Financial Algebra chapter 10 quiz 1

Quiz
•
Mathematics
•
12th Grade
•
Medium
Standards-aligned
Luke Marvulli
Used 15+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Jay just graduated from college and he has decided to open a retirement account that pays 1.75% interest compounded monthly. If he has direct deposits of $100 per month taken out of his paycheck, how much will he have in the account after 42 years?
$74356.50
$121,986.24
$186,578.65
$96,548.73
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fiona opened a retirement account that has an annual yield of 6%. She is planning on retiring in 20 years. How much must she deposit into that account each month so that she can have a total of $600,000 by the time she retires?
$1,298
$795
$842
$955
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the age of 30, Jasmine started a retirement account with $50,000 which compounded interest semi-annually with an APR of 4%. She made no further deposits. What is her balance after 25 years?
$134,579.40
$50,000
$3,584,354.62
$151,384.92
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In 2018, the maximum taxable income for Social Security was 128,700 dollars and the tax rate was 6.2%. What is the maximum Social Security tax anyone could have paid in that year?
$7,130
6,324
$7,979
$11,398
Tags
CCSS.8.EE.C.7B
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In 2018, the maximum taxable income for Social Security was 128,700 dollars and the tax rate was 6.2%. Alex switched jobs in 2018 from the credit union to the hospital. When he worked for the credit union he made $67,010 and the hospital paid him $72,200. Each employer took out 6.2% out for social security taxes. How much did Alex overpay for social security in 2018?
$8,631
$7,979
$652
$1,130
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In 1978, the amount of earnings required to earn one social security credit was $250. thirty years later, in 2018, this amount is $1,320. What was the percent increase in the amount required to earn a credit, over this 40- year span?
320%
1070%
428%
372%
Tags
CCSS.6.RP.A.3C
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