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Financial Math Test Answers

Which of the following employees derives their income from a fee for the items sold?
A. Commission
B. Piece rate
C. Salaried
D. Tip

Employees derive their income from a fee for the items sold is commission.

 

What should be included in a financial plan to protect assets?
A. how much money you will make
B. how much money you will have in savings
C. how much money you will invest
D. how much insurance you will carry.

 

Which of the following would not be listed under cash outflows in a financial plan?
A. car payments
B. insurance premiums
C. interest earned
D. mortgage payment

 

A tip employee’s earnings most closely resemble those of which of the following?
A. an employee working on straight commission
B. an employee working commission plus salary
C. an employee working on a piece-rate basis
D.an employee working on fixed salary

Answer: an employee working on straight commission.
The amount that the employee gets in a tip method will be highly depended on the performance and the satisfaction of services that the employees give to the customer. The better the performance, the more tip that employee will get from the customers.

 

If your expenses are more than your income, then you have a positive net cash flow.
Answer: this is not true.

 

Which of the following would you list under cash inflows in a financial plan?
A. You took a friend to lunch.
B. You received a bonus at work.
C. You got a discount on a new computer.
D. You paid interest on a loan.

 

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.

 

Ted is a single guy who’s living the good life. The spreadsheet below shows Ted’s cash flow for a month. Based on his monthly cash flow, explain what part of Ted’s financial plan might be missing and why.
Answer: Ted’s net cash flow is zero. Therefore, he might want to work on managing his income better so that he can have and maintain a positive net cash flow. There is also no indication that he is putting money into a savings account. He might want to work on his plan for managing his liquidity so he is prepared for an emergency.

 

Barry gets hurt at work and must go on disabililty for 4 months. On disability, the pay that Barry receives is 60% of his normal net pay. Barry should be fine if he has a plan for _____.
A. financing
B. managing his income
C. managing his liquidity
D. protecting his assets

 

How much an hour is $32,000 a year?

Answer: If you make $32,000 per year, your hourly salary would be $16.41. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week.

 

What is $50 000 a year hourly?

Answer: Your yearly salary of $50,000 is equivalent to an average hourly wage of $25 per hour.

 

$35,000 a year is how much an hour?

Answer: Your yearly salary of $35,000 is equivalent to an average hourly wage of $17.50 per hour.

 

$55,000 a year is how much an hour?

Answer: Your annual salary of $55,000 would end up being about $26.44 per hour.

 

$48,000 a year is how much an hour?

Answer: Your annual salary of $48,000 would end up being about $23.08 per hour.

 

$75,000 a year is how much an hour?

Answer: Your annual salary of $75,000 would end up being about $36.06 per hour.

 

$80, 000 a year is how much an hour?

Answer: Assuming 40 hours a week, that equals 2,080 hours in a year. Your annual salary of $80,000 would end up being about $38.46 per hour.

 

100k a year is how much an hour?

Answer: Assuming 40 hours a week, that equals 2,080 hours in a year. Your annual salary of $100,000 would end up being about $48.08 per hour.

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