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15. The correct ranking of U.S. job categories from highest to lowest earnings is:
a. Executives and managers
b. Professionals
c. Skilled blue-collar workers
d. Service workers
Executives and managers typically earn higher salaries due to their leadership roles and responsibilities. Professionals, such as doctors or lawyers, also earn high salaries due to their specialized skills and education. Skilled blue-collar workers, like electricians or plumbers, earn lower salaries compared to professionals but still have specialized skills that are in demand. Service workers, such as waiters or janitors, typically earn lower wages as their roles are often entry-level and require less specialized skills.
16. The main job of the Federal Reserve System (the Fed) is to regulate the nation's money supply. This involves controlling interest rates and ensuring the stability of the financial system. However, the Fed also supervises and regulates banks to maintain a safe and efficient banking system, as well as clearing checks to facilitate transactions between banks.
17. Underemployed people include part-time workers who cannot find full-time work, workers making very low wages, and workers who can only find jobs below their skill and ability level. Underemployment refers to a situation where individuals are not fully utilizing their skills and abilities, resulting in lower wages or limited job opportunities.
18. Congress sets the lowest hourly wage that can legally be paid to an employee, called the minimum wage. This ensures that workers receive a fair and reasonable compensation for their labor. The minimum wage helps protect workers from being paid unreasonably low wages and provides a basic standard of living.
19. Employee paychecks are reduced by deductions, which include monies taken out of an employee's paycheck for various purposes. These deductions can include federal and state taxes, social security, and Medicare taxes. Deductions are typically withheld from an employee's paycheck to fulfill financial obligations such as taxes and other legally required contributions.
20. Gross pay refers to the salary or wages received by an employee before any deductions are taken out. It represents the total amount earned by an employee before taxes and other deductions are subtracted. Gross pay is important for determining an employee's overall earnings and is used as a starting point for calculating net pay, which is the amount an employee takes home after deductions are taken out.
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15. The correct order of U.S. job categories in terms of earnings from highest to lowest is:
a. Executives and managers
b. Professionals
c. Skilled blue-collar workers
d. Service workers
16. The main job of the Federal Reserve System is to supervise and regulate banks, clear checks, and regulate the nation's money supply. Correct option is d.
17. Underemployed people include part-time workers who cannot find full-time work, workers making very low wages, and workers who can only find jobs below their skill and ability level. Correct option is d.
18. Congress sets the lowest hourly wage that can legally be paid to an employee, called the: d. Minimum wage
19. Employee paychecks are reduced by deductions, which include monies taken out of the paycheck, federal and state taxes, and Social Security and Medicare taxes. Correct option is d.
20. Another way to define gross pay is: a. Salary or wages received before deductions are taken out.
The highest-earning job category is executives and managers. They often hold positions of leadership and responsibility within organizations, which typically come with higher salaries.
Next is professionals, who are individuals with specialized knowledge and skills in fields such as medicine, law, engineering, and finance. These professions generally offer higher salaries due to the expertise required.
Skilled blue-collar workers come next. They have expertise in trades and occupations that require technical skills, such as carpentry, plumbing, and welding. While they can earn decent wages, their earnings are typically lower than professionals.
Service workers have the lowest earnings among the listed job categories. This includes jobs in the hospitality industry, such as waitstaff, housekeeping, and food service, which often have lower wages.
The correct order of U.S. job categories in terms of earnings from highest to lowest is executives and managers, professionals, skilled blue-collar workers, and service workers.
16. The Federal Reserve System, also known as the Fed, has multiple responsibilities in the U.S. economy. These include:
a. Supervise and regulate banks: The Fed oversees the operations of banks to ensure their safety and soundness, as well as compliance with banking regulations.
b. Clear checks: The Fed acts as a clearinghouse for financial institutions, facilitating the transfer of funds between banks by processing checks and electronic payments.
c. Regulate the nation's money supply: The Fed plays a crucial role in managing the money supply to promote economic stability. It adjusts interest rates and engages in open market operations to influence borrowing costs and control inflation.
17. Underemployed people are individuals who are not fully utilizing their skills and abilities in their current jobs. This can manifest in different ways:
a. Part-time workers who cannot find full-time work: These individuals desire full-time employment but can only secure part-time positions, which may not provide enough hours or income.
b. Workers making very low wages: Some individuals may be employed but earn wages that are significantly below the average wage for their occupation or industry.
c. Workers who can only find jobs below their skill and ability level: This refers to individuals who have higher qualifications or capabilities but are forced to accept jobs that do not fully utilize their skills.
18. The lowest hourly wage that can legally be paid to an employee is referred to as the minimum wage. This is a floor set by Congress to establish a baseline level of compensation for workers.
The lowest hourly wage that can legally be paid to an employee is called the minimum wage.
19. Deductions are amounts taken out of an employee's paycheck to cover various expenses and obligations. They can include:
a. Monies taken out of an employee's paycheck: This refers to any withholdings or deductions made from the employee's earnings before they receive their net pay.
b. Federal and state taxes: Taxes, such as income tax and state taxes, are deducted from employee paychecks to fulfill their tax obligations.
c. Social Security and Medicare taxes: These deductions are made to fund the Social Security and Medicare programs, which provide retirement and healthcare benefits to eligible individuals.
20. Gross pay refers to the total amount of salary or wages an employee receives before any deductions are taken out. It represents the full earnings of an employee before taxes, contributions, and other withholdings are subtracted.
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