Consumer Math Pre Assessment

Front

What is NOT part of a mortgage payment?

Back

Closing costs are not part of a mortgage payment.

Front

What form summarizes an employee's earnings and withholdings?

Back

W-2 form summarizes an employee's earnings and the amount withheld from paychecks.

Front

If a dinner bill is $24 and a 15% tip is given, how much is spent in total?

Back

Total spent = $24 + ($24 * 0.15) = $27.60.

Front

What represents ownership in a publicly traded corporation?

Back

Stock represents ownership in a publicly traded corporation.

Front

What must you pay annually when you own a car?

Back

You need to pay property taxes annually when you own a car.

Front

What is the purpose of a W-4 form?

Back

A W-4 form is used to determine the amount of federal income tax to withhold from an employee's paycheck.

Front

What is a common type of investment that pays interest over time?

Back

A certificate of deposit (CD) is a common type of investment that pays interest over time.

Front

What is the difference between a money market account and a savings account?

Back

A money market account typically offers higher interest rates and may require a higher minimum balance compared to a savings account.

Front

What is the formula to calculate a tip?

Back

Tip = Total bill amount x Tip percentage.

Front

What are closing costs?

Back

Closing costs are fees associated with finalizing a real estate transaction, including loan origination fees, title insurance, and appraisal fees.