Late Fees and Payment Schedules

Late Fees and Payment Schedules

Assessment

Interactive Video

Business

9th - 10th Grade

Hard

Created by

Lucas Foster

FREE Resource

Vin Staples discusses the history and impact of bi-weekly pay schedules, explaining how they originated for the convenience of businesses rather than workers. He highlights the financial challenges workers face due to this outdated system, such as late fees and missed opportunities. The video concludes by introducing modern solutions like Chime, which offer more flexible pay options to help workers manage their finances better.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What did Vin Staples learn from his time on the bus in Los Angeles?

How to become a famous rapper

The importance of punctuality

Valuable life skills

How to manage his own schedule

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How did people trade before the use of money?

By using credit cards

By writing checks

Through barter, exchanging goods like chickens for cows

Using digital currency

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What change did factories implement to save time during the Industrial Revolution?

Paying workers at the end of the week

Paying workers monthly

Paying workers daily

Paying workers bi-weekly

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why did companies start paying workers every two weeks after World War II?

To increase worker satisfaction

To provide more frequent pay

To reduce paperwork

To align with government regulations

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a consequence of bi-weekly pay schedules for workers?

Increased savings

Higher wages

Interest-free loans to employers

More financial control

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage of Americans faced late fees due to misaligned pay schedules?

40%

30%

50%

20%

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much have banks made annually from late fees in recent years?

$14 billion

$12 billion

$10 billion

$16 billion

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