What is the formula to calculate the amount allocated for a specific expense based on monthly income?
Financial Algebra Quarter 2 Final Exam Review part 2

Flashcard
•
Mathematics
•
12th Grade
•
Hard
Quizizz Content
FREE Resource
Student preview

15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Back
Amount allocated = Monthly Income x Percentage of Expense
2.
FLASHCARD QUESTION
Front
If your monthly income is $3200 and you spend 20% on Food, how much do you spend on Food?
Back
$640
3.
FLASHCARD QUESTION
Front
What is the definition of overtime pay?
Back
Overtime pay is the pay rate for hours worked beyond the standard workweek, typically calculated at 1.5 times the regular hourly rate.
4.
FLASHCARD QUESTION
Front
If Liam works 50 hours a week at $12.50 per hour, how do you calculate his total pay including overtime?
Back
Regular pay for 40 hours = $12.50 x 40 = $500; Overtime pay for 10 hours = $12.50 x 1.5 x 10 = $187.50; Total pay = $500 + $187.50 = $687.50.
5.
FLASHCARD QUESTION
Front
What is a rental agreement?
Back
A rental agreement is a contract between a tenant and a landlord outlining the terms of renting a property.
6.
FLASHCARD QUESTION
Front
What percentage of your income is typically allocated for savings?
Back
A common recommendation is to save at least 10% of your income.
7.
FLASHCARD QUESTION
Front
What is the Social Security tax rate for employees?
Back
The Social Security tax rate is 6.2% of gross income.
Create a free account and access millions of resources
Similar Resources on Wayground
15 questions
Income Tax & Gross vs Net Income

Flashcard
•
11th - 12th Grade
12 questions
Ramsey Chapter 2 vocab

Flashcard
•
12th Grade
15 questions
Fall 2024 - AFA Final Exam Review

Flashcard
•
12th Grade
15 questions
Financial Algebra Quarter 2 Final Exam Review part 2

Flashcard
•
12th Grade
15 questions
Consumer Math Semester 1 Review Flashcardizz

Flashcard
•
12th Grade
15 questions
AMDM - Unit 7 Test

Flashcard
•
12th Grade
14 questions
PF - Ch. 2 Review (Getting Paid)

Flashcard
•
11th - 12th Grade
15 questions
Financial Algebra Quarter 2 Final Exam

Flashcard
•
12th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade