1.
A laptop sells for $640.00 but is on sale for 25% off? There is 9.75% sales tax. How much will I pay for the laptop?
2.
A plan for keeping track of your income and expenses is called a _____________.
3.
Alex buys a value pack of seven phone cases for $73.43. What is the unit cost for one phone case?
4.
Alex puts $78.00 from each paycheck into his savings. He gets paid twice a month. How much does Alex have in his savings at the end of the year?
5.
Any money you earn or have coming in is called____________
6.
Ashley got a job as an accountant. She earns $89,000 a year and is paid monthly. What is her gross pay each paycheck? Please round to the nearest even dollar!
7.
Calculate Jon's gross pay for the week if he worked 35 hours and makes $12.85 per hour?
(REMEMBER THIS AMOUNT FOR THE NEXT QUESTIONS!!)
8.
Check all examples of fixed expenses:
9.
Chris wants a different phone case for everyday of the week. The cost of one case is $12.95. What is the cost (before taxes) for all of the phone cases?
10.
DVD's of my favorite movies are on sale. What is the better buy?
3 DVD's for $32.97 or 4 DVD's for $43.56
A.
B.
C.
Neither - the cost is the same
11.
Explain the difference between fixed and variable expenses.
A.
The amount of a fixed expense changes and variable stays the same each time
B.
The amount of a fixed expense is always higher than a variable expense
C.
The amount of a fixed expense stays the same and variable expenses change each time
D.
There is no difference; they are both expenses listed on a budget
12.
How much is 10% of $45.00? Do NOT use a calculator and please write as a money amount.
13.
If the service at a restaurant is not so good, you can leave a smaller tip. If the service is great, you can leave a bit more. This is better than not leaving a tip.
14.
If 10% of $30.00 is $3.00. What is 20% of $30.00? Try this without a calculator!
15.
Mark all the correct statements about simple and compound interest:
A.
Simple interest is added to the starting principal only
B.
Compound interest is added to the starting principal and any other earned interest
C.
Simple interest is better; you make more money
D.
Compound interest is better; you make more money
E.
The more often interest is compounded, the more money you make
16.
Mark all the correct statements.
A.
Discounts and sales tax are often calculated as a percent of the purchase price
B.
Sales tax and discounts are both added on to the price
C.
Sales tax and discounts are both subtracted from the price
D.
Discounts are subtracted and sales tax is added on to the price
E.
Discounts are added and sales tax is subtracted from the price
F.
Discounts are subtracted from the price and then sales tax is added on
17.
Mark each true statement about interest.
A.
It is the cost of using money
B.
C.
The higher the percentage the more money in interest
D.
It is ALWAYS better to have a low percentage of interest
E.
You want savings accounts with compound interest
18.
Matthew James has $148.00 in his account earning 5.5% simple interest. How much money does he have in his account at the end of the 6 years?
19.
Matthew James has $148.00 in his account for 6 years earning 5.5% interest. How much interest does he earn?
20.
Nina's net pay each paycheck is $1238.00. She should try to put 10% each pay check into an account for savings or an emergency. How much should she save? Round to the nearest dollar!
21.
Remember, Jon worked 35 hours at $12.85 per hour. He pays 3% in state taxes. How much is deducted from his paycheck?
22.
Remember, Jon worked 35 hours @ $12.85 per hour. He pays 15% in federal taxes. How much is deducted from his paycheck?
23.
The amount you earn at your job each pay period is the EXACT same as the amount of pay listed on your paycheck.
24.
The formula for calculating simple interest is Interest = P * R * T.
What does the "R" stand for?
A.
Principal; the amount of money in the account
B.
Rate; the percentage of interest
C.
Time; how long the money has been in the account
25.
The formula for calculating simple interest is Interest = P * R * T.
What does the "P" stand for?
A.
Principal; the amount of money you have in the account
B.
Rate; the interest percentage amount
C.
Time; how long the money has been in the account