Quiz about Financial Algebra - Employment Basics Review

Question 1

The amount of money a job pays is referred to as ________.

Accepted Answer

compensation

Answer

opportunity cost

Answer

cash inflow

Answer

net pay

Question 2

Your choice of career path will affect how much income you earn, how much education you need to get, and how much you'll need to pay for your education.

Accepted Answer

True

Answer

False

Question 3

Though education is costly, it is usually an excellent investment that pays off in a higher income for decades.

Accepted Answer

True

Answer

False

Question 4

Soleil has just finished her two-year associate's degree and is comparing two job offers she has received. The first job pays $14 per hour and would require her to work 37 hours per week with one week of paid vacation. The second job offers a straight salary of $23,500 per year. Which job would pay Soleil more?

Accepted Answer

The first job would pay more: $26,936

Answer

The first job would pay more: $26,418

Answer

The second job would pay more.

Answer

The first job would pay more: $27,454

Question 5

Which of the following would be most likely to be an unpaid position?

Accepted Answer

internship

Answer

apprenticeship

Answer

assistant

Answer

part-time employee

Question 6

The larger an applicant pool is for a type of job, the easier it is to get that job.

Accepted Answer

False

Answer

True

Question 7

Danny just answered a help-wanted ad. The ad states that the job pays $27K annually. What would Danny's monthly salary be if he gets this job?

Accepted Answer

$2,250

Answer

$324,000

Answer

$27

Answer

$519

Question 8

Becky is looking for a new job as an account executive. She responds to a classified ad for a position that pays 34.5K. What would Becky's weekly salary be to the nearest cent, if she gets this job?

Accepted Answer

$663.46

Answer

$718.75

Answer

$1,794,000

Answer

$2,875

Answer

$1326.92

Question 9

Roger wants to have 400 copies of his resume printed. His local print shop charges $21.50 for the first 200 copies and $10 for every 100 additional copies. How much will the 400 copies cost, including a sales tax of 6%?

Accepted Answer

$43.99

Answer

$41.50

Answer

$43

Answer

$45.58

Question 10

Mike is a veterinarian. He is placing a 9-line classified ad for an assistant. The piecewise function above gives the price of an x-line ad. What is the cost of the ad?

Accepted Answer

$99

Answer

$45

Answer

$123

Answer

$135

Question 11

Joanne is looking for a job as a teacher. She plans to send resumes to 123 schools in her county. Her local printer charges $23 per 100 copies, and sells them only in sets of 100. How many copies must Joanne purchase to have enough resumes?

Accepted Answer

200

Answer

100

Answer

123

Answer

23

Question 12

Eddie is a plant manager at North Salem Construction Company. He has been employed there for 20 years and will be retiring at the end of this year. His pension is calculated on the average of his last four years' salary. In those years, he earned $82,000, $96,000, $105,000, and $109,000. His employer will give him 1.2% of that average for each year worked. What is Eddie's pension?

Accepted Answer

$23,520

Answer

$20, 520

Answer

$25,320

Answer

$32,590

Question 13

The Rockville Employment Agency just placed Jim Howard in a job as a junior pharmacist. The job pays $51.2K. The agency fee is equal to 40% of the first three weeks' pay. How much will Jim have to pay the Employment Agency?

Accepted Answer

$1,181.54

Answer

$984.62

Answer

$2,953.86

Answer

$9,846.20

Question 14

Mary got a new job through the Jones Employment Agency.  The job pays $32,400 per year, and the agency fee is equal to 45% of one month's pay.  How much must Mary pay the agency?

Accepted Answer

$1,215

Answer

$121.50

Answer

$280.38

Answer

$2,803.80

Question 15

Business that has lists of job openings and helps people seeking employment.

Accepted Answer

employment agency

Answer

pieceworker

Answer

royalty

Answer

fee paid

Question 16

Insurance program through employer and US goverment

Accepted Answer

Social Security

Answer

Medicare

Answer

Federal Insurance Contributions Act

Answer

Royalty

Question 17

Which of the following is NOT an employee benefit?

Accepted Answer

commission

Answer

Paid vacation/holiday time

Answer

family healthcare

Answer

Pension

Question 18

Method of payment where an employee receives a percentage of the amount of sales produced by that employee

Accepted Answer

commission

Answer

royalty

Answer

piecework

Answer

piecework rate

Question 19

Short account of a job seeker's education and qualifications for employment.

Accepted Answer

resume

Answer

fee paid

Answer

cover letter

Answer

shadow skid mark

Question 20

Form W-4

Accepted Answer

Tells your employer what amount of taxes to withhold from your paycheck

Answer

Tells your employer how much you want to contribute towards your retirement (401k)

Answer

Tells your employer what your annual salary is

Answer

Tells your employer what benefits you would like

Question 21

Paid semimonthly means you receive ______ paychecks per year.

Accepted Answer

24

Answer

26

Answer

22

Answer

12

Question 22

Paid biweekly means you receive ______ paychecks each year

Accepted Answer

26

Answer

52

Answer

24

Answer

12

Question 23

Paid weekly means you receive ______ paychecks per year.

Accepted Answer

52

Answer

26

Answer

24

Answer

54

Question 24

Paid monthly means you receive ______ paychecks per year.

Accepted Answer

12

Answer

11

Answer

13

Answer

10

Question 25

Usually 2 times the hourly rate or time and a half

Accepted Answer

overtime hourly rate

Answer

piecework rate

Answer

regular hourly rate

Answer

double rate

Question 26

Paycheck automatically deposited into bank account,

Accepted Answer

direct deposit

Answer

direct debit

Answer

direct benefits

Answer

direct discount

Question 27

Lowest hourly rate that can be paid.

Accepted Answer

minimum wage

Answer

minimum pay

Answer

maximum taxable income

Answer

maximum wage

Question 28

A percentage of each worker's salary that is taken out of each paycheck.

Accepted Answer

Maximum taxable income

Answer

Social Security number

Answer

Commission

Answer

Royalty

Question 29

Convert the following salary to an hourly rate. Assume a 36 hour week.
$36 000

Accepted Answer

$19.23 per hour

Answer

$18.45 per hour

Answer

$19.67 per hour

Answer

$21.34 per hour

Question 30

Crystal get paid bi-weekly.  Her biweekly salary is $1,763.28.  What is her annual salary?

Accepted Answer

$45,845

Answer

$91,690

Answer

$21,159

Answer

$42,318

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