05/12 - Standard of Living

QuizÂ by Christopher Jones

High School
Financial Mathematics
Texas Essential Knowledge and Skills (TEKS) - Electives

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### Measures 1 skill fromHigh SchoolFinancial MathematicsTexas Essential Knowledge and Skills (TEKS) - Electives

130.180.F.15.C

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3 questions
• Q1
True or False: If a person makes more money annually than is shown in the 2020 poverty guidelines, then they are considered above the poverty line, regardless of if they can actually meet their expenses.
True
False
300s
130.180.F.15.C
• Q2
How does the poverty line relate to the federal minimum wage?
There is no relation between the two.
The poverty line is calculated such that a single earner working full time and making minimum wage should be above that line.
Minimum wage is calculated to make sure that any worker making minimum wage will meet the poverty line no matter what.
300s
130.180.F.15.C
• Q3
Carol works 40 hours a week and makes minimum wage. She lives alone in a small town in Texas and has very few expenses. Dan also works 40 hours a week and makes minimum wage. He lives downtown in a big city in California. Who do you predict has the better standard of living and why?
Carol, because even though she doesn't make a lot of money she is likely able to meet her expenses each year.
Neither one has a better standard of living - they both make the same amount of money each year.
Dan, because he lives in a city with better services and amenities.
300s
130.180.F.15.C

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