Budget Assignment Revised 11/3

1. The sales tax rate on a new vehicle is 6%. If the vehicle is $8,000, then how much will be charged for sales tax?

• A. $320
• B. $480
• C. $520
• D. $610

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7.13.A

2. Margie’s $1,600 budget is shown below. Which of the following statements does NOT represent the table?

• A. Margie’s car payment represents one eighth of her total budget.
• B. Margie’s rent and food represent more than 50% of her total budget.
• C. Utilities represent 5% of Margie’s total budget.
• D. Margie’s food category represents more than 20% of her total budget.

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7.13.B

7.13.D

3. Dr. Ames earns an annual salary of $265,000. If 6% of his income is withheld for social security tax, then how much will Dr. Ames pay each year in social security tax?

• A. $13,250
• B. $15,900
• C. $18,400
• D. $21,860

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7.13.B

7.13.D

4. Sophia invests $12,500 in an account that earns 4% annual simple interest. Assuming she makes no additional deposits or withdrawals, how much interest will Sophia earn after 3 years?

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7.13.E

5. Royce is tabulating his net worth. Using the table below, determine Royce’s net worth.

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7.13.C

6. Dak creates a budget to help him organize his finances. Which of the following statements is not true?

• A. Dak’s food budget accounts for 20% of his total budget.
• B. Dak pays exactly 50% of his budget in rent.
• C. Dak’s budget for utilities accounts for less than 10% of his budget.
• D. Dak’s rent and car payment account for 55% of his total budget.

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7.13.B

7.13.D

Match assets and liabilities

• assets

• Art collection that's yours

• liability

• credit cards

• assets

• Checking account

• liability

• Car note

• liability

• mortgage note

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7.13.C

Jane received $875 from her graduation party. She put the money in a bank with a 4% simple interest rate. How much interest will she have earned after 7 years?

(a)   What will be her total amount? ​ ​ (b)  

• $225

• $245
• $2,250

• $2,450

• $35
• $3500
• $24500
• $1120

Last night, the two dinner specials at Lester's favorite restaurant were salmon filet and steak. The restaurant served 35 specials in all, 80% of which were salmon filets. How many salmon filets did the restaurant serve?