Minimum Wage
A __________ is an amount of money given to someone for performing a service.
TIP
____________________ is the money earned from working, investing or doing business
Income
Sales tax is a percent of the selling price on goods and services purchased charged by the government.
Sales tax is _______________ to the cost you pay for an item(s)
Added
____________________ is a calculation of how much an individual, household or company is worth financially.
Net Worth
Fill in the blanks:
_________ is additional money paid or earned.
Interest
Owe
Earn
What are we dividing by if we need to identify how much a person makes weekly.
By 4.
What is the income tax paid if the income is $90,000.
Income Rate: 20%
$18,000
Sales tax is 7% and you spend $112.
How much money will you spend on tax?
$7.84
What are four examples of assets ?
Cash
House
Business
Property/ Land
Accounts Receivable
Trademark
_________________ is a percentage that is paid on the principal and interest after each time period.
Compound Interest
If Ricardo calculated his annual budget to be $22,550.
What equation would let us know how much money Ricardo needed to earn each week in order to meet his budget ??
a. b= 22500 x 12
b. b= 22500 / 12
c. b = 22500 x 52
d. b = 22500 /52
c. b = 22500 x 52
Hector is filing his taxes for the year. He is single and has no kids, so he is required to pay a 14% annual income tax rate. His annual income is $55,000. How much does Hector have to pay in income taxes for the year?
$7,700
James bought a new digit camera for $175. He had to pay a sales tax of 7%. What was the total cost of the camera?
A. $186.60
B. $187.25
C. $11.60
D. $12.25
B. $187.25
Shelia's assets total $209,425 and her liabilities total $120,370. What is Sheila’s net worth?
$89,055
Marisol’s credit card has a 5% interest rate. She charges $12,500 to her credit card.
How much will she owe when she pays her credit card bill after a year?
$625
Mr. and Mrs. Blanco have a monthly budget of $5,300. Mr. Blanco is employed and earns $3,800 a month. Mrs. Blanco works part time (15 hours per week). How much money does she have to make per hour to be able to afford the monthly budget?
A. $20
B. $23
C. $25
D. $15
C. $25
Income Tax Rate: 25%
Amount of Income Tax Paid: $4,000
What is the total income?
$16,000
A bicycle Mark wants to buys is normally $500, but is on sale today for $375. What percent discount from the original price will Mark receive on the bicycle if he buys it on sale?
Hint: Set up the percent proportion to help you solve this problem.
A. 65%
B.16.5%
C. 70%
D. 25%
D. 25%
Maxine has assets worth $77,000 and her NET WORTH is $35,000. What is the amount of her liabilities.
A. $119,000
B. $45,000
C. $42,000
D. $32,000
C. $42,000
Mariah invested $13,200 at compound 5.5% interest for 3 years.
Which is the equation you will use to solve?
A. I = P x R x T
B. A = P(1 + R) ^T
B. A = P(1 + R) ^T
While Jody attends college, she is responsible for her personal expenses. Her monthly budget is $1,000. Which equation will show you how much money Jody needs to earn annually in order to meet this budget.
A. b= 1000 x 12
B. b= 1000 x 52
C. b = 1000 / 12
D. b= 1000 x 12
An engineer has an annual income of $142,000. The income tax the engineer has to pay is 16%. What is the amount of income tax in dollars and cents that the engineer has to pay?
$22,720
The Iphone 14 Pro is on sale at two stores.
Store A Cost: $1000
Discount: $85 mail-in rebate
Sales Tax: Texas 8%
Store B Cost: $1000
Discount: 20% off the price
Sales Tax: Colorado 9%
Who has the better deal? And why?
Store B.
The Iphone price at store B is $872, while it is $988.20 at store A.
Erika owns a bakery, her bakery is worth $200,000. She is still paying a loan on her bakery for $60,000. She has stocks worth $12,000. Her car is worth $10,000, but she still owes $1,000 in car payments. She has $24000 in her savings account.
What is Erika's net worth?
$185,000
Ronnie invested $1400 in a retirement account that pays 5.5% compounded annually. Which expression can be used to determine the total value of Ronnie's investments after 12 years?
A. 1400(1 + 0.055)^1
B. 1400(1 + 0.55) ^12
C. (1400 +1 + 0.055)^1
D. 1400( 1+0.055) ^12
D. 1400( 1+0.055) ^12