Velayci earns a yearly salary of $40,000. What is her monthly income?
$40,000 / 12 = $3,333.33
100
What is a salary?
The amount of income earned in a year. Salary will normally refer to the income earned by professionals.
100
Why do we pay taxes?
The government uses monies collected through tax to provide services that individuals would not be able to afford otherwise. Services include:
- national defence
- emergency services
- water/garbage services
- road repairs
- public service
- social assistance prigrams
- etc.
100
What is the minimum wage in Ontario?
$11
100
Give an example of 5 wants.
Any 5 items that are NOT important to live.
- iPad
- candy
- iPhone
- mp3 player
- movie tickets
- etc.
200
Levias earns an hourly wage of $15 per hour. What is Levias' weekly income?
$15 x 40 = $600
200
What is a budget?
A budget is an estimate of income and expenditure for a set period of time.
200
What is the difference between gross income and net income?
Gross income - the amount of income BEFORE taxes are deducted
Net income - the amount of income AFTER taxes are deducted
200
What is a common trend that you see with many of the higher paying, professional careers?
They have a higher level of university/college education.
200
Give an example of 5 needs.
Any 5 items that are important to live.
- food
- water
- shelter
- clothing
- shoes
- etc.
300
Tinay earns a weekly income of $1,200. What is Tinay's hourly rate of pay?
$1,200 / 40 = $30
300
What is the difference between gross income and net income?
Gross income is income BEFORE taxes are deducted.
Net income is income AFTER taxes are deducted.
300
Why are some jobs associated with an hourly wage INSTEAD of a yearly salary?
Many of these jobs may have more flexible working hours.
300
Why are certain jobs associated with an hourly wage instead of a yearly salary?
Many of these jobs may be seasonal or have flexible working hours.
300
Give an example of 5 goods.
Any 5 items that are tangible (you can touch them)
- shoes
- shirt
- coat
- pencil
- apple
- etc.
400
Fahima earns an hourly wage of $12.50. What is her yearly income?
$26,000
STEP ONE - weekly: $12.50 X 40 = $500
STEP TWO - yearly: $500 X 52 = $26,000
400
What is the definition of expenditures?
The action of spending funds; an amount of money spent.
400
Crystal earns a yearly gross salary of $35,000. Since her tax rate is 20%, she must pay $7,000 in taxes each year. What is her yearly net income?
$28,000
400
Sulaiman has decided to purchase a used car INSTEAD of taking a trip to Europe. What is the opportunity cost of Sulaiman's decision?
Sulaiman's opportunity cost is the trip to Europe - his decision to purchase a used car means he cannot take his trip to Europe.
400
Give an example of 5 services.
Any 3 actions you pay for.
- Car wash
- Haircut
- Dental cleaning
- Altering your clothes
- Computer repair
- etc.
500
Rodean earns a monthly income of $5,000. What is Rodean's weekly income?
$1,153. 85
STEP ONE - yearly: $5,000 x 12 = $60,000
STEP TWO - weekly: $60,000 / 52 = $1,153. 85
500
What is debt?
Debt is the money you owe.
500
Zafirah earns a yearly gross income of $42,000 and a net income of $33,600. How much are her yearly income taxes equal to?
$8,400
500
Complete the following sentence:
You must have good ___________________ to qualify for a loan.
credit
500
Give an example of a type of debt.
- loan
- financing a car
- buying furniture on a payment plan
- mortgage on a home