Part 3: Characterization in The Importance of Being Earnest Answers

The table below shows the typical hours worked by employees at a company. A salaried employee makes $67,000 per year. Hourly employees get paid $25 per hour, but get $37.50 per hour for each hour over 40 hours.Sun.Mon.Tues.Wed.Thurs.Fri.Sat.0108876.54.5Which of the payment options would you recommend to a new employee?a.Either one. Hourly and salaried employees earn the same amount per week.b.Hourly pay. Hourly employees make more per week than salaried employees.c.Salaried pay. Salaried employees make more per week than hourly employees.d.There is not enough information given to compare weekly earnings.

James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment? a. 1.3 years b. 2.5 years c. 10 years d. 20 years. Please select the best answer from the choices provided

Yvonne has a goal of buying a brand new home within a year. She's afraid that she will be unable to save the money that she needs for a down payment. Which of the following should not be part of Yvonne's plan for achieving her goal of buying a home?a.Delay buying the home for a few monthsb.Borrow the money for the down payment and pay it back laterc.Adjust her budget to save more each monthd.Take on a part-time job to earn extra income

Sofia still lives at home, but helps with the rent paying $200 per month. She has a job that pays about $700 per month after taxes. She has to pay for her own personal items such as clothing and toiletries spending about $120 per month. Going out with friends is important to her, but she also wants to save money to buy her own car. Select the budget that would best help meet her goals.Monthly BudgetBudget ABudget BBudget CBudget DIncome$700$700$700$700Expenses - Rent Personal Items Entertainment Savings$200$120$100$250$200$120$300$50$200$120$200$150$200$120$325$25a.Budget Ab.Budget Bc.Budget Cd.Budget D

Frank and Lynn are co-workers getting paid the same salary. They both decide to quit their jobs and start going to school on the same day. Frank gets a degree after just 18 months and spends $6,500 dollars on his education. Lynn only spends $3,500, but it takes her 2 years to get her degree. Assuming that they each will make $6,000 more per year after graduating, which of the following is true?a.Frank will recover his investment at an earlier date than Lynn.b.Lynn will recover her investment at an earlier date than Frank.c.Frank and Lynn will recover their investments on the same date.d.There is not enough information given to know who will recover their investment first.

Which of the following companies offers the greatest total employment compensation? Company ACompany BCompany CCompany DGross Pay$37,600$36,800$38,100$39,000Paid insurance$2,800$2,400$2,100$1,800Paid time off$3,100$3,600$2,900$2,500Job expenses$1,200$600$300$800a.Company Ab.Company Bc.Company C d.Company D

Oscar has elected to have 23% of his federal income tax withheld as state income tax. If $154.00 was withheld as federal income tax on his last paycheck, how much will be withheld from his paycheck for income tax in all? a.$35.42b.$118.58c.$177.00d.$189.42

Determine the total annual FICA tax for an annual salary of $38,480. (FICA is 7.65%) a. $294.37 b. $717.96 c. $2,385.76 d. $2,943.72 Please select the best answer from the choices provided

Kyle and Linda are married with two children at home and a mortgage. Kyle’s net pay per year is $32,000 and Linda’s is $48,000. Their monthly expenses are $3,500.Kyle and Linda each contribute 15% of their earnings to a retirement fund and they have $5,000 in savings. They also have a $100,000 life insurance policy on Kyle, but none on Linda.As their financial advisor, what part of Kyle and Linda’s financial plan would you encourage them to work on and why?a.Their plan for managing income.Their net cash flow is negative.b.Their plan for managing their liquidity.They are not prepared for emergencies.c.Their plan for retirement.They don’t contribute enough to meet their long term goals.d.Their plan for protecting their assets.They should have life insurance on Linda.

The table below shows the typical hours worked by employees at a company. A salaried employee makes $78,000 per year. Hourly employees get paid $26 per hour, but get $39 per hour for each hour over 40 hours.Sun.Mon.Tues.Wed.Thurs.Fri.Sat.088.59.51083Which of the payment options would you recommend to a new employee?a.Either one. Hourly and salaried employees earn the same amount per week.b.Hourly pay. Hourly employees make more per week than salaried employees.c.Salaried pay. Salaried employees make more per week than hourly employees.d.There is not enough information given to compare weekly earnings.

Ken, a single taxpayer, has a gross income of $79,685. He claims one exemption and can take a deduction of $1,257 for medical expenses, a deduction of $2,181 for interest on his mortgage, an adjustment of $800 for alimony, a deduction of $1,419 for property taxes, an adjustment of $1,722 for business expenses, and an adjustment of $2,511 for contributions to his retirement fund. The standard deduction for a single filer is $5,700, and exemptions are worth $3,650 apiece. Using the table below, how much does Ken owe in income tax? a. $12,663 b. $12,825 c. $12,675 d. $12,838 Please select the best answer from the choices provided

The Roth family has liquid assets of $10,000, use assets of $150,000 and investment assets of $34,000. They also have liabilities totaling $108,000. If their total liabilities increase by $7,000 over the next year, by how much would the Roth family need to increase their assets in order to have a net worth of $100,000?a.$7,000b.$14,000c.$21,000d.$28,000

Kyle uses a spreadsheet to keep track of his spending. This is an example of Kyle’s spreadsheet for two months: Kyle thinks that he could improve this spreadsheet, but he is not sure how. Choose the statement or statements that would help Kyle’s spreadsheet become more organized. I. The spreadsheet should contain at least two copies of every entry for backup purposes. II. It is hard to tell the debits from the credits. They should be in different colors, different columns, or otherwise differentiated. III. Having the dates, or at least the months, of each transaction would make things easier to find. a. I and II b. III only c. II and III d. I, II, and III Please select the best answer from the choices provided

Trevor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit?a.$2,524.50b.$4,024.03c.$4,250.00d.$11,404.88

Over the period of a year, Sam’s net worth increased. Which of the following could be true?a.Sam’s assets and liabilities decreased by the same amount.b.Sam’s assets and liabilities increased by the same amount.c.Sam’s assets increased by more than his liabilities.d.Sam’s assets decreased by more than his liabilities.

Maddox wants to go back to college full-time. His current employer has agreed to reduce his hours from 40 hours to 25 hours while retaining his current rate of pay. Maddox has lived in his own apartment for 1 year and really likes his independence. Which of the following budgets below would fit his new situation? Monthly Budget Current Amount Income Wages $1760 Expenses - Rent Utilities Food Gym Membership Entertainment Savings Clothes Cell Phone Car Expenses $350 $100 $220 $45 $225 $200 $175 $100 $300 Net Income $45 Monthly Budget Modified Budget A Modified Budget B Modified Budget C Modified Budget D Income Wages $1100 $1600 $1600 $1100 Expenses - Rent Utilities Food Gym Membership Entertainment Savings Clothes Cell Phone Car Expenses $350 $100 $120 $0 $20 $50 $30 $100 $300 $350 $100 $120 $0 $20 $50 $30 $100 $300 $350 $100 $220 $45 $225 $200 $175 $100 $300 $350 $100 $220 $45 $220 $150 $130 $100 $300 Net Income $30 $530 -$115 -$515 a. Modified Budget A b. Modified Budget B c. Modified Budget C d. Modified Budget D Please select the best answer from the choices provided

Sammy makes $2,362/month as a baseball coach. He is making a budget, and has created the following chart in order to divide his monthly paycheck into his various accounts:Expense type FrequencyAccountMonthly amountItemsEssential (fixed)MonthlyChecking$1,292Rent, car, insuranceEssential (variable)MonthlyChecking$420Basic groceries, telephone, electricity, cable TV, batting practiceNon-essentialMonthlyCash$260Snack items, restaurants, gifts, moviesOther (predictable)AnnualSavings$130Health exams, clothing, food, baseball coach magazineOther (unpredictable)AnnualEmergency savings$210Non-insured healthcare, repairs, and income replacementOther (long-term)5 yearsVacation savings$50VacationTotal $2,362 Sammy makes monthly deposits from each paycheck into the various accounts, and then spends from those accounts only for their defined purposes. He knows that it is not a perfect system, but thinks that it will help to assure coverage for future expenses. Using his essential expenses as a guideline, how much will Sammy need to save if he wants to have 3 times the amount of his living expenses in the bank as part of his emergency savings. How long will it take him to achieve his goal?a.$1,712; approximately 8 monthsb.$5,136; approximately 24 monthsc.$6,486; approximately 30 monthsd.$2,162; approximately 6 months

Vítor knows he must prepare and possibly prevent overdraft funds fees since they are charged automatically. Which statement below would be the least effective element of a plan Vitor could use to accurately estimate (or minimize) overdraft fees on the account? a. Always keep extra money in the account for such unexpected events. b. Use the debit card for a large number of small purchases and check the balance later. c. Always keep track of how much is being temporarily held d. Do not enter deposits into the register until they are verified as available. Please select the best answer from the choices provided

The Svensons find a refrigerator valued at $2,300 on sale for $1,900. They decided to withdraw $500 from savings to use as a down payment on the purchase of the refrigerator and took out a loan to pay the balance. Choose the true statement. a. The Svensons’ assets increased by $1,400. b. The Svensons’ assets increased by $1,800. c. The Svensons’ assets increased by $1,900. d. The Svensons’ assets increased by $2,300. Please select the best answer from the choices provided

Faye’s bank charges her a $2.25 service fee every time she uses an out-of-network ATM. If Faye uses an out-of-network ATM twice a week, how much money does she pay in service fees every year?a.$240.25b.$225.00c.$200.75d.$234.00