#### Question

# Check my answers please . (:?

Compounding interest means interest accrues _____. (1 point)

more quickly

more slowly

at the same rate

at variable rates throughout the term***

2. Salaried employees _____. (1 point)

are paid at an hourly rate for 40 hours/week

make more money per hour than hourly employees

receive better benefits than hourly employees

are paid a set amount for a set number of work hours***

3. An example of a voluntary deduction is _____. (1 point)

charitable contributions***

federal tax withholding

state tax withholding

worker's compensation

4. To calculate discretionary money, you ____. (1 point)

calculate the difference between your gross pay and net income

calculate the difference between your gross pay and fixed expenses

calculate the difference between your net income and fixed expenses***

calculate the sum of your net income and fixed expenses

5. When you spend more than you make, you have a(n) _____. (1 point)

surplus***

overage

deficit

gain

6. You work 40 hours/week for 52 weeks and are given the option to be paid hourly or to go on salary. In which situation will you earn the most? (1 point)

$32,000/year

$17.00/hour

$32,000/year with a 10% bonus

$17.00/hour and a $1,000 bonus at the end of the year***

7. If you have 12% withheld for federal taxes, 7% for state taxes, and FICA is 7.65%, how much are your involuntary withholdings in all if your gross pay was $1,375.00 and your net income was $725.00? (1 point)

$366.44

$650.00***

$193.21

$283.56

8. What is the total of your discretionary expenses?

Expense

Amount

Mortgage

$1,034.78

Utility bill

$168.34

Credit card

$54.21

Groceries

$98.75

Khakis (not required for work)

$45.88

(1 point)

$45.88

$144.63***

$100.09

$198.84

9. You work at the Peacock Blue store 40 hours/week over five days at a rate of $10.25/hour. Deductions are FICA (7.65%), federal withholding (15%), and state withholding (10%). Your expenses are transportation at $5.25/day, lunch at $3.85/day, and black slacks required for work at $19.95. How much is your discretionary income for one week? (1 point)

$364.50

$344.55

$230.63***

$210.68

10. You purchase a computer for $755.00 plus 5% sales tax. You decide to finance it through the store's 0% program for six months. The terms state you must pay $50.00/month and that if you miss a payment, you will be assessed a late fee of $39.00 plus the interest accrued to that point at a 17.25% APR. If you miss a payment in the fifth month, how much interest will you be charged? (1 point)

$54.27

$36.30***

$56.98

$39.01

Please check and dont be mean . thanksss <3

#### Answers

Correct, correct, correct, don't know about number 4 (because I don't understand the question, not because I think you're wrong), 5 is wrong (the answer, I think, is deficit), can't be bothered working out 6 but you're probably right, don't know about 7 (again, couldn't be bothere working it out), I can't be bothered working out all the maths ones, but anyway, I hope that helped. Btw, I'm pretty sure I'm right about 5, but feel free to check.

question 5 should be deficit, not surplus.

surplus is when you make more than you spend.

1.more quicly

2.are paid a set amount for a set number of work hours

3.charitable contributions

4.calculate the sum of your net income and fixed expenses

5.deficit

6.$17.00/hour and a $1,000 bonus at the end of the year

7.$366.44

8.$45.88

9.$210.68

10.$56.98