Money Management Quiz

1.     If you are paid an hourly wage of ten dollars, when you work overtime how much are you paid per hour?

• $20.00

• $15.00

• $30.00

• $12.50

2.    A tip or gratuity is money left in addition to the basic charge for a service.  What percentage is the normal percent to tip a waiter/waitress at the restaurant now?

• 5%

• 10%

• 15%

• 25%

13. 3. What is the number one reason why Americans work?

• to have an opportunity to demonstrate their talents and abilities

• to make money

• to spend quality time away from home

• to build time toward retirement

Which of the following is NOT a categorical reason why people work?

• social

• economical

• physical

• psychological

Which of the following is NOT an advantage of having a salaried job?

• 1. Exact amount of money to be earned is guaranteed.

• 1. Easier to plan a budget

• Other employees will not be able to make more than you

• 1. You have better benefits

Which of the following would be a disadvantage for hourly wages?

• You are only paid for the hours worked

• You may or may not have a retirement plan

• You may be easier to replace than a salaried employee

• All of the above

You are working on a product packaging job where you receive a base pay plus a commission for extra work performed.  Your base salary is $10.00 per hour and you work a 40 hour week.  You receive a commission of $3.00 extra for each product over 100 you correctly package during your normal work week.  Last week, you worked your full 40 hours and you actually packaged 149 products.  What is your salary (including commission for this work week) before taxes?

• $520

• $547

• $400

• $430

Which of the following is considered a benefit when working on a job?

• health insurance

• sick leave days

• retirement plan

• all of the above

Knowing strategies to manage money, time, and stress can support the career decision making process.  

• TRUE

• FALSE

Deductions such as federal and state income tax, social security, and Medicare take up about 31% of a person’s income before they even see their check.  If your gross income is $8000 per month, what would be the approximate take home pay after deductions have been taken out?

• $2500

• $5500

• $8000

• $7960