Dividing Fractions
What is 1/2 ÷ 1/4?
2
What is one disadvantage of using cash for payments?
> Easily lose your money/ get stolen
>Cannot be replaced if it's lost/stolen
What is gross income?
Gross income is the income before deductions/taxes
What is the difference between property tax and sales tax?
Property tax is taxes on your land, home, and farm. Sales tax is the tax applied on purchases of goods/services.
Describe a way to save money when budgeting for a big purchase
>Putting aside a certain amount of money each month into savings.
>Setting a goal for each month
>Budgeting and reduce entertainment/shopping costs
What is 3/5 ÷ 1/8 ?
24/5
Explain how a debit card works.
>Debit cards is a small card that you can use to make purchases on goods/services that withdraws money from your bank/union account. This payment method is your own money (no need to borrow/ pay back at the end of the month).
If you earn $1000 and pay $300 in taxes, what is your net income?
Becky is buying her mom earrings for Mother's Day. The earrings cost $200 with a sales tax of 4%. How much is Becky paying in sales tax?
She is paying $8 in sales tax.
You want to save $100 for a new bike. If you save $25 each month, how many months will it take you to save enough?
4 months
If a recipe calls for 3/4 of a cup of sugar, but you want to make only 1/2 of the recipe, how much sugar will you need?
3/8
You have $150 in cash and want to buy groceries. If you spend $85, how much cash will you have left?
You have $65 in cash left.
John can't seem to calculate his gross income. His net income is $3490 with a deduction of $670. What is his gross income?
His gross income is $4,160
Josh purchased a home that has an annual property tax of $3,552. If Josh pays each month with the same rate, what is his monthly payment for his property tax?
Property tax: $296
You have a budget of $400 for school supplies. If you spend $120 on notebooks, $60 on pens, and $80 on folders. How much money do you have left for other supplies?
$140 left
Larry is making cookies that require 5/8 cups of flour. If he only wants to make half of the recipe, how much flour does he need?
5/16
You have $120 in your bank account. If you spend $45 on clothes, $25 on a meal, and deposit $30 in your bank, how much money will you have left?
$80 is how much you have left.
Jessica has a gross income of $3500 with a deduction of $260 per month. What is her net income for 4 months?
Her net income for three months is $12,960.
Cassandra and Tom purchased a house together. Their house cost $400,000. If the property tax rate is 3.5%. How much are they paying in property tax?
They are paying $14,000 in property tax.
If you earn $500 each month and decide to save 20% of your income, how much money will you save for 3 months?
You would save $300 total.
You have 4/5 of a gallon of juice. If you pour it into cups that each hold 1/10 of a gallon, how many cups can you fill?
8 cups
Lisa has a credit card limit of $500. Monday, she went shopping and spent $228. Tuesday, she bought groceries for $89. Wednesday, she purchased food for her pets for $64. How much credit does she have left?
She has $119 credit left
Jimmy noticed that his net income was different from the previous month. Last month his gross income was $5,630 with a deduction of $420. This month, gross income is $4,740 with a deduction of $273. What is the difference in net income that Jimmy had from this month and last month?
$743 is the difference between net income of both months
If your payroll tax is 7% of your earnings and you earned $1,000 each month. How much will be deducted in payroll tax for 6 months?
$420 is the total payroll tax deducted.
You plan to buy a video game console for $550. If you already have $125 saved and you can save $40 each week, how many weeks will it take you to save enough to buy the console?
*Read this carefully, trick question!
You would have to save for 11 weeks to have enough money.
(10 weeks only saves you $525. You need an extra week to have enough)