EOC Final Exam Review Fall 2024

Front

How long does it take $450 to double at a simple interest rate of 14%?

Back

7.14 years

Front

How many fewer paychecks does Francisco receive in a year compared to someone who is paid weekly?

Back

28

Front

Elyse owns 5000 shares of a corporation that pays a quarterly dividend of $0.30 per share. How much should she expect to receive in a year?

Back

$6000

Front

What is Ralph's total income if he earns $43,871 from teaching, $15,873 from music jobs, $863 in interest, $350 in dividends, and $1,200 in royalties?

Back

$62,157

Front

What is the term for the amount of money paid for each hour of work?

Back

hourly rate

Front

What is the formula for calculating simple interest?

Back

Simple Interest = Principal × Rate × Time

Front

If a person earns $20 per hour and works 40 hours a week, what is their weekly income?

Back

$800

Front

What is the difference between gross income and net income?

Back

Gross income is the total earnings before deductions; net income is what remains after deductions.

Front

How do you calculate the total dividends received from shares?

Back

Total Dividends = Number of Shares × Dividend per Share × Number of Payments per Year

Front

What is the significance of W-2 and 1099 forms in income reporting?

Back

W-2 forms report wages and taxes withheld for employees; 1099 forms report income for independent contractors.