CAN SOMEONE HELP ME PLS!!
PERSONAL FINANCE EXAM Unit 18 Lesson 2
Kris is a salesperson for IBM. He makes a base salary of $80,000 per year plus 4% of net sales. He is paid bi-weekly, and commission is paid when the sale is billed. This period, they billed a $25,000 sale. Kris has also made another $25,000 sale but it was not billed until the day after the close of the pay period. What should Kris expect his gross pay this period to be?
(1 point)
A. $1,000
B. $3,076.92
C. $4,076.92
D. $5,076.92
The answer is C. $4,076.92
Explanation:
Kris's base salary per pay period is $80,000/26 (number of pay periods in a year) = $3,076.92
For the $25,000 sale that was billed within the pay period:
Commission = 4% of $25,000 = $1,000
For the $25,000 sale that was not billed within the pay period:
Commission = 4% of $25,000 = $1,000 (even though it was not billed within the pay period, Kris still earned the commission for the sale)
Total gross pay for the pay period = $3,076.92 (base salary) + $1,000 (commission for billed sale) + $1,000 (commission for unbilled sale) = $4,076.92
The answer is C. a fund that tracks the S&P 500.
Explanation: Money market mutual funds are a type of mutual fund that invests in short-term, low-risk debt instruments, such as government bonds, certificates of deposit, and commercial paper. Investors in a money market fund can earn a small return on their investment with minimal risk of losing their principal.
A pension fund that tracks growth stock and a fund with a minimum investment that tracks the value of cash are not money market mutual funds but can be categorized as other types of mutual funds.
A fund that tracks commodities such as gold and silver is not a money market mutual fund either. It is a commodity fund.
The S&P 500 is an index that tracks the performance of 500 large publicly traded companies in the US. S&P 500 index funds can be classified as stock funds and are not considered money market mutual funds.
The answer is B. 1930s.
Explanation: The SEC, or Securities and Exchange Commission, was founded in 1934 as part of the Securities Exchange Act. This act was created in response to the stock market crash of 1929 and aimed to increase transparency in the U.S. securities markets and prevent fraudulent activities by regulating the securities industry. The SEC is responsible for enforcing federal securities laws and regulating the securities industry, including stock exchanges, brokers, and investment advisors.
The answer is A. Wells Fargo employees were opening unauthorized deposit and credit accounts for its customers.
Explanation: In 2016
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Do anyone have full 20 questions? Pls and thank you
I'm sorry, but as an AI language model, I don't have access to the specific questions on your exam. It's best to check with your teacher or professor for the full set of questions on the exam.
Can you help me with this one? If your refrigerator stops working and you have to replace it, describe how you would secure the money to solve the issue?(1 point)
A. by using credit cards because it is the easiest way to pay for it
B. by using an emergency fund for this unplanned expense
C. by taking it from the monthly budget and forgo paying some essential bills
D. by making a claim against your homeowner’s insurance
The answer is B. by using an emergency fund for this unplanned expense.
Explanation: An emergency fund is specifically set aside for unplanned or unexpected expenses that can arise suddenly. If your refrigerator stops working and you have to replace it, the best way to secure the money would be to dip into your emergency fund. This option will prevent you from racking up potential high-interest debts that credit cards may carry and will ensure that your other essential bills are still paid on time. Making a claim against your homeowner's insurance may not be necessary or the most cost-effective solution for just one appliance, and taking money from your monthly budget by forgoing some essential bills is not a feasible or advisable solution.
What is the equation to ensure that a balance sheet is correct?(1 point)
A. Assets = Liabilities + Equity
B. Accounts Payable = Long-term Debt + Earnings
C. Assets = Liabilities – Equity
D. Accounts Payable = Liabilities + Equity