Financial Math - Mixed Review

True or False: Your hourly rate is the amount of money you earn per hour.

• True

• False

True or False: The formula for figuring straight-time pay is your hourly rate divided by the number of hours worked in a week.

• True

• False

True or False: If you work more than your regular hours, you may be eligible for overtime pay.

• True

• False

True or False: Overtime is always time and a half.

• True

• False

True or False: Double time is figured by multiplying your hourly rate by your overtime pay.

• True

• False

True or False: When you receive commission, you are earning money based on the number of hours you work per day.

• True

• False

True or False: If you earn graduated commission, it means that you have received a recent promotion.

• True

• False

True or False: Federal income tax is handled by the Federal Bureau of Investigation (FBI).

• True

• False

True or False: Medicare taxes are paid on all earnings.

• True

• False

Which would be greater: gross pay or net pay?

• Gross Pay

• Net Pay

• Neither

• It depends on the situation.