Money Math
Jan has $50.00 in her pocket. Jane buy's a T-shirt for $23.98. How much change will Jane receive back after making this purchase?
Please show your work.
$26.02
This word begins with the letter, "b " and means
the money you presently have in your bank account.
Answer: balance
ATM
Automatic Teller Machine
A 500-credit score is considered poor or fair?
Poor
A credit card has a monthly bill, and a debit card does not.
True
Tiffany bought a coat for $90.00. If received a discount for 10% off the coat. How much is the coat after the discount is applied?
Please show your work
$80.00
This world begins with the letter "D" and is used to describe when you add money to your bank account.
Deposit
IRA
Individual Retirement Account
Sue has a 751 FICO-credit score. What kind of credit does Sue have?
A) Fair
B) Good
C) Very Good
D) Excellent
E) Poor
C) Very Good
There are 14 digits in a credit card number.
False. There are 16 digits.
Tyrone bought 2 coats from Macy's for$ 45.00 and $47.00. What is the average coast of the coast?
Please show your work.
Answer: $ 46.00
Which of the following definitions is used to describe a budget?
A) a gift of money or goods to help people or a group.
B) something given to someone who helps a person or a business
C) a plan for earning and spending money
D) the movement of money or goods from one person to another
C. A plan for earning and spending money
ROI
Return on Investment
The profit or loss made on an investment, calculated as a percentage of the cost.
What is the highest credit score that you can achieve?
850
TRUE
Solve:
$4.75
x 12
_____________
$57
This word begins with the letter, "I" and means:
Money received from work, investments, or other sources.
Income
DTI
Debt to income ratio
Percentage of gross monthly income used to pay debts.
The lowest possible FICO credit score is ____.
Answer: 300
You can withdrawal money from a C.D. anytime without a penalty.
Withdrawing money early typically results in fees, usually a portion of interest earned.
Sam bought the following items from ACME:
1. Bacon: $3.99
2. Bread: $2.99
3. Case of Water: $2.73
4. Butter: $ 2.99
Calculate the total cost of the grocies. If Sam reieve a $20% discount, how much money did he spend it total?
Total cost groceries: $12.70 x 0.20= $2.54
$12.70 - $2.54 = $10.16
Answer: $10.16
This word begins with the letter, "D" and means:
Spreading investments across different assets to reduce risk.
Diversification
CD
Answer: Certificate of Deposit
A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a fixed period of time, such as six months, one year, or five years, and in exchange, the issuing bank pays interest.
Problem:
Maria has a credit score of 720. After missing two credit card payments, her score drops by 45 points. The next month, she pays all her bills on time, and her score increases by 20 points.
Question:
What is Maria’s new credit score?
Answer = 695
720−45=675
675+20=695
Is the following statement true or false?
Interest is the extra amount of money you pay when borrowing, or the extra amount you earn when saving or investing.
Answer: True