Wages and Earnings
Sam earned $437 this week, and worked 19 hours. What is his hourly wage?
$23
What payroll tax funds retirement benefits for older Americans?
Social Security
What is the term for the amount you have to pay before insurance begins covering costs?
deductible
What's the difference between a pyramid scheme and an MLM?
MLMs sell products and are legal. They are structured very similarly, though!
A salesperson earns a 8% commission on sales plus a weekly salary of $800. If they sell $9,000 worth of products this week, how much will they earn total?
$1520
Give an example of a voluntary payroll deduction.
retirement (401k/403b) contribution
health insurance premium
What type of car insurance covers damage caused by hail or a tree hitting your car?
comprehensive
What business model relies on endless exponential recruiting?
MLMs (multi level marketing)
How many paychecks per year do you get if you are paid biweekly?
26
What is the term for the average tax rate paid on all income?
Effective tax rate
Which type of life insurance does Ms. Anker have?
term
negative! (in the long run, you will lose money gambling)
Stella worked 53 hours last week. She earns $36/hour, with time-and-a-half overtime for hours over 40/week. How much did she earn?
$2142
A worker earned $67,000 and pays 1.45% in Medicare payroll taxes. How much was withheld for Medicare?
$971.50
If you have to ask your primary care doctor for a referral to see a specialist, what type of health insurance do you have?
HMO
A payday lender loans $400 and charges a $65 fee due in two weeks. If there is a 6% chance the borrower never repays the loan, what is the lender’s expected value?
$37.10
Jalen is comparing two jobs.
Job A: $27/hour for 40 hours per week
Job B: $17/hour for 40 hours per week plus a guaranteed yearly bonus of $9,000
How much more does Job A pay than Job B?
$11,800
When should a taxpayer itemize deductions instead of taking the standard deduction?
When their deductions add up to more than $15,750
A life insurance company sells 2,000 policies, charging $100 per month. Each policyholder has a 0.003 probability of death in the next year, and the death benefit is $150,000. How much profit do they expect to make?
1.5 million
In an MLM, each member recruits 5 new people. Starting with 1 founder at level 0, how many total people will there be through level 2?
31 people