Sources of Income (Quiz)

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

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

Byron is a wealthy tycoon who makes his money buying and selling stocks. This is an example of _____ income.

a. capital gains

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.

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

b. I and III

Elisha is a photographer and charges a set fee to photograph weddings. This is an example of _____ income.

b. earned

Last year Frank had a total income of $58,800. He sold a house and made a profit of $27,940. He also had monthly income of $80 from investments. Assuming Frank works 25 hours per week and 52 weeks per year as an hourly employee, how much more an hour would Frank had to have earned last year in order to have a total income of $59,970?

d. $0.90

Scott earns $16.85 per hour at his job. He works 7 hours per day, 4 days per week. What is Scott's gross monthly income for 4 weeks?

d. $1,887.20

Mikah invented and patented a new product which sells in local department stores. This is an example of _____ income.

d. passive

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