S.M.A.R.T
T or F
Planning to save 1 Million Dollars in 3 days from nothing is a SMART goal.
F
It is not attainable because the time span is unrealistic
T or F
Athletes do not have to pay their taxes
False
EVERYONE MUST PAY THEIR TAXES
T or F
It is good to spend your entire paycheck once you get it
False
What is the rate of overtime pay
1.5 your normal hourly wage
T or F
ALL SMART goals are can be quantified into a number
TRUE. the M in SMART!
T or F
When paying Deductions, Overtime Pay is not included
False
ALL MONEY IS COUNTED IN DEDUCTIONS
When choosing to save, I am making a plan of using that money on a ________
GOAL
What is the standard full time work week
40 hours
Give an example of a SMART goal
Does this fill the requirements of
•Specific – Enough detail to be understood
•Measurable – Can be quantified
•Attainable – Can be accomplished
•Relevant – Helps meet a real need
•Time-bound – Has a reasonable time frame
If so then yes!
Are there optional deductions on a paycheck? If so, list 1
Personal Healthcare Plan
Charity
Retirement Plan
Any Benefits
•The next-best alternative a person gives up in making a choice.
Explain the difference between Net Pay and Gross Pay
Net pay is what you actually receive AFTER deductions
What are the 3 type of time ranges SMART goals fall under
Short-Term (1 year or less)
Medium-Term (2-5 years)
Long-Term (More than 5 years)
What two deductions make up FICA (Federal Insurance Contribution Act)
Social Security (6.2%)
Medicare (1.45%)
T or F
Costs occurs in the present and is certain
Benefits occur in the future and are not guaranteed
TRUE
What are the 4 ways workers get paid that we talked about in class?
Wage
Salary
Commissions
Tips
What do the 5 letters in SMART represent.
Specific
Measurable
Attainable
Relevant
Time-Bound
List 3 Required Deductions from a paycheck
State Income Tax, Federal Income Tax, Local Income Tax, Medicare, Social Security (FICA)
Gustave has 50 chroma to buy 5 Pictos or 33 Lumina. He decides to use the 50 chroma to buy 5 Pictos. What is Gustave's Opportunity Cost?
33 Lumina
Maelle worked 47 hours painting last week. Her hourly pay is $20 an hour.
What is Maelle's gross pay for last week?
40 * 20= 800
20*1.5 (overtime rate) = 30
30 *7 = 210
210+800 = 1010