Ch. 5.1 - 5.5 FLASHCARD Financial Literacy

Front

What is the cost of a seven-line ad if the cost of an x line ad is $125?

Back

$125

Front

How do you calculate Lenny's weekly salary if he earns $54,700 annually and the agency fee is 30% of the first 3 weeks' pay?

Back

Weekly salary = Annual salary / 52 weeks = $54,700 / 52 = $1,051.92

Front

What was Amber's biweekly salary last year if her annual salary was $56,700?

Back

Biweekly salary = Annual salary / 26 = $56,700 / 26 = $2,180.77

Front

How do you calculate gross pay for Mia, who worked 40 regular hours and 4 hours of double time at $9.80 per hour?

Back

Gross pay = (Regular hours * Hourly rate) + (Double time hours * Hourly rate * 2) = (40 * 9.80) + (4 * 9.80 * 2) = $470.40

Front

What is the total cost of Ruby's health insurance per year if she contributes 15% and has an $18 deduction from each weekly paycheck?

Back

Total cost = Weekly deduction / Contribution rate = $18 / 0.15 = $120; Annual cost = $120 * 52 = $6,240

Front

Define 'annual salary'.

Back

Annual salary is the total amount of money earned by an employee in one year before taxes and deductions.

Front

What is 'biweekly pay'?

Back

Biweekly pay refers to a payment schedule where employees are paid every two weeks.

Front

Explain the concept of 'gross pay'.

Back

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

Front

What does 'double time pay' mean?

Back

Double time pay is when an employee is paid twice their regular hourly rate for hours worked beyond their normal schedule, often on holidays.

Front

How is the agency fee calculated for a job placement?

Back

The agency fee is typically a percentage of the employee's salary for a specified period, often the first few weeks of pay.