Sources of Income

Miguel paid a total of $12,000 for stock that was $8 per share. If he sold all his shares for $15,000, how much profit on each share did he make? a. $2 b. $8 c. $10 d. $12

(A) $2

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? a. $2,040 b. $2,125 c. $4,730 d. $6,775

(A) $2,040

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? a. $16.21 b. $19.25 c. $20.53 d. $25.67

(B) $19.25

Elisha is a photographer and charges a set fee to photograph weddings. This is an example of _____ income. a. capital gains b. earned c. hourly d. passive

(B) Earned

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- 0 Mon- 8 Tues- 8 Wed- 9 Thurs- 9.5 Fri- 7.5 Sat- 4 Which of the payment options would you recommend to a new employee?

(B) Hourly pay. Hourly employees make more per week than salaried employees.

Which of the following is an example of a passive income? a. receiving money from selling stocks b. receiving royalties from writing a book c. making money from selling a motorcycle d. making money by getting paid a salary

(B) Receiving royalties from writing a book.

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- 0 Mon- 8 Tues- 8.5 Wed- 9.5 Thurs- 10 Fri- 8 Sat- 3 Which of the payment options would you recommend to a new employee?

(C) Salaried Pay. Salaried employees make more per week than hourly employees.

The table below shows the typical hours worked by employees at a company. A salaried employee makes $67,000 per year. Hourly employees get paid $25 per hour, but get $37.50 per hour for each hour over 40 hours. Sun- 0 Mon- 10 Tues- 8 Wed-8 Thurs-7 Fri-6.5 Sat. 4.5 Which of the payment options would you recommend to a new employee?

(C) Salaried pay. Salaried employees make more per week than hourly employees.

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? a. $58,475 b. $59,730 c. $60,985 d. $62,080

(D) $62,080

Mikah invented and patented a new product which sells in local department stores. This is an example of _____ income. a. capital gains b. earned c. hourly d. passive

(D) Passive