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Sales & Income Tax
Budgets
Net Worth
Simple & Compound Interest
Monetary(Shopping) Incentives
100

True or False

Income Tax is a percentage withheld from income you earn. 

What is True

100

True or False

The expenses that do not change from time to time is called a variable expense. If false, give the correct answer.
What is False, because its not a variable expense its a fixed expense. 
100

True or False

An asset is an amount of money you owe to a financial institution? If false, state why
What is false, bc it's not an asset it's a liability. 
100

True or False

Simple Interest formula is A=p(1+r)^t?. If false, please give the correct answer.

What is false, because Simple Interest is I=prt
100

True or False

A coupon is the amount of money a store reimburses the customer after purchasing the item? If false, give correct answer.

What is false bc a coupon is a voucher that provides a discount for the customer at the time of purchase. 
200

Determine the subtotal of all the non-taxable items. Round to the nearest hundredths place if needed. 

 

Mathtastic Mini Mart:

Toothpaste        $5.50 T

Bread               $2.99 F

Milk                  $1.99 F

Eggs                 $5.99 F

Dish Soap         $0.99 T


What is $10.99

200

Categorize the following as fixed expenses or variable expenses.

Rent, food, utilities, car note, gas, entertainment, income taxes, student loan, and wages.

What is Fixed- (rent, car note, and student loan)& Variable-(food, utilities, gas, entertainment, income taxes and wages)

200
What is the equation to finding a person's net worth?
What is assets-liabilities=net worth
200
Write how to find Compound Interest, and state what each variable means. 
What is A=p(1+r)^t, where A=interest, p=principal, r=rate(as a decimal), and t=time(in years)
200

Calculate the shopping incentive for the following question.

Ryan was at Save-A-Lots and saw a pair of headphones 35% off $65. How much will Ryan save? 

What is $22.75
300
Mrs. Hill earns an annual salary of $120,000. If federal tax is 7.25% of your income, then how much will Mrs. Hill pay each year in federal tax?
What is $8,700
300

Leslie obtained her first job after graduating from high school. After taxes, Leslie will bring home $1,350, so she lists out a few of her expenses. How much money has Leslie yet to budget?

Food $250

Car payment $399

Gas $199

What is $502

300
Mrs. Hill is calculating her net worth. Her assets have a total of $150,000 and her liabilities are $67,789. What is the value of Mrs. Hill's net worth?
What is $482,211
300
Ryan made a $780 deposit for 15 years at a simple interest rate of 8%. Calculate her interest amount and total value amount. 
What is $936 in total amount and $156 in interest.
300
Mya was shopping with her brother Matthew when she saw a pair of shoes she liked. She also saw the shoes were marked 27.5 % off $100. How much will Mya pay for the shoes if her grandmother decides to buy them? 
What is $72.50
400

Determine the total amount Norse will pay for his purchases if the sales tax is 8%. Round to the nearest hundredths place.

Mathtastic Mini Mart:

Toothpaste $5.50 T

Bread $2.99 F

Milk $1.99 F

Eggs $5.99 F

Dish Soap $0.99 T

What is $10.97
400
Calculate the percent of the budget each category represented below. Mr. Brown brings home $4,500 per month after taxes. He saves $1,325. Round to the nearest whole percent. 
What is 29%
400
A financial planner is working with Q's mother. She tells Q's mother that she has a net worth of $98,000. If Q's mother has a total liability of $72,550, then what is the total value of Q's mothers' assets?
What is $170,550
400

If Maria deposited $750 for 5 years at a compound interest rate of 4%, then what is the interest amount and total value? Round to the nearest hundredths place. 

What is $912.49 total value and $162.49 in interest. 

400
The Hunt brothers is deciding between two different gaming systems that are available at Wal-Mart. One is priced at 15% of the xbox one and the other is priced at $20 off the Ps4. If the price for both game systems are $199, than which value if better for the Hunt brothers?
What is the game system that is $20 off bc they will save $20 verses just $15.
500
In 2018, Mrs. Thomas paid $785 in social security taxes. This represents 3% of her salary. What was Mrs. Thomas's gross income in 2015? Round to the nearest hundredths place.
What is $26,166.67
500
Mrs. Hill husband saves $2,785 a month out of his check. This represents about 18% of his monthly income. About how much is Mr. Hill's monthly income?

Round to the nearest whole number.

What is $15,472
500

Use the table below to determine the net worth of The Silvertooth's Family. Determine their total assets, liabilities and net worth.


ITEM                                    Value

House(current value)             $89,990

Automobile(current value)      $1,200

Retirement Account               $7,500

Student Loans                      $-13,450

Checking Account                  $4,670

Credit Card Debt                    $-25,500

Total Assets:

Total Liabilities:

Net Worth:

What is Assets=$103,360, Liabilities=$38,950, Net worth=$64,410

500
Comparing Simple and Compound Interest. 

Deshawna grandmother has left her a small inheritance of $10,000. Deshawna would like to invest it at a rate of 6.25% interest for 5 years. Decides which interest is best and whats the difference in amount of Simple and Compound interest. Round to the nearest hundredths place. 

What is Compound interest because it's $415.81 more in interest. 
500
Keevian would like to buy a new pair of football shoes that are regularly priced at $68.75. The store is running a 20% off sale. However, there is also a rebate for $15 off, but it does not apply to sale price. Describe which shopping incentive will result in a better price for Keevian's football shoes and why. 
What is the rebate of $15 off because Keevian will save an extra $1.25.