Planning for the Cost of College — Unit test

Question 1

Bob gets paid an annual salary of $30,000 and earns 5% commission on all sales he makes. If Bob wants to make $6,000 this month, how much in sales does he need to have?

Revolt · Accepted Answer

$70,000

Question 2

The table below shows the earnings, in thousands of dollars, for three different commissioned employees. Employee #1 $2,000 + 3% on all sales Employee #2 7% on all sales Employee #3 5% on the first $40,000 + 8% on anything over $40,000 December 4.4 5.6 5.2 January 3.5 3.85 3.6 February 4.7 4.9 4.4 Which employee did not have the same dollar amount in sales for the month of February as the other two employees?

Revolt · Accepted Answer

Employee #1.

Question 3

Choose the method of pay that would result in the most earnings for one month on sales of $40,000.

Revolt · Accepted Answer

Straight commission of 7.5% on all sales.

Question 4

What is one difference between a vocational school and on-the-job training?

Revolt · Accepted Answer

A vocational school is usually paid for by the worker. On-the-job training is usually paid for by the employer.

Question 5

Which factors positively affect lifetime income? Check all that apply.

Revolt · Accepted Answer

post-secondary education; employee benefits; salary; vocational training throughout career

Question 6

Jolene is graduating from high school in May. She received this offer from a university. Financial Analysis for UniversityCosts per YearFinancial Aid Package per YearTuition & FeesScholarships & Grants$9,800$11,000Room & BoardWork-Study$12,500$5,000Which statements about the offer are true? Check all that apply.

Revolt · Accepted Answer

The total cost per year is $22,300.; Financial aid will cover $16,000 for each year of college with no need to repay.; Financial aid will cover $11,000 for each year of college with no need to repay.; She could use money from savings or parental contributions to pay the remaining $6,300 each year.; She could use a student loan to pay the remaining $6,300 each year.

Question 7

This table compares the requirements for a career as an athletic trainer or an air traffic controller. A student who is interested in becoming an air traffic controller will make

Revolt · Accepted Answer

more money than an athletic trainer but will have a harder time finding a job.

Question 8

Which statement best describes lifetime income?

Revolt · Accepted Answer

the total salary and retirement benefits for all the years worked

Question 9

1.

Revolt · Accepted Answer

He should wait until his last year in high school to fill out the FAFSA.; He should start saving right away. It is never too early to start a savings account.; He should work hard throughout middle school and high school or it might be too difficult for him to excel later, since bad habits are hard to break.; He should try different sports and clubs in middle school and early high school. Then he should pick his favorites and invest more time in them.

Question 10

Ariel wants to compare the salaries for positions she was offered at two companies. What should she consider in this process? Check all that apply.

Revolt · Accepted Answer

She should research the cost of living of different locations to compare against the offered salaries.; She should research the benefits included in each offer.; She should research the average salary of similar positions to see if the offers are fair.

Planning for the Cost of College — Unit test Answers

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