#18 Financial Literacy

Which of the following is an advantage of using a credit card?

• Interest is charged for the use of a credit card.

• Consumers can purchase things now, and pay for them later in the event of an emergency.

• You could be a victim of identity theft.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Jonathan's new clothes cost a total of $572.50 before tax. What type of tax does Jonathan have to pay for his new clothes?

• Income Tax
• Property Tax
• Payroll Tax
• Sales Tax

Tags

CCSS.L.6.6

CCSS.L.7.6

CCSS.L.8.6

CCSS.W.7.2D

CCSS.W.8.2D

Amarise's salary has a net income of $235 per week. If she pays $30 in income tax and $15 in payroll tax, how could Juliette determine her gross income? Why?

• 235 – 30 – 15 = $190 Net income minus all deductions equals gross income.
• 235 + 15 = $250 Net income plus payroll tax deductions equals gross income.
• 235 + 30 = $265 Net income plus income tax deductions equals gross income.
• 235 + 30 + 15 = $280 Net income plus all deductions equals gross income.

Tags

CCSS.6.NS.B.3

Anthony has a new job. He is paid twice a month. He wants to save $720 a year to put toward college. How much money does Anthony need to save from each paycheck? 

• Anthony should save $30 from each paycheck.
• Anthony should save $20 from each paycheck.
• Anthony should save $10 from each paycheck.
• Anthony should save $5 from each paycheck.

Tags

CCSS.L.1.6

CCSS.L.3.6

CCSS.L.K.5A

CCSS.W.2.3

CCSS.W.3.3C

Jenny just received her first paycheck. She noticed that after they deducted $30 for payroll taxes and $60 for medical insurance. Her net pay was $320. How much did Jenny make before the deductions were removed from her gross pay?

• $230
• $410
• $320
• $140

Tags

CCSS.7.EE.B.3

Taxes help pay for things such as public education, parks, police, fire, EMS, postal service and libraries. 

• True
• False

Life Insurance covers: 

• Payment to beneficiaries if an insured person dies
• Provides money to pay for health care
• You are unable to work for six months and need help paying your expenses while you’re out of work
• Payment to insured person if his/her property is damaged or destroyed by an accident

Which of these is not an example of a utility expense?

• Rent

• Water

• Electric

Larbie deposited $500 in a new account.

The bank pays 5% compound interest She does not make any withdraws or deposits for 4 years.

How much will be in her account after 4 years?

• $100

• $607.75

• $600

• $107.75

Willa deposited $5,000 in an account that pays 9.25% simple interest. What expression can be used to find the value of her investment after 5 years?

• $5,000(0.0925)(5) + $5,000

• $5,000(0.0925)⁵

• $5,000(0.0925)(5)

• $5,000(1.0925)⁵