07 Salary and Benefits Personal Finance

Which of these is the best description of a total compensation plan? – the money an employer puts into a retirement fund for each employee (-> correct)- the wages and benefits an employee receives at a job- the amount of pay an employee receives each hour- a set amount an employee will receive at retirementWRONG!
The lesson will also describe the benefits a worker receives from an employer. These benefits do not increase a person’s salary; however, the benefits do add value to a job. The salary and benefits represent a worker’s compensation package. This lesson will discuss the types of salaries that workers receive in payment for labor on the job. You will use different formulas to determine pay for a job.
Salary and wages are synonyms (words that are similar). Other synonyms for salary include pay, compensation, remuneration, stiped, earnings, fee, and reward. The labor force is made up of people working for pay or looking for paid work. The pay received by workers is known as wages. In economic terms, wages are the price of laborers’ services.
Which of these statements is not true? – All employers must offer some sort of benefits package. (-> correct)- Benefits can both save and earn a lot of money for an employee.- An employer uses benefits to make a job more attractive to an employee.- The value of benefits can be as much as 40% of a person’s wage.
Excellent Temps has jobs for people who can work 35 hours per week. An employee can earn $542.50 per week. How much will he or she earn per hour? $ 15.5 WRONG
Which of these is the best description of a defined benefits plan? – a set of amount an employee will receive at retirement (-> correct)- the amount of pay an employee receives each hour- the money an employer puts into a retirement fund for each employee- the wages and benefits an employee receives at a job
Factors of Production:Labor is one of the four factors of production. The other three are land, capital, and management. These factors are used to produced goods and services for consumers.The labor force consists of workers who perform many different categories of jobs. The types of wages these workers receive include straight time, hourly, weekly, and monthly pay. We will use formulas to determine the pay for each of these job types. Formulas are equations that express a mathematical rule.Straight time pay is the amount of money a person receives when paid a certain amount per hour. It can also be called hourly pay.Straight Time Pay = Hourly Wage x The Number Of Hours Worked Per Week x The number of Weeks WorkedSometimes this rate of pay is carried out for several weeks. Let’s look at an example.Carlos works 16 hours a week at $7.50 per hour and wants to use a formula to calculate his pay for one week. What mathematical operation will Carlos use to figure the amount of money he earned in a week?Straight Time Pay = $7.50 x 16 x 1 = $120 for 16 hours worked in a week.Suzanne works 25 hours a week for four weeks at $9.50 per hour. How much does she earn at the end of four weeks
Which of these is the same as straight time pay? – yearly pay- hourly pay (-> correct)- monthly pay- weekly pay
Which benefits costs are usually shared by the employee and employer? – vacation time- healthcare (-> correct)- holidays – sick leave
Jose works 25 hours a week at $12.50 per hour. How many weeks will he have to work to earn $3,437.50? 11 (weeks)
A defined contribution plan is part of which employee benefit? – disability insurance- prescription drug coverage- healthcare- retirement (-> correct)
Over five weeks, you earned a total of $1,472.50. You were paid $7.75 per hour and worked the same number of hours each week. How many hours per week did you work? 7.6 (hours) WRONG
Gary made $6,975 working 25 hours a week for 18 weeks. How much did he earn per hour? Total hours = 25 * 18 = 450Hourly wage = total earned/total hours = 6975/450 = 15.50 per hour.$15.50
Carrie attends Grant University. She works 22 hours each week at Freight Unlimited and makes $12 per hour. How much money will she earn during an 18-week semester? Straight Time Pay = Hourly Wage x The Number of Hours Worked per Week x The number of Weeks worked.Straight Time Pay = $12 x 22 hours x 18-week = 4752
Jose works 25 hours a week at $12.50 per hour. How many weeks will he have to work to earn $3,437.50? Straight Time Pay = Hourly Wage x The Number of Hours Worked per Week x The number of Weeks workedStraight Time Pay = $12.50 x 25 hours x solving for 12.50 x 25 = 312.5312.5 x 11 = 3437.5So, Jose has to work for 11 weeks to earn $3,437.50.
Over five weeks, you earned a total of $1,472.50. You were paid $7.75 per hour and worked the same number of hours each week. How many hours per week did you work? Straight Time Pay = Hourly Wage x The Number of Hours Worked per Week x The number of Weeks workedStraight Time Pay ($1,472.50) = $7.75 x solving for x 5 weeks
Which of these is the best description of a defined contribution plan? – the wages and benefits an employee receives at a job- the amount of pay an employee receives each hour- a set amount an employee will receive at retirement- the money an employer puts into a retirement fund for each employee (-> correct)
Tom works 14 hours a week for 10 weeks and earns a total of $ 1,351.00. How much money does he make per hour? 14 hours/week * 10 weeks = 140 hoursearns $1,351so $1,351/140 h = $9.65He makes $9.65 per hour.
Which of these individuals is most likely to have the best benefits? – an employee who has worked full-time at a large company for many years (-> correct)- a newly hired part-time employee at a large company- a newly hired full-time employee at a small company- a part-time employee at a small company
Excellent Temps has jobs for people who can work 35 hours per week. An employee can earn $542.50 per week. How much will he or she earn per hour? $15.5 WRONG
Which of these is considered a work schedule benefit? sick leave
What are the four major types of employee benefits? – medical, dental, vision, and prescription drugs- healthcare, vacation days, disability insurance, and vision- healthcare, life and disability insurance, work schedule, and retirement (-> correct)- vacation days, sick leave, retirement, and prescription drugs
Which of these equations is used to calculate straight time pay? Straight time pay = hourly wage x The Number of Hours Worked per Week x The number of Weeks worked
Which of these is the best description of a total compensation plan? – the wages and benefits an employee receives at a job
What is the most common type of employee benefit? – life insurance- retirement- healthcare (-> correct)- disability insurance
A defined benefit plan is part of which employee benefits? – retirement (-> correct)- healthcare- disability insurance- life insurance
Which of these is often provided for free by the employer? – life insurance (-> correct)- healthcare- 403 (B)- 401 (K)
On Time Airways will pay you $456 for working two weeks at $12 per hour. How many hours will you work per week? $456 for two weeks -> $456/2 per week = $228 per week$12 per hour -> $228 per week/$12 per hour = 19 hours per week

Leave a Reply

Your email address will not be published. Required fields are marked *