tax deduction is 21% of her federal tax contribution. Calculate the amount of state tax Selina owes if her gross pay for two weeks is $840. The following federal tax table is for biweekly earnings of a single person.
$16.80
Kai had a gross weekly paycheck of $616 last week. Kai worked 6 hours for 4 of the days and 8 hours on 1 day. What is Kai's hourly rate of pay?
$19.25
Loretta's income last year was $81,300. She made $56,800 at her salaried job and had additional passive income. If Loretta earned the same amount of passive income each month for the entire year, approximately how much per month was it?
$2,040
Last year Lenny had an annual earned income of $58,475. He also had passive income of $1,255, and capital gains of $2,350. What was Lenny's total gross income for the year?
$62,080
Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary's gross pay.
$64.93
Marisol receives total employee benefits that are 14.5% of her gross annual pay. If Marisol has a gross annual pay of $50,000, how much in total employee benefits does she receive?
$7,250
An employee has an annual salary of $51,300. They receive $2,830 in health insurance and $4,600 in paid time off per year. They drive their personal vehicle for work which costs them $600 per month, but the company reimburses them $0.54 per mile for the total work miles driven. If the employee drives 36,000 miles for work for the year, what will be their total employment compensation?
$70,970
A statement of an employee's biweekly earnings is given below. Earnings Deductions Week Ended Regular FED. SOC. MED STATE WITH. WITH. CARE. WITH. NET PAY 8/18 $_____ $62.00 $45.06 $10.54 $12.40 $596.80 What is the employee's gross pay?
$726.80
A statement of an employee's biweekly earnings is given below. Earnings Deductions Week Ended Regular FED. SOC. MED STATE WITH. WITH. CARE. WITH. NET PAY 9/10 $_____ $98.00 $52.88 $12.37 $22.54 $667.17 What is the employee's gross pay?
$852.96
Nika earns a gross pay of $73,000. Her total employee benefits are 22% of her gross pay and she has no job expenses. If Nika gets an increase in pay of $5,000, what will her total employment compensation be? (Note: Employee benefits are based on Nika's original gross pay.)
$94,060
Use the following federal tax table for biweekly gross earnings of a single person to help answer the question below. Molly has biweekly gross earnings of $839.52. By claiming 1 more withholding allowance, Molly would have $16 more in her take home pay. How many withholding allowances does Molly currently claim?
3
Niah works as a retail sales clerk earning $18,000 per year. She plans to go to school for medical billing that has a median salary of $35,000. The cost of her education will be $20,000. If Niah does not work for the 2 years that she is in school, about how long will it take her to recover her investment if she gets a medical billing job making the median salary when she graduates?
3.3 years
Based on the supply graph and the demand graph shown above, what is the price at the point of equilibrium?
30
A store's supply/demand graph for ceiling fans is shown above. If the price is at the equilibrium point, how much money will the store make selling ceiling fans?
$1,800
Samantha's college runs on a trimester schedule so she receives a bill 3 times a year for tuition. Each trimester costs $1,450, and Samantha must complete 2 years of college to receive her degree. The average cost for books each trimester is $350. Approximately what will be the total cost for Samantha to get her degree?
$10,800
Which of the following employees has the largest gross pay?
Employee C: Total employee benefits $1,000 Total job benefits $51,900
Earned income and capital gains (or "portfolio income") are acquired in different ways. Which statement describes how they are different?
Earned income is payment for employment, while capital gains are produced by your investments.
If total employee benefits are calculated as a percentage of their gross pay, which of the following employees receives the largest percentage of their gross pay in employee benefits?
Employee B: gross pay $32,900 , total job benefits $34,000
Phillipe has two job offers as given below and really has no preference for either company. Compare the total compensations for the job offers and explain which job you think Phillipe should accept and why. Company A Gross pay $62,000 Medical insurance $3,400 Paid time off $8,000 Retirement $2,700 Job expenses $800 Company B Gross pay $60,000 25% of gross pay in employee benefits
The total employment compensation for Company A is $75,300 and for Company B it is $75,000. If he chooses the job based on total employment compensation only, then he should choose Company A. Note that the $800 job expense is a reduction in the total compensation for Company A. Also, since there is only $300 difference in total compensation, he may want to choose based on other criteria, such as how many days vacation per year or how far it is to commute ot work.
Aaron is a high school graduate working as a retail clerk. He earns a median salary for a high school graduate. Aaron is thinking about going to college to get an associate's degree. If he completes his degree in 2 years and college costs total $30,000, how long will it take Aaron to recover his investment, assuming that he earns the median salary and continues to work full time while he is attending school?
about 2.5 years