Fall 2024 Financial Algebra EOC Exam

Front

What is gross pay?

Back

Gross pay is the total amount of money earned by an employee before any deductions such as taxes, retirement contributions, or health insurance premiums.

Front

How do you calculate overtime pay?

Back

Overtime pay is calculated by taking the regular hourly rate and multiplying it by 1.5 for each hour worked over 40 hours in a week.

Front

What is the difference between semimonthly and weekly pay periods?

Back

Semimonthly pay means employees are paid twice a month (24 paychecks a year), while weekly pay means employees are paid once a week (52 paychecks a year).

Front

What is a Bull Market?

Back

A Bull Market is a financial market condition where prices are rising or are expected to rise, typically associated with investor confidence.

Front

How many hours are in a standard workweek?

Back

A standard workweek typically consists of 40 hours.

Front

What is the formula to calculate total vacation days earned?

Back

Total vacation days = Initial vacation days + (Months worked * Vacation hours per month / Hours in a workday).

Front

What is the significance of the hourly rate in calculating gross pay?

Back

The hourly rate is crucial as it determines how much an employee earns for each hour worked, impacting total gross pay.

Front

How do you determine the number of paychecks received in a year?

Back

To determine the number of paychecks, divide the total number of weeks in a year (52) by the frequency of pay (weekly, biweekly, semimonthly, etc.).

Front

What is the calculation for gross pay if an employee works overtime?

Back

Gross pay = (Regular hours * Hourly rate) + (Overtime hours * Hourly rate * 1.5).

Front

What is the purpose of calculating gross pay?

Back

Calculating gross pay helps employees understand their earnings before deductions and is essential for budgeting and financial planning.