Finance Pre Test

Which of the following statements best explains why income alone does not determine wealth?

• Investing is the only factor that contributes to wealth building.

• Income alone does determine a person's wealth.

• Only people who are natural savers can become wealthy.

• How much money a person makes does not dictate his or her spending and saving behavior.

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

Rent is a:

• Fixed expense

• Variable expense

• Discretionary expense

• Intermittent expense

What is the difference between gross pay and net pay?

• net pay describes your pay after deductions; gross pay is before

• Gross pay describes your pay after deductions; net pay is before

• Gross and net pay are the same

• None of the above

Which of the following best describes the amount of money you’ll have if you put $1000 into a savings account earning 2% annual compound interest for 10 years? You can ignore the impact of inflation in this question.

• The same $1000 you started with

• Exactly $1200

• Slightly more than $1200

• $2000

• Exactly $20,000

Which of the following options at the grocery store has the lowest unit price? a

• 1 box of cereal for $3.25

• 3 boxes of cereal for $9.99

• 5 boxes of cereal for $15

• You can’t tell without knowing the tax rate at that grocery store

• It depends how many boxes of cereal you need at the time

Tags

CCSS.6.RP.A.3B

The shirt that you bought was $20. The sales tax was 15%, what was the final price?

• $20

• $22

• $23

• $17

Tags

CCSS.6.RP.A.3C

What is the discounted price of an item that originally costs $75.00 and is receiving at 20% discount? 

• $60
• $55
• $15
• $90

Tags

CCSS.6.RP.A.3C

Tickets to Wrestlemania cost $600. The sales tax is 30%, what is the final price?

• $660

• $600

• $630

• $780

Tags

CCSS.6.RP.A.3C

Find the balance in the account after the given period.

$12,000 principal earing 4.8% compounded annually after 7 years.

• $3,243.19

• $16,661.35

• $15,243.19

• $4,661.35

Maria borrowed $3,000 at a simple interest rate of 4% per year.  How much did she have to repay after 4 years?

• $480
• $3,480
• $4,800
• $7,800

Tags

CCSS.7.RP.A.3