Sources of Income Answers

Loretta’s income last year was $81,300. She made $56,800 at her salaried job and had additional passive income. If Loretta earned the same amount of passive income each month for the entire year, approximately how much per month was it?a.$2,040b.$2,125c.$4,730d.$6,775

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.

Elisha is a photographer and charges a set fee to photograph weddings. This is an example of _____ income.a.capital gainsb.earnedc.hourlyd.passive

Last year Frank had a total income of $58,800. He sold a house and made a profit of $27,940. He also had monthly income of $80 from investments. Assuming Frank works 25 hours per week and 52 weeks per year as an hourly employee, how much more an hour would Frank had to have earned last year in order to have a total income of $59,970? a. $0.63 b. $0.72 c. $0.80 d. $0.90 Please select the best answer from the choices provided

Last year Lenny had an annual earned income of $58,475. He also had passive income of $1,255, and capital gains of $2,350. What was Lenny’s total gross income for the year?a.$58,475b.$59,730c.$60,985d.$62,080

Luis makes $23.10 per hour at his job for the first 40 hours he works each week. If he works more than 40 hours, then Luis makes $34.65 per hour. If Luis works 46 hours in one week, how much does he earn?a.$1,062.60b.$1,097.25c.$1,131.90d.$1,593.90

Kai had a gross weekly paycheck of $616 last week. Kai worked 6 hours for 4 of the days and 8 hours on 1 day. What is Kai's hourly rate of pay?a.$16.21b.$19.25c.$20.53d.$25.67

Which of the following is an example of a passive income? a. receiving money from selling stocks b. receiving royalties from writing a book c. making money from selling a motorcycle d. making money by getting paid a salary Please select the best answer from the choices provided

Miguel paid a total of $12,000 for stock that was $8 per share. If he sold all his shares for $15,000, how much profit on each share did he make?a.$2b.$8c.$10d.$12

Padraig is a financial advisor. He earned a salary of $80,000 last year and sold stocks for $5,000. Which of the following types of income did Padraig have?I earned incomeII passive incomeIII capital gains incomea.I and IIb.I and IIIc.II and IIId.III