The Ultimate Practice Test on Applied Math focuses on financial literacy, covering key concepts like income, expenses, and budgeting. It assesses understanding of paycheck deductions and the distinction between fixed and variable expenses, essential for personal financial management.
Interest
Expense
Income
Budget
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Expense
Income
Budget
Interest
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Principal; the amount of money in the account
Rate; the percentage of interest
Time; how long the money has been in the account
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Principal; the amount of money you have in the account
Rate; the interest percentage amount
Time; how long the money has been in the account
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$47.85
$2.72
$4497.50
$449.75
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$73.43
$64.75
$12.95
$10.49
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True
False
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$64.75
$90.65
$12.95
$98.83
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Income
Expense
Budget
Interest
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$936.00
$1872.00
$78.00
$541.00
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$160.00
$480.00
$62.40
$800.00
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The amount of a fixed expense changes and variable stays the same each time
The amount of a fixed expense is always higher than a variable expense
The amount of a fixed expense stays the same and variable expenses change each time
There is no difference; they are both expenses listed on a budget
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$526.80
$800.00
$878.00
$702.40
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True
False
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$123.00
$124.00
$12.00
$123.40
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4 DVD's for $43.56
3 DVD's for $32.97
Neither - the cost is the same
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$382.29
$67.46
$13.49
$6746.25
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$9.75
$64.00
$63.00
$62.40
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State income tax
Federal income tax
FICA or social security
All of these
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$382.29
$67.46
$13.49
$436.26
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12 packs for $21.48
6 packs for $10.74
Neither, they are the same price
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$1576.65
$5278.35
$6855.00
$157.66
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Rent
Groceries
Mortgage
Entertainment; going out
Car payment
Student loan
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$7416.00
$7417.00
$10680.00
$8898.00
$14.87
$16.00
$20.00
$22.47
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10%
10- 12%
15 - 18%
Over 20%
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$11.00 tip and about $23.00 each
$11.00 tip and about $31.00 each
$20.00 tip and about $27.00 each
$25.00 tip and about $35.00 each
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$4884.00
$48.84
$196.84
$5.50
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$4884.00
$48.84
$196.84
$5.50
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$1.80
$2.00
$2.50
$3.00
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Discounts and sales tax are often calculated as a percent of the purchase price
Sales tax and discounts are both added on to the price
Sales tax and discounts are both subtracted from the price
Discounts are subtracted and sales tax is added on to the price
Discounts are added and sales tax is subtracted from the price
Discounts are subtracted from the price and then sales tax is added on
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$2.20
$3.10
$4.00
$5.00
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Simple interest is added to the starting principal only
Compound interest is added to the starting principal and any other earned interest
Simple interest is better; you make more money
Compound interest is better; you make more money
The more often interest is compounded, the more money you make
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It is the cost of using money
It can be good or bad
The higher the percentage the more money in interest
It is ALWAYS better to have a low percentage of interest
You want savings accounts with compound interest
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