Finance 1

What is a budget?

• A plan for how money will not be used

• A plan for how money will be used

• The amount you spend

• The amount you save

What is income?

• The amount you spend

• The amount you don't save

• Money taken in

What is interest?

• money paid by other people

• money robbed by the bank

• money paid regularly by the bank on the account

• money paid by the U.S

Cathy is looking for a job as a bookkeeper. One classifies ad list a job in a stereo store that pays 34.6K. Another job, in a clothing store, has a weekly salary of $620. Which job is the higher paying job?

• Stereo Store

• Clothing Store

Cathy is looking for a job as a bookkeeper. One classifies ad list a job in a stereo store that pays 34.6K. Another job, in a clothing store, has a weekly salary of $620. What is the difference in the weekly salaries of these two jobs? Round your answer to the nearest dollar.

• 45.00

• 46.00

• 44.00

• 50.00

• 55.00

Vickie makes $40,000 annually.  If she pays 20% in income tax, what is the amount of income tax she will pay?

• 8000
• 80000
• 2000
• 1200

Tags

CCSS.6.RP.A.3C

Anthony has a goal of saving $96.20. He will save the same amount each week for 13 weeks. How much will Anthony need to save each week in order to meet his goal?

• $7.40
• $7.52
• $7.04
• $7.31

Tags

CCSS.6.NS.B.3

You have found a house that you would like to purchase. The amount of the home is $525,000. You would like to finance the home through your local credit union but they require a 8% down payment. Determine the amount needed for the down payment so that the bank will finance the home purchase.

• $525,000

• $420,000

• $42,000

• $4,200

Bob starts saving $500 a month for retirement at age 25.  Ron starts saving $500 a month for retirement at age 40.  Who is going to be able to retire earlier most likely?  

• Ron
• They are likely going to have to both work until they are 99.  
• Bob
• They could both retire tomorrow.  

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited
• the percent interest for his year
• the amount taxed
• the amount the bank owes you for being a customer at their bank