What is the main difference between salary and hourly pay?

Salary is fixed, hourly is based on hours worked

Salary is paid weekly, hourly is paid monthly

Salary includes bonuses, hourly does not

Salary is for part-time, hourly is for full-time

Explain the difference between gross income and net income. Provide an example to illustrate your answer and discuss why it’s important to understand both concepts when budgeting.

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

Gross income is what you take home; net income is before deductions.

Gross income includes only salary; net income includes all earnings.

Gross income is after taxes; net income is before taxes.

Describe four benefits of creating and following a budget. How can budgeting improve your financial health in both the short term and long term?

Helps track expenses, saves money, reduces stress, and improves credit score.

Increases spending, reduces savings, increases debt, and complicates finances.

Limits financial freedom, increases stress, reduces savings, and complicates taxes.

Encourages overspending, reduces income, increases debt, and complicates budgeting.

How would you calculate an employee’s pay for 45 hours of work in a week if their regular hourly rate is and overtime (over 40 hours) is paid at time and a half? Show your work and explain each step. Then, explain how the total pay would differ if the employee worked 50 hours instead.

Calculate regular pay for 40 hours, add overtime pay for 5 hours at 1.5 times the rate.

Calculate regular pay for 45 hours, no overtime needed.

Calculate regular pay for 50 hours, add overtime pay for 10 hours at 1.5 times the rate.

Calculate regular pay for 40 hours, add overtime pay for 10 hours at 2 times the rate.

What is the difference between piecework pay and commission?

Piecework pay is based on the number of items produced; commission is based on sales.

Piecework pay is based on hours worked; commission is a fixed salary.

Piecework pay is a fixed salary; commission is based on sales.

Piecework pay is based on sales; commission is based on hours worked.

How can calculating your monthly budget help you achieve your financial goals?

By helping track expenses and save money.

By increasing debt and reducing savings.

By encouraging overspending and complicating taxes.

By limiting financial freedom and increasing stress.

What is the difference in Gross Pay and Net Pay

Net pay describes your pay after deductions; gross pay is before.

Gross pay describes your pay after deductions; net pay is before.

Gross and net pay are the same.

How do you determine the gross pay for an employee who works 40 hours at a regular rate and 10 hours of overtime at double the regular rate?

Calculate regular pay for 40 hours, add overtime pay for 10 hours at 2 times the rate.

Calculate regular pay for 50 hours at the regular rate.

Calculate regular pay for 40 hours, add overtime pay for 10 hours at 1.5 times the rate.

Calculate regular pay for 50 hours at 1.5 times the rate.

What is the primary purpose of a paycheck deduction?

To contribute to taxes and benefits

Brown Financial Midterm Review

Authored by GENNY BROWN

Mathematics

11th Grade

CCSS covered

Used 4+ times

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20 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of piecework pay?

Hourly wage

Salary

Commission

Per item produced

Tags

CCSS.7.RP.A.3

CCSS.7.RP.A.2

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does FICA stand for?

Federal Insurance Contributions Act

Federal Income Collection Agency

Financial Investment and Credit Act

Federal Insurance and Credit Association

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What percentage of your paycheck is typically recommended for savings?

10%

20%

30%

Tags

CCSS.7.RP.A.3

CCSS.7.RP.A.2

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Give examples of a paycheck deduction.

Rent

Utilities

Health insurance

Groceries

Tags

CCSS.7.RP.A.3

CCSS.7.RP.A.2

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is straight time pay typically calculated?

Hourly rate times hours worked

Salary divided by weeks worked

Commission rate times sales

Overtime rate times hours worked

Tags

CCSS.7.NS.A.3

CCSS.7.EE.B.3

CCSS.7.NS.A.2

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of creating a budget?

To increase expenses

To track and manage income and expenses

To eliminate all debts

To maximize credit card usage

Tags

CCSS.7.NS.A.3

CCSS.7.NS.A.1

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe what net income is.

Total earnings before deductions

Earnings after taxes and deductions

Total sales revenue

Gross income plus bonuses

Tags

CCSS.7.RP.A.3

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Brown Financial Midterm Review

What is an example of piecework pay?

What does FICA stand for?

What percentage of your paycheck is typically recommended for savings?

Give examples of a paycheck deduction.

How is straight time pay typically calculated?

What is the primary purpose of creating a budget?

Describe what net income is.

How is commission typically calculated?

What is the main difference between salary and hourly pay?

Why is a budget important?

Access all questions and much more by creating a free account

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