If you purchased a book for $5.50 and the sales tax is 5%, how much would the total cost of the book be?
(round to the nearest penny if necessary)
$5.78
100
What is the difference between a savings account and a checking account?
A savings account can only be accessed when you are physically at your bank while a checking account is used to write out checks.
100
What is a loan?
A sum of money that is borrowed with the expectation that it will be paid back.
200
Payouts of money that are always the same amount.
Fixed Expense
200
Overtime Pay is an example of:
a. income
b. flexible expense
c. fixed expense
d. deduction
a. income
200
If you purchased a car for $13,000 and the sales tax is 7%, how much would the total cost of the car be?
(round to the nearest penny if necessary)
$13,910
200
What is a monthly statement?
A statement sent form the bank each month that gives you details about your accounts including the amount and interest earned.
200
Give an example of a situation where someone might need to get a loan.
When purchasing a house for the first time, Buying an expensive car
300
Payouts of money that can change.
Flexible Expenses
300
Give one example of a fixed expense
Rent, car payment, student loans
300
You purchase a bag of candy bars for $6.75. Inside the bag, you find 5 candy bars. How much does one unit cost?
(round to the nearest penny if necessary)
$1.35
300
What does it mean when you have a check that 'bounces'?
It means that you wrote out a check to pay for something but didn't have enough money in your account to cover it.
300
You owe $1,236 on a car and need to pay every month for one year. How much will you have to pay each month if all payments are the same amount?
$103
400
Money that is taken out of a paycheck to go to other designated sources such as taxes or insurance.
Deductions
400
Social Security is an example of:
a. income
b. flexible expense
c. fixed expense
d. deduction
400
You buy 3 pizzas for $17.00. What is the unit price?
(round to the nearest penny if necessary)
$5.67
400
If you make a mistake while writing out a check, what should you do?
Write the word VOID across the check.
400
You borrow $6,500 to buy some furniture and must pay 4% interest. How much will the total cost be?
$6,760
500
A charge added to the amount of money that is being borrowed (typically a percentage).
Interest
500
Why does the cost of flexible expenses go up or down?
You go to the jewelry store and buy a diamond ring that costs $560. Luckily, the store is having a HUGE sale and every item is 35% off.
How much will your diamond ring cost?
(round to the nearest penny if necessary)
$364
500
If you go to the gas station and swipe your debit card to pay, will the money come out of your savings or checking account?
Checking account
500
**DAILY DOUBLE**
How does a bank benefit from loaning you money?
They charge interest, so you have to pay back more money than what you borrow.