Tax
Budget
Net Worth
Interest
Monetary Incentives
100
What is the definition of sales tax and income tax?
Income tax is a percentage deducted from the income you earn.
Sales tax is a percentqage charged on goods or services.
100
What is the definition of a fixed expense and a variable expense.
Fixed expense do not change month to month. Ex: The cost of rent, insurance, wifi, car payments.
Variable expense changes month to month. Ex: Groceries, Utiltiies (gas, water, electricty), Entertainment.
100
What is the definition of an assest and liabilty?
Asset is an item or amount of money that you own. Shown as a positive number
EX:House (Current Value), Automobile (Current Value), Savings Account, Retirement, ect
Liability is an amount of money that you owe a bank. Shown as a negative number
EX: Student Loan, Credit Card Debit, Morgate, Auto Loan, ect.
100
What is the formula for simple interest?
I = Prt
100
What is the defintion of a sale?
A sale is when the cost of an item is on sale for a reduced price.
200
The price of a DVD is $24.00 plus 8% sales tax. What is the final cost of this DVD in dollars and cetns?
$25.92
200
A monthly budget for a small family is shown.
Which equation can be used to find b, the minimum amount of money the family must earn annually in order to meet this budget?
a) b = $3,630 x 12
b) b = $3630 x 52
c) b = $43,560 ÷ 52
d) b = $43,560 ÷ 365
a) b = $3,630 x 12
200
The table shows Peter's net worth statement. Assets are shown as positive numbers, and liabilities are shown as negative numnbers. The value of Peter's house is not given.
Peter's net worth is $101,800. Based on the information in the table, what is the current value of Peter's house?
a) $58,600
b) $78,300
c) $98,000
d) $82,100
c) $98,000
200
Rita has a loan of $45,580. This loan has a simple interest rate of 4% per year. What is the amount of interest that Rita will be charged on this loan at the end of one year?
a) $47,403.20
b) $11,395
c) $18,232
d) $1,8236.20
d) $1,8236.20
200
What is the definition of a coupon?
Similar to a sale a coupon is a paper or code that gives you access to a deducted price off an item.
300
Cassie wants to buy a pair of shoes for $26.50 and a shirt for $9.50. If the sales tax rate is 8.25%, what will be the amount of sales tax on Cassie's purchase?
a) $2.89
b)$2.97
c) $3.06
d) $3.13
B) $2.97
300
Felicia earns $800 a month. The table shows her monthly budget. Which statment is supported by the information in the table?
a) Felicia spends 10% of her monthly budget on clothes and food.
b) Felicia spends 25% of her monthly budget on her car payment
c) Felicia spends 20% of her monthly budget on college savings
d) Felicia spends 50% of her monthly budget on her car payment and cell phone.
d) Felicia spends 50% of her monthly budget on her car payment and cell phone.
300
Phillip created the net worth statement shown. Based on the informationb in the statement, what is Phillip's net worth?
$41,500
300
Alice has a loan of $24,820. The loan has a simple interest rate of 3.5% per year. No payments will be made on the loan until the end of one year. How much interest will Alice pay on this loan at the end of one year?
a) $868.70
b) $72.39
c) $8,687.00
d)$25,688.70
a) $868.70
300
What is the definition of a rebate?
A rebate is when a customer pays full price and then submits a reiumbursement request to recive money back.
400
The price of a computer is $899.00. The sales tax rate is 7%. What is the sales tax on this computer in dollars and cents.
$62.93
400
Rashad is preparing his monthly budget for college. The table shows his budget. What THREE categories represent more than 10% of the total budget.
Groceries, Rent and Entertainment
400
The table shows each of Mr. Russo's assests as positive value and each of his liabilities as a negative value.The value of Mr. Russo's savings account is not shown.
Mr. Russo's net worth is $48,700. What is the current value of his savings account?
a) $8,100
b) $89,300
c) $21,600
d) $40,600
a) $8,100
400
Mr. Gonzalez opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawls. The account earns 1% simple interest. What is the total amount that Mr. Gonzalez will have in his account at the end of 3 years?
$576.80
400
A car dealership is having an end of year clerance sale.Take 10% off the orginal price of a car and then receive a $1,250 rebate.
The customer is wanting to buy a car with an orginal price of $22,860. Based on this information, which statement is true?
a) The customer would pay $23,107 for their car.
b) The customer would pay $21,824 for their car.
c) The customer would pay $24,073 for their car.
d) The customer would pay $19,324 for their car.
d) The customer would pay $19,324 for their car.
500
A lawyer has an annual income of $152,125. The income tax the lawyer has to pay is 6%. What is the amounmt of income tax in dollars and cents that the lawyer has to pay?
$9,127
500
In Oscar's budget, each catergory is assigned a certain percentage of his monthly income. Oscar's montly income is $2,250. Which statement is NOT supported by the information in the table? 
A) Oscar puts $360 of his month income into savings.
B) Less than $900 of Oscar's monthly income is for his house payment and life insurance.
C) Oscar budgets $485 of his monthly income for telephone, utilities, and emergencies.
D) More than $530 of Oscar's monthly income is for his cafr payment and car insurance.
C) Oscar budgets $485 of his monthly income for telephone, utilities, and emergencies.
500
The table shows Avery's net worth statement.
Avery's net worth is $53,755. Based on the information in the table, what is the current value of Avery's car?
$12,480
500
Jude made a deposit of $900 into an account that earns 4% simple interest. After 20 years,what is the total value of Jude's account?
$1,620.00
500
Two stores are having sales on cameras.
- At store X all cameras are on sale for 15% off the orginal price.
- At store y all cameras are on sale for 1/5 off the orginal price.
Which store would have a better sale price for a camera with an orginal price of $80?
a) Store X, because the sale price woul be $68
b) Store Y, because the sale price would be $64
c) Store X, because the sale price would be $12
d) Store Y, because the sale price would be $16
b) Store Y, because the sale price would be $64