Checkpoint 4: Personal Financial Literacy Practice

Jane is a teacher with an annual salary of $46,520. The income tax rate Jane will have to pay is 5.25% of her annual income.

What is the amount of income tax in dollars and cents that Jane will have to pay?

Martin's Boutique is having a sale.

⋅Pants are 20% off their regular price of $33.50.

⋅Shirts are 15% off of their regular price $13.25.

⋅Hats are 20% off of their regular price of $10.75.

Determine the sales tax for the purchase of 2 pairs of pants, 3 shirts, and 1 hat from the sale at Martin's Boutique if the sales tax rate is 6.5%. Round your answer to the nearest cent.

The price of a television is $475. The sales tax is 8%. What is the amount of the sales tax?

Mary's monthly budget is shown in the table.

 

Category Amount

Housing $1,500

Transportation $800

Clothing $350

Savings $200

Other $625

What percentage of her total monthly budget does she plan for savings? (Round to the nearest percent.)

Rachel earns $2400 per month, of which 35% is taken out of her paycheck for taxes and other fees. Rachel's monthly budget includes $850 for rent, $350 for groceries, $150 for savings, $425 for car payment, and $250 for utilities.

What percentage of Rachel's take-home pay is used to pay for groceries and savings?

(Round to the nearest percent.)

Rachel spent ​ ​ (a)   on groceries and savings.

She spent about    ​ (b)   percent of her take-home pay on rent and utilities.

• $500
• 21%
• $1,100
• $600
• $575
• 46%
• 25%
• 24%

The table shows Dalton's net worth statement. Which items are assets?

(Select ALL that apply.)

• Credit Card Debt

• Checking Account Balance

• Home Value

• Mortgage

• Auto Loan

A monthly budget with expenses is shown.

Which equation can be used to determine y, the minimum amount of money a family must earn to meet the requirements of this budget for one year?

Ivy has $3,000.00 to invest for 2 years. The table shows information about two investments Ivy can make.

⋅ Investment X: Rate of 2.5% Simple Interest

⋅Investment Y: Rate 2% Compound Interest

Ivy makes no additional deposits or withdrawals. Which investment earns the greater amount of interest over a period of 2 years?

Choose the correct answer from each drop -down menu to complete the statement.

The investment with the greater amount of interest is ​ ​ (a)   , which earns ​ ​ (b)   more.

• Investment X
• $28.80
• Investment Y
• $90.00
• $121.20
• $150.00

Haley took out a loan for $12,000. This loan has a simple interest rate of 4.25% per year.

What is the amount of interest that Imani will be charged on this loan at the end of 6 years?

• Store X has the best sale price of $39.60.

• Store Z has the best sale price of $18.00.

• Store Y has the best sale price of $35.

• Store Z has the best sale price of $27.