20. all of the following are benefits of having a checking account at a bank, except...\na. checking…

20. all of the following are benefits of having a checking account at a bank, except...\na. checking accounts generally have lower fees than alternative services like check cashers\nb. checking accounts generally have higher interest rates than savings accounts\nc. checking accounts enable you to set up direct deposit and pay bills online\nd. checking accounts protect your money with fdic insurance up to $250,000\n\n21. caleb says \i earn $48,000, which puts me in the 22% tax bracket.\ what does that mean?\na. caleb pays a 22% sales tax on all purchases, which is his marginal tax rate\nb. caleb pays a 22% payroll tax, which is his effective tax rate\nc. caleb pays a 22% income tax on the last dollar he earns, which is his marginal tax rate\nd. caleb pays a 22% income tax on all earnings, which is his effective tax rate\n\n22. given the following function: $g(x)=2.25x - 0.75$, which point represents $g(3)$?\na. $(1.5,3)$\nb. $(3,1.5)$\nc. $(3,6)$\nd. $(6,3)$

20. all of the following are benefits of having a checking account at a bank, except...\na. checking accounts generally have lower fees than alternative services like check cashers\nb. checking accounts generally have higher interest rates than savings accounts\nc. checking accounts enable you to set up direct deposit and pay bills online\nd. checking accounts protect your money with fdic insurance up to $250,000\n\n21. caleb says \i earn $48,000, which puts me in the 22% tax bracket.\ what does that mean?\na. caleb pays a 22% sales tax on all purchases, which is his marginal tax rate\nb. caleb pays a 22% payroll tax, which is his effective tax rate\nc. caleb pays a 22% income tax on the last dollar he earns, which is his marginal tax rate\nd. caleb pays a 22% income tax on all earnings, which is his effective tax rate\n\n22. given the following function: $g(x)=2.25x - 0.75$, which point represents $g(3)$?\na. $(1.5,3)$\nb. $(3,1.5)$\nc. $(3,6)$\nd. $(6,3)$

Answer

Answer:

  1. B. Checking accounts generally have higher interest rates than savings accounts
  2. C. Caleb pays a 22% income tax on the last dollar he earns, which is his MARGINAL tax rate
  3. C. (3,6)

Explanation:

20:

Step1: Analyze checking - savings interest

Savings accounts typically have higher interest rates than checking accounts for long - term savings. So B is incorrect.

Step2: Analyze option A

Checking accounts usually have lower fees than check - cashers, so A is a benefit.

Step3: Analyze option C

Direct deposit and online bill - pay are common features of checking accounts, so C is a benefit.

Step4: Analyze option D

FDIC insurance up to $250,000 is a protection for checking account holders, so D is a benefit.

21:

Step1: Define marginal tax rate

The marginal tax rate is the rate of tax paid on the last dollar of income. Caleb in 22% tax bracket means he pays 22% income tax on the last dollar he earns.

Step2: Analyze option A

Sales tax is not related to income tax brackets, so A is wrong.

Step3: Analyze option B

Payroll tax is different from income tax brackets, and effective tax rate is an average, not related here, so B is wrong.

Step4: Analyze option D

22% is marginal rate, not effective rate (which is average), so D is wrong.

22:

Step1: Substitute x = 3 into function

Substitute $x = 3$ into $g(x)=2.25x - 0.75$. $g(3)=2.25\times3−0.75$.

Step2: Calculate g(3)

$2.25\times3 = 6.75$, then $6.75−0.75 = 6$. The point is $(3,6)$ where $x = 3$ and $y = g(3)=6$.