Brown Financial Midterm Review

What is an example of piecework pay?

• Hourly wage

• Salary

• Commission

• Per item produced

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

What does FICA stand for?

• Federal Insurance Contributions Act

• Federal Income Collection Agency

• Financial Investment and Credit Act

• Federal Insurance and Credit Association

What percentage of your paycheck is typically recommended for savings?

• 5%

• 10%

• 20%

• 30%

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

Give examples of a paycheck deduction.

• Rent

• Utilities

• Health insurance

• Groceries

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

How is straight time pay typically calculated?

• Hourly rate times hours worked

• Salary divided by weeks worked

• Commission rate times sales

• Overtime rate times hours worked

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.2

CCSS.7.NS.A.3

What is the primary purpose of creating a budget?

• To increase expenses

• To track and manage income and expenses

• To eliminate all debts

• To maximize credit card usage

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Describe what net income is.

• Total earnings before deductions

• Earnings after taxes and deductions

• Total sales revenue

• Gross income plus bonuses

Tags

CCSS.7.RP.A.3

How is commission typically calculated?

• Fixed monthly amount

• Percentage of sales made

• Hourly rate times hours worked

• Annual salary divided by 12

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

What is the main difference between salary and hourly pay?

• Salary is paid weekly, hourly is paid monthly

• Salary is fixed, hourly is based on hours worked

• Salary includes bonuses, hourly does not

• Salary is for part-time, hourly is for full-time

Why is a budget important?

• To increase spending

• To ensure financial stability

• To avoid paying taxes

• To eliminate all expenses