The Federal Minimum Wage, in Dollars Per Hour, for the Years

question 45

Multiple Choice

The federal minimum wage, in dollars per hour, for the years 1955 to 2005 is given in the table below. Using the data from 1955 and 1995, find a linear model (rounding the slope and intercept to 2 decimal places) that predicts the federal minimum wage for the year t . Use this model to predict in what year the federal minimum wage will exceed $5.80. Year Federal Minimum Wage 1955 0.75 1965 1.25 1975 2.10 1985 3.35 1995 4.25 2005 5.15

• A)2010
• B)2012
• C)2013
• D)2014
• E)2015

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to update revenue and expense accounts and ensure that the financial statements reflect the accurate financial situation.

Financial Statements

Documents that provide an overview of the financial health of a corporation, including details on assets, liabilities, income, and cash flow, rephrased for a second entry.

Adjusted Trial Balance

A listing of all company accounts that will appear on the financial statements after adjustments are made for journal entries, ensuring the total debits equal total credits.

Financial Statements

Written records that convey the business activities and the financial performance of a company, including the balance sheet, income statement, and cash flow statement.