Unit Test — Cumulative exam Answers

The table below shows the earnings, in thousands of dollars, for three different commissioned employees. $2,000 + 3% on all sales7% on all sales5% on the first $40,000 + 8% on anything over $40,000December4.45.65.2January3.53.853.6February4.74.94.4Who had the largest dollar amount in sales for the month of December?a.The salary plus commission employee.b.The straight commission employee.c.The graduated commission employee.d.They each had the same dollar amount in sales.

I.

Choose the method of pay that would result in the most earnings for one month on sales of $73,620.a.Straight commission of 6% on all sales.b.Monthly salary of $3,000 plus 2% commission on all sales.c.Graduated commission of 4% on the first $50,000 in sales and 9% on anything over that.d.Graduated commission of 5% on the first $35,000 in sales and 7% on anything over that.

A person’s credit score can range from a low of 300 to a high of what number?

Which group does the Fed serve?

Which of the following functions is most closely connected with the CPSC?a.ensuring product safety and setting safety standardsb.seeking to curb and prevent diseasec.working to reduce fraudulent business practicesd.keeping records of corporate histories and market performance

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Missing one payment may cause borrowers to

Credit unions differ from retail banks because they are

Which body manages the Fed?

Lauren is trying to find her net income. She used the statement and the steps shown.Step 1List all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing.Step 2Total all the income. Then total all the expenses.Step 3Add the total of the income and the expenses.Which explains Lauren’s error?

Through the successful study of personal finance, an individual will be

What is the job outlook for a US postal worker?

increaselimitstopmaximize

Which form of government insurance provides assistance to people who cannot work due to age or disability?

Yuri wants to pay for his new chair using a check. What must he consider before using that method of payment?

Richard’s annual college expenses are expected to total $17,745. He will receive $5,320 in grants. How much will Richard need to contribute to his annual college expenses?

Federal and state governments protect victims of identity theft by

Which of these are goals of an expansionary policy? Check all that apply.increased available creditdecreased available creditincreased money supplyincreased inflationincreased interest ratesdecreased interest rates

What’s the first step of purchasing insurance?