Paychecks
What is the difference between gross pay and net pay?
Gross pay is earnings before deductions. Net pay is take-home pay after deductions.
What is the difference between a need and a want?
Answer: A need is something essential, such as housing or food. A want is something you would like but could live without.
Which type of bank account is generally used for everyday purchases: checking or savings?
Answer: Checking account.
What is the difference between discrete data and continuous data?
Discrete data has no intervals or partial numbers, and continuous data can have intervals or partial numbers (like decimals).
A shirt costs $40 and is 25% off. How much is the discount?
Answer: $10 $40 × 0.25 = $10
You earn $15 per hour for 20 hours. What is your gross pay?
$300
You earn $2,000 per month and spend $1,650. How much money remains?
Answer: $350 $2,000 − $1,650 = $350
What is an overdraft?
Answer: An overdraft happens when a transaction exceeds the money available in an account. It may result in a declined transaction or an overdraft fee.
Find the domain of the relation:
{(1,4),(2,6),(3,8)}
The domain is the set of x-values.
A $50 purchase has 6% sales tax. What is the total cost?
Answer: $53
Tax: $50 × 0.06 = $3 Total: $50 + $3 = $53
You earn $18 per hour and work 5 overtime hours at time-and-a-half. How much is your overtime pay?
$135
What does it mean to have a zero-based budget?
Answer: Every dollar of income is assigned a purpose, including bills, savings, debt payments, and spending. Income minus planned allocations equals zero.
A credit card balance is $400 and the monthly interest rate is 2%. How much interest is charged for one month, assuming no other transactions?
Answer: $8 $400 × 0.02 = $8
Find the range of the relation:
{(1,5),(2,5),(3,9),(4,12)}
Answer: 12 The range is the set of y-values. Repeated values are listed only once.
Which is the better unit price: 12 ounces for $3.60 or 20 ounces for $5.00?
Answer: 20 ounces for $5.00.
12-ounce package: $3.60 ÷ 12 = $0.30 per ounce 20-ounce package: $5.00 ÷ 20 = $0.25 per ounce
Your gross pay is $850. Taxes and other deductions total $172. What is your net pay?
$678
Your monthly take-home pay is $2,400. Rent is $900, food is $350, car payment is $400, phone is $80, and savings is $300. How much money is left?
Answer: $370 Total allocated: $2,030 $2,400 − $2,030 = $370
What is APR, and why is a lower APR usually better when borrowing money?
Answer: APR stands for annual percentage rate. A lower APR generally means a lower borrowing cost, assuming other loan terms are similar.
A gym charges a $25 sign-up fee plus $15 per month. Write a function (C(m) for the total cost and find (C(4).
Answer:
C(m)=15m+25
C(4)=15(4)+25=$85
A restaurant bill is $64. You leave an 18% tip. What is the total before any tax?
Answer: $75.52 Tip: $64 × 0.18 = $11.52 Total: $64 + $11.52 = $75.52
You earn $20 per hour, work 40 regular hours and 6 overtime hours at time-and-a-half. Your deductions are $185. Find your net pay.
$795
You have $200 left in your budget. Your car needs a $250 repair, and you planned to spend $100 on entertainment. Explain how you could adjust your budget.
Answer: One solution is to move the $100 entertainment budget toward the repair, leaving $50 to cover. You could use $50 from savings or reduce another flexible expense. Prioritize necessary transportation over entertainment.
Two credit cards have APRs of 18% and 29%. If you carry a balance, which is usually less expensive, and why might paying only the minimum be costly?
Answer: The 18% APR card is usually less expensive. Paying only the minimum keeps the debt outstanding longer, which can increase the total interest paid.
A parking garage charges $6 per hour, up to 8 whole hours. Write a function for the cost. State a reasonable domain and range.
Answer:
C(h)=6h
Assuming parking is charged for 1–8 whole hours:
Domain: {1,2,3,4,5,6,7,8}
Range:{6,12,18,24,30,36,42,48}
A $120 jacket is 30% off, then 6% sales tax is added to the discounted price. What is the final cost?
Answer: $89.04 Discount: $120 × 0.30 = $36 Sale price: $84 Tax: $84 × 0.06 = $5.04 Final cost: $84 + $5.04 = $89.04