Personal Financial Literacy Quick Check M

In Texas the state sales tax rate is 6%. If Beth purchases a washing machine at $420.00, then how much will Beth pay in state sales tax?

• $18.70

• $25.20

• $30.19

Jameson is seeking a loan with a simple interest rate of 3% per year. If he wants to borrow $8,000, then how much will he be charged in interest after 4 years?

• $1,280.00

• $960.00

• $240.00

Margie has a $50.00 budget to purchase a $45.00 pair of boots. If there is an 8% sales tax rate, then how much under budget will Margie be?

• $8.60

• $5.00

• $1.40

The Conner family has created a budget for their $3,000 monthly income. Based on the budget above, which

statement is not true?

• the car accounts for 10% of the budget

• the rent and savings account for more than 50% of the budget

• savings accounts for 20% of the budget

Tameka is seeking a loan with a simple interest rate of 8% per year. If she wants to borrow $5,000, then how much will she be charged in interest after 24 months?

• $9,600

• $8,000

• $800

A local gym offers specials on their regular $60 joining fee during the first three months of the year. Which statement about the discount on the joining fee is true?

• January: new members save 30% off the joining fee

• February: new members save $20 off the joining fee

• March: new members save ¼ of the joining fee

• January has the best sale price of $30.

• Members save $15 when they join in March.

• February has the best sale price of $40.

Ian’s parents asked him to create a budget for his $1,000 monthly income. He determines that he would like to save the remaining amount. About what percent of his budget will go towards savings?

• 35%

• 63%

• 38%

Mrs. Mitchell is signing her son up for karate lessons. She has the following payment options. Which of the following statements is true?

• If Mrs. Mitchell pays each week, then she will

  spend $260 more than if she pays by month.

• By paying in full for the year, Mrs. Mitchell will

  save $80

• The best value is the annual payment plan.

Mr. King is considering a new job. He and his wife sit down and create a list of their monthly expenses, as shown above. Which of the following annual salaries will meet his standard of living?

• $35,000

• $38,200

• $42,600

Hayden is comprising a statement with all his financial assets and liabilities. The assets are shown as a positive number, and the liabilities are shown as a negative number. What is the balance of his savings account?

• $1,260

• $1,680

• $600