Communications 1999

Test #2 – Money and You
Friday, March 26, 1999

Your Name _____________________________________

Proofread each written answer for clarity, conciseness, spelling, punctuation, capitalization and complete sentences. If you perform a calculation and use a calculator, write out the formula you entered and circle your final answer. If you do not use a calculator, write out the complete calculation and circle your answer. You may use anything you have with you that is listed on Handout #1. You may not borrow from another, or leave class to retrieve something you may have left elsewhere.

Part 1

  1. How many male workers with some college (but no college degree) were there in 1997?

 

  1. What is the difference between the amount of money the USA Today Snapshot chart claimed was earned by a person with a bachelor’s degree in 1997, and the median income earned by a person of your gender with a bachelor’s degree in 1997?
  2.  

  3. On average, how much more did a person with an advanced degree earn in 1997 than in 1996? (For this question you’ll need to ignore the person’s gender and race.)

 

  1. By what percentage did the earnings of the person in #3 increase?
  2.  

     

     

  3. The sentence in the space below contains several errors. In the space beneath it, rewrite it so that it correctly states what its writer intended.
  4.  

    john mised skool yesterday because he had a stomach

     

  5. On average, how much did 18-24 year olds spend on entertainment in 1997?
  6.  

  7. What percentage of their after tax income did they spend on it?

 

 

  1. This is a bonus question. If you do not answer it, or if your answer is incorrect, I will not lower your grade. If you respond correctly, it might help your grade.

    Using the information on the W2 form that I’ve given you, calculate how much money you would actually receive in a weekly paycheck.

     

  1. The following are the categories in which I grade your performance. What letter grade would you give yourself for each? What letter grade do you think I've given you for each so far this quarter?
Grade Category The letter grade you think you’ve earned so far The letter grade you think I’ve given you
Assignments    
Courteous Behavior    
Following Instructions    
Listening Skills    
Notebook    
Participation    
Settling Down    
Spelling Sheet    
Overall Class Grade    

 

  1. What letter grade do you think you’ve earned on this test?

 


Part 2

This part of the exam tests your ability to read, understand and follow written instructions. The instructions you are to follow are on this sheet, the accompanying Form 1040EZ, and its instruction booklet.

Form 1040EZ is a Federal income tax form designed for Americans with at least a middle school education. Therefore each of you should be able to complete this assignment without too much difficulty, if you are able to focus carefully on it.

Complete all applicable information on the Form 1040EZ starting with the address label box (use your current home address), and ending with the signature block at the bottom of the form. Be sure to sign and date your return in the spaces provided in this block. Your occupation is Student. Please be sure to write or print neatly and legibly. You must use the dummy Social Security number that appears on the W2 form. DO NOT use your own social security number.

Follow all instructions on the sheet (including those on its back). Where requested, use the information contained on the W2 form on the backside of this sheet. Additionally, you need to know that your taxable interest income is 1% of your wages, tips and other compensation shown in box 1. Calculate that number, then write it when you get to the line that asks you to enter taxable interest income.

Since we are assuming that you are 10 years older than you actually are, and living on your own, be sure to check the No box on line 5. Remember that we are also assuming that you are single.

You can leave lines 3, 8a, 8b, 11b, 11c and 11d blank.

 


As each student received a customized W2 form, to conserve space I have not posted them on the web site.  The see the sample W2 and the Form 1040EZ completed with it, look at the pages that make up Assignment 7.