Unit 6- Midterm Review (10Q)

Front

What is the formula to calculate hourly salary from a monthly salary?

Back

Hourly Salary = (Monthly Salary / Weeks per Month) / Hours per Week

Front

If a person earns $6000 per month, what is their equivalent hourly salary assuming they work 40 hours a week for 50 weeks?

Back

$36/hr

Front

What percentage of a paycheck should not exceed for needs if a person wants to budget for a car payment?

Back

50% of the paycheck

Front

How do you calculate annual salary from hourly wage?

Back

Annual Salary = Hourly Wage x Hours per Week x Weeks per Year

Front

If David earns $15/hr and works 40 hours a week for 50 weeks, what is his expected annual income?

Back

$30,000

Front

What is the overtime pay rate if a worker earns $12/hr and works more than 40 hours in a week?

Back

Overtime Pay Rate = 1.5 x Regular Hourly Rate = $18/hr

Front

How do you calculate total earnings for a week including overtime?

Back

Total Earnings = (Regular Hours x Regular Rate) + (Overtime Hours x Overtime Rate)

Front

If Jordan worked 44 hours in a week at $12/hr, what are her total earnings before deductions?

Back

$552

Front

What is the annual income of a babysitter who earns $800 a week for 50 weeks?

Back

$40,000

Front

What is the formula to determine how much can be budgeted for a car payment based on monthly income and expenses?

Back

Budget for Car Payment = (Monthly Income x 50%) - Total Monthly Expenses