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Tipping
Income
Taxes
Buying a Car
Buying a House
100

Define the term "Tip"

A percentage of a total restaurant bill paid to the server.

100
What does the term, "income" mean? 
Money received for work
100
What is a "tax"? 
A percentage of your income that goes to the government. 
100

What is a "down payment"? 

A partial payment made at the time of purchase

100
What are some reasons to choose a smaller home instead of a larger home? 
Answers may vary 
200

Name the term that goes with this definition: 

"To divide the total amount due by the number of diners"

Split the check

200
Name the term for this definition: 

"The money left over AFTER taxes and other expenses are taken out of your paycheck" 

Net income 
200
Do you think people should be taxed? Explain your answer. 
Answers may vary. 
200

What does it mean to "lease" a car? 

You are basically renting the car by making monthly payments for a specific amount of time, then you return it.

200

What is interest? 

The cost of borrowing money 

300

A piece of paper showing everything that was ordered and the total cost of the meal, including tax.

Bill/Check 

300

What is the term for this definition: 

"The amount of money your earn BEFORE taxes and other expenses are taken out of your paycheck" 

Gross income

300
Does each person pay the same exact dollar amount for taxes? explain. 
No. Each person's income is different, so they would pay different amounts in tax. 
300

What does it mean to "finance" a car? 

Financing a car is when you borrow money to buy a car and pay it back over time.  

300
Why is it better to pay off your house quickly? 
Because you will pay less money in interest 
400

What is the standard tip percentage for good service? 

15-20%

400

What are deductions? 

Money withheld from gross pay.

400

I make $30,000 in my paycheck. After taxes, I will only have $20,000 left. Which amount is my net income and which is my gross income? 

$30,000 (before taxes) is my gross and $20,000 is my net (after taxes) 

400

What is the difference between buying and leasing a car? 

If you buy a car, you own it. If you lease a car, you are borrowing the car. 

400

List two reasons why it might be better to rent a house and two reasons why it might be better to buy a house. 

Answers may vary 

500

If your bill is $374.60 with an 18% and the number of diners is 8 what is the total bill and what is each persons share? 

Total Bill: $442.02

Each Person's Share: $55.25

500
If I get paid $1,500 a WEEK, how much will I make in a MONTH? 
$6,000
500

If I make $30,000 this year, and taxes are 30% how much will I pay in taxes?  

$9,000

500

Why does it cost more money to finance a car (pay over time) instead of paying the whole thing at once? 

If you finance a car, you pay more in interest. 

500

If I purchase a house for $600,000, what will my 35% down payment be? 

$210,000