Help in Personal Finance Class?

1. What is the term that best describes the total amount of money that an employee is paid?


gross pay


average pay


commission


salary


2. Which of the following statements about graduated commission is true?


As sales increase, the rate of commission decreases.


As sales increase, the rate of commission stays the same.


As sales increase, the rate of commission increase.


The salesperson must reach a quota to be paid any commission.


3. What is another name for simple average?


estimate


mean


best approximation


median


4.To calculate the annual gross pay for an employee who receives a monthly salary?


divide the monthly salary by 12


multiply the monthly salary by 12


multiply the monthly salary by 6


none of these.


5.Why do banks typically assess service charges?


Handling a customer's checking account.


For a customers using the bank's ATM machine


For a customer withdrawing funds from a checking account.


To offset the interest earned by a customer.


6.What is the primary reason for writing a budget?


to calculate net income.


to calculate taxable income


to study past spending habits


to help allocate future income.


7.Best example of an outstanding transaction?


A cancelled check that has been returned by the bank.


Am ATM withdraw that has not been recorded in the check register.


A check recorded in the check register that the bank has not yet recorded.


None of these.


8.The deposit amount after subtracting any cash received by the customer is called?


total deposit


final deposit


net deposit


gross deposit


9. Which is not a step in finding the gross wages for an employee who has worked both regular and overtime?


Find the employees average annual income over the past 3 years.


Find the overtime pay rate or rates.


Add the regular time pay and the over time pay.


Find the number of regular time and overtime worked?|||1.a


2.c


3.b


4.b


5.a


6.d


7.c


8.c


9.a








Hope this helps.


Romeo