Answers SHS Lifetime Fitness - 2021Understanding Net Worth

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

better prepared to calculate financial risks

able to spend available assets.

faced with long-term challenges.

more likely to avoid high opportunity costs.

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Natalie’s income statement for the month of October is shown. What is Natalie’s net income for the month of October?

$930.00

$980.00

$1,930.00

$1,980.00

The image shows a sales receipt.

6.25 percent

8.5 percent

10 percent

10.85 percent

Which is a kind of federal payroll tax?

medicare tax

sales tax

property tax

progressive tax

Error

Answer not available

Which are shown on a balance sheet? Select three choices.

assets

liabilities

age

time period

date of birth

Emma has decided that she needs to assess the risk and return of buying an extended warranty for her new laptop for school. Which of these practical questions should she ask herself to assess the risk? Select three options.Will the warranty cover the cost of any physical damage?Should I buy a different model?Would it be better for me to buy a desktop computer?Is the cost of replacement less than the cost of the warranty?Is the laptop worth the extra expense of the warranty?

Will the warranty cover the cost of any physical damage?

Should I buy a different model?

Would it be better for me to buy a desktop computer?

Is the cost of replacement less than the cost of the warranty?

Is the laptop worth the extra expense of the warranty?

W-2W-41040

W-2

W-4

1040

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?

Lauren made an error in step 1 because she should not include tips and commissions in her income.

Lauren made an error in step 1 because she should not include entertainment in her expenses.

Lauren made an error in step 2 because she does not need to total the expenses.

Lauren made an error in step 3 because she should have subtracted the expenses from the income.

What term is used to describe an individual's money and personal property?

budget

income

assets

finances

Which describes a type of tax that people pay on money they earn?

flat tax

income tax

purchase tax

progressive tax

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

A vocational school degree takes one year to earn. On-the-job training takes two or more years.

A vocational school degree takes weeks or months to earn. On-the-job training takes two years or fewer.

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

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

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

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

more money than an athletic trainer and will have an easier time finding a job.

less money than an athletic trainer but will have an easier time finding a job.

less money than an athletic trainer and will have a harder time finding a job.

What is the job outlook for a US postal worker?

The career is growing and will provide more opportunities over time.

The career is growing and will provide fewer opportunities over time.

The career is shrinking and will provide more opportunities over time.

The career is shrinking and will provide fewer opportunities over time.

Quincy listed his assets and liabilities. CashRentStocksJewelryStudent LoanUtilitiesWhich are Quincy’s assets? Select three choices.

cash

rent

stocks

jewelry

student loan

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