Houses
Cars
Depreciation
Budgeting
Miscellaneous
100
What is a mortgage?
A loan for a house
100
What is the delivered price of a car?
the final, total cost you'll pay for a new vehicle, including all fees and charges
100
T/F: Cars are the only thing that depreciate.
False
100
What is the biggest problem with this budget?
See answers
100
What is a lease?
Basically renting a car for an extended period of time?
200
Anna wants to buy a home priced at $67,000. She will need to make a down payment of 15% and estimates closing costs of 2.8% of the purchase price.
What amount will Anna need for the down payment?
$10,050
200
What is a MSRP?
Manufacturers Suggested Retail Price
200
What is Depreciation?
The value of an item dropping overtime?
200
T/F: Being on a budget means you HAVE to save lots of money.
False
200
What is an insurance premium?
The amount of money you have to pay for insurance.
300
Anna wants to buy a home priced at $67,000. She will need to make a down payment of 15% and estimates closing costs of 2.8% of the purchase price.
What amount will Anna need for the closing costs?
$1,876
300
Nelson Valenti bought a car with an MSRP of $31,248. A 5% sales tax will be charged on the total purchase. Registration and license costs will be $110. Nelson plans to make a $3,000 down payment.
What is the delivered price of the car?
$32,920.40
300
A wholesale company sold one of its trucks for $5,200. The truck cost $26,795 when it was bought seven years ago.
What was the total depreciation on the truck for the seven-year period?
$21,595
300
In the coming year, the Richards family expects their monthly income to be $3,200. The table shows the percentage of income they budgeted for each category. How much will be budgeted for Housing?
$800
300
June Taylor’s company pays 55% of her annual health insurance premium.
If the total monthly premium for the insurance is $275, what is June’s share of the annual premium?
$1485
400
The City of Ellenton’s property tax rate is $5.238 on each $100 of assessed value. Arthur Winslow owns a home in Ellenton that is valued at $89,000 and is assessed at 50% of its value.
What is the property tax on Arthur’s home?
$2,330.91
400
The delivered price of Leah St. Clair’s new car is $22,450. She makes a $2,800 down payment and pays the balance in 36 monthly payments of $612.
What total amount did Leah pay for the car?
$24,832
400
A wholesale company sold one of its trucks for $5,200. The truck cost $26,795 when it was bought seven years ago.
What was the average annual depreciation and what was the average annual rate of depreciation?
$3,085 per year
11.5%
400
If Joe wants to clean the carpets in his house, he found that renting a carpet-cleaning machine costs $65 a day. Buying the same machine costs $257.
How many days will he have to rent the machine to have it cost more than buying it?
4 Days
400
Elton Johnson bought 500 shares of Alberta Steel stock at $46.12. On the purchase, the broker charged a commission of $79.60 for each 100 shares.
What was the total investment that Elton made in Alberta Steel stock?
$23,458
500
Eunice Marshall lived in Key Cove Apartments for 12 months. She paid a monthly rent of $990 for her apartment and $35 a month to park in an attended lot. Security deposit of one month’s rent. Her telephone expenses averaged $67 a month. The total annual cost of other utilities was $2,160; the cost of renter’s insurance for the year was $155. Eunice received a refund of 50% of her one-month’s security deposit at the end of her one-year lease.
What total amount did Eunice spend on renting the apartment for a year?
$15,914
500
The delivered price of Leah St. Clair’s new car is $22,450. She makes a $2,800 down payment and pays the balance in 36 monthly payments of $612.
How much was the finance charge?
$2382
500
A stamping machine that costs $160,000 is depreciated 10% per year by the declining-balance method.
What will be its book value at the end of three years?
$116,640
500
Going to the gym without a membership, it costs $10 a day and renting equipment costs $6 per day. A membership costs $80 a month and equipment is $2 a day.
How many days does a person have to go to the gym in a month to make having a membership a better deal?
6 Days
500
Scott Conlin rents an apartment and insures its contents with a renter’s policy. The value of the contents is $15,300, and the premium is $0.86 per $100.
What is Scott’s annual premium?
$131.58