Income & Paychecks
What is the term for the amount you earn before taxes are taken out?
Gross pay
You earn $1,800/month. Your fixed expenses are $900 and variable expenses average $450. You want to save 15% of your income. Can you meet your goal? How much extra or short are you?
Savings goal = 270 → Total needed = 900 + 450 + 270 = 1620 → Leftover = $180
You have a $1,000 credit card balance with 18% annual interest. How much interest is added after one year if unpaid?
$180
You invest $500 at 8% simple interest for 4 years. What is the total value?
Interest = 160 → Total = $660
What is the only continent that has no deserts?
Europe
What is the term for the amount you take home after taxes?
Net pay
Your monthly budget is: Rent $800, Food $300, Transportation $200, Entertainment $150. You earn $1,600. By what percent do your expenses exceed your income?
Expenses = 1450 → Surplus = 150 → They do NOT exceed; about 9.4% leftover
You owe $600 on a credit card with 12% interest. If you pay off $200, how much interest will be charged on the remaining balance?
Balance = 400 → Interest = $48
You invest $300 at 10% compound interest annually. What is the value after 3 years?
300 → 330 → 363 → 399.30
Which planet in our solar system has the most moons?
Saturn
You earn $18/hour and work 40 hours plus 5 hours of overtime paid at 1.5x your rate. What is your total gross pay?
Regular: 40×18 = 720; OT: 5×27 = 135 → Total = $855
You want to save $1,200 in 6 months. If you currently save $150/month, how much more do you need to save each month?
Need 200/month → increase by $50
A loan of $2,000 has 10% simple interest for 3 years. What is the total amount paid back?
Interest = 600 → Total = $2,600
Two people invest $1,000: one earns 5% simple interest, the other 5% compound interest annually. After 2 years, who has more and why?
Compound earns more because it earns interest on interest
What is the hardest natural substance on Earth?
Diamond
You earn a salary of $2,400 per month. Your employer offers a bonus of 10% of your monthly salary if you meet a goal. After a 20% tax on the total income, how much do you take home if you earn the bonus?
Bonus = 240 → Total = 2640 → Taxes = 528 → Net = $2,112
A student spends 40% of income on needs, 30% on wants, and saves the rest. If they earn $2,000, how much goes to each category?
Needs = 800, Wants = 600, Savings = 600
You make only minimum payments, and your balance grows from $500 to $650 over time. How much extra did you pay due to interest?
$150
You want $2,000 in 5 years. If you save equal amounts each year with no interest, how much must you save yearly?
$400
Which NFL team has won the most Super Bowl titles?
Pittsburgh Steelers and New England Patriots (tied with 6 each)
You want to take home at least $700 after taxes. If taxes are 12%, how much must your gross pay be?
Answer: 700 ÷ 0.88 ≈ $795.45
Your expenses increase by 10% due to inflation. If you originally spent $1,200/month, what is your new monthly expense and how much more is that per year?
New = 1320 → Increase = 120/month → 1440/year
A credit card charges 2% interest monthly. If you have a $1,000 balance, how much interest is added after one month, and why is this dangerous long-term?
$20; interest compounds and grows faster over time
You invest $1,000 at 6% compound interest annually for 2 years. About how much more do you earn compared to simple interest?
Compound ≈ 1123.60; Simple = 1120 → about $3.60 more
Which artist became the first to win Album of the Year at the Grammy Awards four times?
Taylor Swift