Quiz about Consumer Math Pre Assessment

Question 1

Find the amount of interest earned by $8000 invested at 5% annual simple interest rate for 1 year.

Accepted Answer

$400

Answer

$625

Answer

$350

Answer

$750

Question 2

To start a mobile dog-grooming service, Renee Wooferson borrowed $2,500. If the loan was for two years and the amount of interest was $175, what simple interest rate was she charged?

Accepted Answer

3.5%

Answer

5.75%

Answer

1.8%

Answer

8.25%

Question 3

Jane Bestseller set a goal to earn $2,000 in May. She receives a base salary of $500 per month as well as a 10% commission for all sales in that month. How much merchandise will she have to sell to meet this goal?

Accepted Answer

$15,000

Answer

$2,500

Answer

$10,000

Answer

$250

Question 4

A student borrowed some money from his father at 2% simple interest to buy a car. He paid his father $360 in interest after 3 years, how much did he borrow?

Accepted Answer

$6,000

Answer

$12,485

Answer

$9,700

Answer

$4,900

Question 5

The Smiths  spent $29.85 for entrees and beverages at dinner. The sales tax was 6% of the price of the meal. The tip was 15% of the meal and the sales tax. How much money did the Smith family pay for the meal, including tax and tip?

Accepted Answer

$36.39

Answer

$31.64

Answer

$31.60

Answer

$42.89

Question 6

A notebook costs $4.50 plus sales tax. After sales tax, the notebook is $4.86. What is the sales tax rate?

Accepted Answer

8%

Answer

6.2%

Answer

4.8%

Answer

12%

Question 7

Anna is saving $6.35 a week to buy a computer game that costs $57.15. How many weeks will she have to save to buy the game?

Accepted Answer

9 weeks

Answer

3 weeks

Answer

6 weeks

Answer

12 weeks

Question 8

The bill for dinner came to $75.48. The four friends decided to leave a $15 tip. If they shared the bill equally, how much will they each pay?

Accepted Answer

$22.62

Answer

$21.70

Answer

$90.48

Answer

$44.40

Question 9

Sam and Carl ate breakfast at the local diner. They gave the waitress a tip of $2.88 which was 25% of their bill.  If the two friends split the bill and the tip evenly, how much will each one pay?

Accepted Answer

$7.20

Answer

$11.52

Answer

$19.74

Answer

$5.76

Question 10

Nia's dad ordered Chinese food from Top's China to be delivered.  The bill was $24.  He gave a 15% tip to the delivery man.  How much did he spend on dinner

Accepted Answer

$27.60

Answer

$28.00

Answer

$2.70

Answer

$3.60

Question 11

Imani wanted to purchase a bike for the summer.  She received a 25% discount on the purchase of $240.  What was the amount of discount Imani received?

Accepted Answer

$60

Answer

$25

Answer

$180

Answer

$215

Question 12

Walter bought a CD for $17, a pair of shoes for $30 and a pair of jeans for $25.  The tax rate was 6%.  What was the total cost of Walter's purchase?

Accepted Answer

$76.32

Answer

$74.32

Answer

$4.32

Answer

$72.00

Question 13

A book at Barnes and Noble cost $7.95 and is on sale for 15% off.  The sales tax is 6%.  What is the total cost of the book?

Accepted Answer

$7.17

Answer

$8.27

Answer

$7.74

Answer

$6.96

Question 14

What is 15% of 30?

Accepted Answer

4.5

Answer

450

Answer

45.0

Answer

.45

Question 15

What percent of 50 is 25?

Accepted Answer

50%

Answer

40%

Answer

51%

Answer

52%

Question 16

What number is 13% of 45?

Accepted Answer

5.59

Answer

.559

Answer

.60

Answer

559

Question 17

You buy a pair of Beats by Dre for $249.99 and pay 6.5% sales tax.  What is the TOTAL cost?

Accepted Answer

$266.24

Answer

$16.24

Answer

$266.23

Answer

$233.74

Question 18

The __________ price for a car is the cost of the engine, chassis, and standard equipment.  It does not include the cost of options or transportation.

Accepted Answer

base

Answer

total cost

Answer

destination charge

Answer

sticker

Question 19

It is important to compare the ____________ of different options when purchasing expensive items.

Accepted Answer

total costs

Answer

beginning costs

Answer

colors

Answer

interest rates

Question 20

Appliances are marked with an _______________ rating to help you decide which is more economical to use.

Accepted Answer

Energy Star

Answer

New House

Answer

Old One

Answer

Energy Circle

Question 21

When you own a house, you need to pay _________ to the town or city you live in every year.

Accepted Answer

real estate taxes

Answer

car tax

Answer

grocery tax

Answer

town taxes

Question 22

When you own a car, you need to pay ________________ to the town you live in every year.

Accepted Answer

property taxes

Answer

nothing

Answer

a ton of money

Answer

real estate taxes

Question 23

________________ are all the extra fees you pay when buying a house (ex. attorney fees, credit report, title search, etc.).

Accepted Answer

closing cost

Answer

opening cost

Answer

in-between cost

Answer

up in the air costs

Question 24

To figure out how much you paid in interest, you need to subtract the total amount you pay back minus how much you ________________ in the first place.

Accepted Answer

borrowed

Answer

sold

Answer

stole

Answer

paid in interest

Question 25

Banks and mortgage companies charge you ____________ to borrow their money.

Accepted Answer

interest

Answer

only a small interest

Answer

as much as they want

Answer

principal

Question 26

A _______________ loan is money you borrow to buy a house.

Accepted Answer

mortgage

Answer

auto

Answer

rainy day

Answer

lease

Question 27

_____________ are charged more for auto insurance, because they drive more recklessly and get into more accidents.

Accepted Answer

Males

Answer

Children

Answer

Females

Answer

Grandparents

Question 28

Julie has a $1,500 deductible on her insurance policy. Today, she wrecked her car, causing $4,000 damage to her vehicle. What is her insurance company responsible for paying?

Accepted Answer

$2,500

Answer

$1,500

Answer

$4,000

Answer

$0

Question 29

Another term for MSRP is  ____________.

Accepted Answer

sticker price

Answer

retail price

Answer

base price

Answer

sale price

Question 30

The name for a renter is:

Accepted Answer

tenant

Answer

landlord

Answer

rentee

Answer

lease

Question 31

Which of the following do you not have to worry about when you are renting?

Accepted Answer

Repairs

Answer

utilities

Answer

clothing

Answer

cooking

Question 32

The___ of continuing your education is the money you would have earned if you have worked instead.

Accepted Answer

opportunity cost

Answer

debt-to-income ratio

Answer

benefit

Answer

total estimated cost

Question 33

The total amount of earnings before any deductions are taken out

Accepted Answer

Gross Pay

Answer

Net Pay

Answer

After-tax Income

Answer

Yucky Pay

Question 34

The amount of salary received after taxes and deductions

Accepted Answer

Net Pay

Answer

Gross Pay

Answer

Total Earnings

Answer

Bill

Question 35

With-holdings from paychecks that go to provide income support for people who are unemployed, disabled, or over age 65

Accepted Answer

Social Security

Answer

401k

Answer

Medicare

Answer

Medicaid

Question 36

Bruce makes $100,000 per year.
Steve makes $50,000 per year.
Tony makes $30,000 per year.
Bruce pays 30% in taxes, Steve pays 20%, and Tony pays 10%. This tax is

Accepted Answer

Progressive

Answer

Proportional

Answer

Regressive

Answer

I have no idea.

Question 37

Kevin sees two amounts on his paycheck.
Gross Pay: $3500.00
Net Pay: $2800.00
Which one will actually be deposited into his bank account?

Accepted Answer

Net Pay

Answer

Gross Pay

Answer

Trick Question!  You have to take out taxes.  So Neither!

Answer

I am SOOOO confused.

Question 38

A budget deficit occurs when...

Accepted Answer

The government spends more money than it brings in for a fiscal year

Answer

The government brings in more revenue than it spends for a given year

Question 39

Ownership in a publicly traded corporation

Accepted Answer

Stock

Answer

CD-certificate of deposit

Answer

Money Market

Answer

Treasury bill

Question 40

A plan how money will be spent

Accepted Answer

Budget

Answer

Balanced Budget

Answer

Variable Expense

Answer

Net income

Question 41

A small plastic card issued by a financial institution which can be used to make purchases.  The amount charged is borrowed by the cardholder.

Accepted Answer

Credit Card

Answer

Debit Card

Answer

Net card

Answer

Check

Question 42

The Affordable Care Act requires everyone has health insurance otherwise you will be fined.

Accepted Answer

True

Answer

False

Question 43

A loan that is given to high risk lenders because they have a very low credit score is known as a...

Accepted Answer

Subprime Loan

Answer

Predatory Loan

Answer

Adjustable Rate Mortgage

Answer

Fixed Rate Mortgage

Question 44

Due to the Affordable Care Act (Obama Care) you can now stay on your parents health insurance until age...

Accepted Answer

26

Answer

18

Answer

20

Answer

28

Question 45

The difference between what a house is worth and what is still owed on the house is known as...

Accepted Answer

Equity

Answer

Down Payment

Answer

Mortgage Payment

Answer

Home Loan

Question 46

When you pay $25 every time you go to the doctor, no matter the reason, this is known as a...

Accepted Answer

Co-payment

Answer

Deductible

Answer

Co-insurance

Answer

Premium

Question 47

Which of the following is NOT correct behavior for an interview?

Accepted Answer

Chewing gum to freshen your breath

Answer

Saying you need a moment to think before answering

Answer

Asking questions about the duties of the job

Answer

Dressing neatly and conservatively

Question 48

How long should your resume be?

Accepted Answer

1 page

Answer

2 pages

Answer

1/2 a page

Answer

Doesn't matter

Question 49

Amounts owed are also called ______________.

Accepted Answer

liabilities

Answer

assets

Answer

foreclosure

Answer

collateral

Question 50

Security for a loan is called ______________.

Accepted Answer

Collateral

Answer

Debtor

Answer

Finance Charge

Answer

Net worth

Question 51

Which of the following is an asset?

Accepted Answer

401(k)

Answer

A mortgage

Answer

Interest on a credit card

Answer

Student loan

Question 52

What is something called when it is important to one's survival?

Accepted Answer

Need

Answer

Desire

Answer

Demand

Answer

Want

Question 53

Not every product you see in the grocery is Made in America. Products including fruits and vegetables are brought into the United Stated from other countries are called

Accepted Answer

Imports

Answer

Exports

Answer

Services

Answer

Homemade

Question 54

A tax on real estate or personal property

Accepted Answer

Property Tax

Answer

Sales Tax

Answer

Income  Tax

Answer

Payroll Tax

Question 55

Professionally managed, diversified investment that pools resources of many investors

Accepted Answer

Mutual fund

Answer

Treasury bonds

Answer

Stock index

Answer

Saving account

Question 56

Linda's employer sent her a(n) _____, which summarizes her earnings and the amount withheld from her paychecks.

Accepted Answer

W-2 form

Answer

W-4 form

Answer

I-9 form

Answer

1040 form

Question 57

This is the cheapest age to purchase a life insurance policy.

Accepted Answer

At birth

Answer

Age 20

Answer

Age 40

Answer

Age 60

Question 58

Which of the following is NOT part of a mortgage payment.

Accepted Answer

Closing costs

Answer

Homeowner's Insurance

Answer

Taxes

Answer

Interest

Question 59

Mortgage loan with a rate that changes over the course of the loan

Accepted Answer

Adjustable rate mortgage

Answer

balloon mortgage

Answer

fixed rate mortgage

Answer

reverse mortgage

Consumer Math Pre Assessment

60 questions

Find the amount of interest earned by $8000 invested at 5% annual simple interest rate for 1 year.

To start a mobile dog-grooming service, Renee Wooferson borrowed $2,500. If the loan was for two years and the amount of interest was $175, what simple interest rate was she charged?

Jane Bestseller set a goal to earn $2,000 in May. She receives a base salary of $500 per month as well as a 10% commission for all sales in that month. How much merchandise will she have to sell to meet this goal?

A student borrowed some money from his father at 2% simple interest to buy a car. He paid his father $360 in interest after 3 years, how much did he borrow?

The Smiths spent $29.85 for entrees and beverages at dinner. The sales tax was 6% of the price of the meal. The tip was 15% of the meal and the sales tax. How much money did the Smith family pay for the meal, including tax and tip?

A notebook costs $4.50 plus sales tax. After sales tax, the notebook is $4.86. What is the sales tax rate?

Anna is saving $6.35 a week to buy a computer game that costs $57.15. How many weeks will she have to save to buy the game?

The bill for dinner came to $75.48. The four friends decided to leave a $15 tip. If they shared the bill equally, how much will they each pay?

Sam and Carl ate breakfast at the local diner. They gave the waitress a tip of $2.88 which was 25% of their bill. If the two friends split the bill and the tip evenly, how much will each one pay?

A woman’s coat was priced at $120. If there was a 40% reduction in the price, what was the selling price of the coat?

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