Answers2027 Ignite Financial Literacy-Personal Finance - EL3403Planning for the Cost of College

Planning for the Cost of College — Unit test Answers

15 verified answers
1
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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?a.$50,000b.$70,000c.$90,000d.$120,000

A
A
B
B
C
C
D
D
2
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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? a. Employee #1. b. Employee #2 c. Employee #3 d. They each had the same dollar amount in sales. Please select the best answer from the choices provided

A
A
B
B
C
C
D
D
3

Choose the method of pay that would result in the most earnings for one month on sales of $40,000.a.Straight commission of 7.5% on all sales.b.Monthly salary of $1,600 plus 2.5% commission on all sales.c.Graduated commission of 5% on the first $30,000 in sales and 6% on anything over that.d.Graduated commission of 4% on the first $25,000 in sales and 8% on anything over that.

A
A
B
B
C
C
D
D
4

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

A
A vocational school degree takes one year to earn. On-the-job training takes two or more years.
A
A vocational school degree takes weeks or months to earn. On-the-job training takes two years or fewer.
A
A vocational school is usually paid for by the worker. On-the-job training is usually paid for by the employer.
A
A vocational school is usually paid for by the employer. On-the-job training is usually paid for by the worker.
5

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

p
post-secondary education
e
employee benefits
s
salary
v
vocational training throughout career
h
high cost of living
e
early retirement
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.

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

Question illustration
A
more money than an athletic trainer but will have a harder time finding a job.
B
more money than an athletic trainer and will have an easier time finding a job.
C
less money than an athletic trainer but will have an easier time finding a job.
D
less money than an athletic trainer and will have a harder time finding a job.
8

Which statement best describes lifetime income?

t
the total salary for all the years worked
t
the total salary and retirement benefits for all the years worked
t
the total salary and value of insurance benefits for all the years worked
t
the total cost of college classes and vocational training divided by the total years worked
9

1.

H
He should wait until his last year in high school to fill out the FAFSA.
H
He should start saving right away. It is never too early to start a savings account.
H
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.
H
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.
W
While in high school, he should quit all extracurricular activities so he can work more hours and save money.
H
He should ask all his friends and neighbors to contribute to his college fund so it will grow faster.
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.

S
She should research the cost of living of different locations to compare against the offered salaries.
S
She should research the benefits included in each offer.
S
She should research the average salary of similar positions to see if the offers are fair.
S
She should take the position that offers the largest salary.
S
She should take the position that has the lowest cost of living.
11

Pete earns graduated commission on his sales each month. He earns 7% commission on the first $35,000 in sales and 9% on anything over that. If Pete had $43,000 in sales this month, how much commission did he earn?a.$2,610b.$3,170c.$3,870d.$6,880

A
A
B
B
C
C
D
D
12

What is the job outlook for a US postal worker?

T
The career is growing and will provide more opportunities over time.
T
The career is growing and will provide fewer opportunities over time.
T
The career is shrinking and will provide more opportunities over time.
T
The career is shrinking and will provide fewer opportunities over time.
13

Mariana wants to research a career in veterinary medicine. Where could she find accurate and objective information? Check all that apply.

S
She could speak with a career counselor.
S
She could visit the library and check out a book from the career section about veterinarians.
S
She could visit the library and check out a book from the fiction section with a veterinarian in it.
S
She could visit the online site for the US Bureau of Labor and Statistics.
S
She could visit a personal blog site written by a veterinarian.
14

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.

A
A
B
B
C
C
D
D
15

A commission employee derives their income from the number of items or goods that they produce.

A
T
B
F

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