Money Basics
How much is a quarter worth?
$0.25
You buy a notebook for $3.25 and a pencil for $0.75. How much did you spend in total?
$4.00
It is cheaper to live with 1+ roommates than it is to live alone.
True or False
True
Many things that can be deducted from your paycheck.
1. Name 2 REQUIRED deductions from your paycheck (there are four).
2. Name 2 OPTIONAL deductions from your paycheck.
1. Federal tax, state tax, social security tax, medicare tax
2. health/dental/vision insurance, disability insurance, 401k (retirement)
What form of payment do you use to borrow money from the bank and pay it back later?
Credit
1. One example of a need
2. One example of a want
1. affordable groceries, medication, books for school, etc.
2. eating out, toys, expensive vacations/cars, etc.
1. What’s the best tip amount to leave for good service at a restaurant?
2. Name one other place where you should leave a tip?
1. 15-20%
2. hair salon, nail salon, Uber, Uber Eats/food delivery, etc.
You make $600 a month and want to save 10%. How much should you save?
$60
You earn $11/hour and work 35 hours/week. How much do you earn monthly before taxes?
$11/hr x 35 hrs x 4 weeks = $1540
What documents do you need when applying for most jobs? Name 2 things.
1. Resume
2. Cover Letter
You find 4 dimes, 3 quarters, 2 nickels, and 1 penny. How much money do you have?
$1.26
You go out to lunch and spend $7.89. You want to leave a 20% tip.
1. How much will the tip be?
2. How much will your total be?
1. $1.58
2. $9.47
You want to buy a $60 video game. If you save $15 a week, how many weeks will it take?
4 weeks
What percentage of your paycheck is taken out for taxes in Arkansas?
24%
What is the primary purpose of the Americans with Disabilities Act (ADA)?
To protect individuals with disabilities from discrimination in employment.
You buy something for $4.75 and pay with a $10 bill. 1. How much change should you get back?
2. What bills and/or coins would they use to make this change?
1.$5.25
2. $5 and 1 Quarter, or 5 - $1, 2 Dimes, 1 Nickel
You buy a $140 pair of shoes that are 15% off.
1. How much money will you save?
2. What will your new total be?
1. $21
2. $119
You go to the store and a pair of $32 jeans are on sale, buy one, get one for 50% off. How much will it cost for two pairs of jeans?
$32 x 50% = $16
$32 + $16 = $48
1. Name two benefits you can receive working at a job (part-time or full-time).
2. Name the difference between net and gross pay
1. health/dental/vision insurance, tuition reimbursement, discounts, retirement matches/plans, life insurance, free meals, etc.
2. Net pay is AFTER everything is deducted.
Gross pay is BEFORE anything is taken out (such as taxes, insurance, retirement).
After paying your share of the bills, $767.50, you have $300 left. You want to save 10%.
1. How much would you save?
2. How much would you have left to spend?
1. $30
2. $270
You go to the store with $10 and buy ingredients for a sandwich. The tax rate is 10%.
Bread $1.25
Jelly $3.46
Peanut Butter $4.22
1. Do you have enough money?
2. If so, how much change should you get back?
1. Yes, I have enough
2. I will get back $0.18
You have $40. A jacket costs $39.50 but is on sale for 15% off. The sales tax is 10%.
1. How much does the jacket cost on sale without the tax?
2. How much will you pay in sales tax? (hint: use the answer to number one to answer this one)
3. Can you afford the jacket? Why or why not?
1. How much does the jacket cost on sale without the tax? $43.50 x 15% = $6.53 $43.50 - $6.53 = $36.97
2. How much will you pay in sales tax? (hint: use the answer to number one to answer this one) $36.97 x 10% = $3.70
3. Can you afford the jacket? Why or why not? No - $36.97 + $3.70 = $40.67 (more than $40)
You and a roommate share the following bills. What is your portion of the bills?
Rent $1200
Electricity $210
Water $55
WiFi $70
$1200 + $210 + $55 + $70 = $1535
$1535 / 2 = $767.50
You work full-time, making $15/hr. What is your monthly take-home pay after 24% taxes?
$15/hr x 40 hrs = $600/week
$600 x 4 = $2,400/month GROSS PAY
$2,400 x 24% = $576 taxes
$2,400 - $576 = $1824 NET PAY
You just got your first job and earn $900 a month. You set a goal to save 20% of your income, pay $450 for rent, $100 for groceries, and $75 for your phone bill.
1. Do you have enough money left to meet your savings goal?
2. If yes, how much more will you have left over after you save 20%?
$900 x 20% = $180 GOAL
$450 + $100 + $75 = $625 BILLS
1. $900 - $625 = $275, YES
2. $275 - $180 (20% savings) = $95 left over