CCR Mid-tern exam
If your gross pay is $800 and 15% is taken out in deductions, how much is taken out in deductions?
$120
If you work 30 hours a week and make $9.00 per hour, what is your gross weekly wage?
$270
If your normal pay is $20 per hour, what is your overtime hourly rate?
$30
Your gross pay is $500. Your deductions are $100. What is your net pay?
$400
If you have $1000 and your earn 5% interest, how much INTEREST will you earn?
$50
Your gross pay is $576.28. Your deductions are $76.28. What is your net income?
$500.00
If your gross pay is $800 and your deductions are $120, what is your net pay?
$680
If you make $20 per hour and work 40 hours last week, how much was your gross pay?
$800
If your annual salary is $52,000, what is your WEEKLY salary?
1,000
When you earn overtime pay as an hourly wage earner, how much more per hour than your normal rate is the overtime pay?
1.5 times
How many hours are in the standard U.S. work week?
40
If you worked 45 hours last week, how many hours of overtime did you work?
5
If your annual salary is $72,000, what is your MONTHLY salary?
6,000
1) What is a S.M.A.R.T. goal?
A goal that is Specific, Measurable, Actionable, Realistic, and Timely
What is something that allows you to make sure you don't spend more money than you earn?
Budget
What term describes budget expenses that are the same amount every month?
Fixed expenses
Which statement is true?
Gross income is the money you earn before deductions are subtracted, net income is the money you receive after deductions are subtracted
What does interest do to your savings?
Increase the amount
When making a budget, which category should you figure out first?
Savings (Pay Yourself)
Wages are . . .
The amount a person makes per hour
Setting a specific END TIME or DATE would relate to which part of the S.M.A.R.T goal parts?
Timely
The dollar amount of variable expenses may change from month to month.
True
Budget
a plan for managing your income and expenses
Figuring out ways to make your goals come true would relate to which part of the S.M.A.R.T goal parts?
actionable
Income
any money coming into your possession
Expenses
any money that you spend
Federal taxes, state taxes, and local taxes are examples of __________________ taken out of pay.
deductions
Which of the following is NOT a fixed expense?
electricity
Insurance ( Fixed, or variable)
fixed
cell phone ( fixed or variable)
fixed
rent ( fixed or variable)
fixed
Which one of these budget items is considered a variable expense?
food
James made $440.00 last week BEFORE any deductions were taken out of his paycheck. $440.00 is what kind of income?
gross income
In order to maintain your budget, which should you always have more of?
income
HOW MUCH, HOW MANY, how will I know when I accomplish this would answer which part of the S.M.A.R.T goal parts?
measureable
What do you call the amount of money a person earns after deductions are taken out of their pay?
net income
What is another term for take home pay
net income
When you get paid, the money that you bring home and have to spend is your. . .
net income
Do I have the knowledge, skills, and/or abilities to complete the goal?" would relate to which part of the S.M.A.R.T goal parts?
realistic
Who, What, Where, When, Which, and Why would answer which of the S.M.A.R.T goal parts?
specific
car fuel
variable
electric bill ( fixed or variable)
variable
food
variable
Tammy makes $12.50 an hour working at Kroger. This is called her hourly . . .
wage
Deductions
withheld you from paycheck
Salary
you are paid a set amount regardless of how many hours you work.
