Unit 6 Review - Financial Literacy

Phillip created the net worth statement shown. Based on the information in the statement, what is Phillip's net worth?

• $184,500

• $41,500

The table shows Peter's net worth statement. Assets are shown as positive numbers, and liabilities are shown as negative numbers. The value of Peter's house is not given. Peter's net worth is $101,800. Based on the information in the table, what is the current value of Peter's house?

• $58,600

• $78,300

• $98,000

• $82,100

What percent of Sherri's total budget is put into cable and cell phone?

• 5%

• 9%

• 13%

• 17%

Which statement IS supported by the information in the table?

• More than 1/2 of Sherri's monthly income is spent on rent.

• Sherri puts 15% of her monthly income into savings.

• More than 1/4 of Sherri's monthly income is spent on utilities , cable and groceries.

• Sherri spends 14% of her monthly income on her cell phone and other expenses.

Julie budgets $600 of expenses each month. What percent of her budget does she spend on her car?

• 10%

• 25%

• 50%

• 300%

The graph above represents a family’s monthly budget. The family’s income is $3,125. How much money does the family spend on utilities, transportation costs, and savings?

• $1000.93

• $1093.75

• $1937.50

• $2037.50

The Cooper family's monthly budget is $4000. How much money do they spend on housing?

• $2500

• $1250

• $1000

• $250

Emily created the net worth statement shown.

Based on the information in the table, what is Emily's net worth?

• $107,550

• $87,025

• $20,525

• $128,075

Rita has a loan of $45,580. This loan has a simple interest rate of 4% per year. What is the amount of interest that Rita will be charged on this loan at the end of one year?

• $47,403.20

• $11,395

• $18,232

• $1,823.20

Leo wants to buy some shoes. He found the shoes at three different stores for a price of $35. The stores are each having a sale.

-Store X is offering a 15% off the price of the shoes.

-Store Y is offering $5 off the price of the shoes.

-Store Z is offering a 1/5 discount off the price of the shoes.

Which statement about the sale price of these shoes is true?

• Store X has the best sale price of $20.

• Store Z has the best sale price of $28.

• Store Y has the best sale price of $30.

• Store Z has the best sale price of $7.