Financial Algebra Review

Using the 50/30/20 budgeting plan recommends the following...

• It limits your spending to $50 dollars per month

• It recommends 50% for needs, 30% for wants, and 20% for savings

• It recommends that 50% of your budget goes to debt repayment or savings.

• For every $50 you save; a bank gives you $30 or a Credit Union gives you $20.

Tags

CCSS.7.EE.B.3

CCSS.7.RP.A.2

CCSS.7.RP.A.3

How do you represent 11% as a decimal?

• 1.1

• 0.011

• 0.11

• 11

Tags

CCSS.5.NBT.A.3

CCSS.5.NBT.B.7

How do you represent 7.5% as a decimal?

• 0.075

• 0.75

• 7.5

• 75

Tags

CCSS.5.NBT.A.2

Which of the following costs would be the most difficult to adjust if you were looking to reduce your expense?

• Dining out at local restaurants

• Expenses for new clothes

• Loan payment on a student loan

• Purchasing a new big-screen TV

Tags

CCSS.HSS.MD.B.5

How many months of expenses should be saved as emergency funds?

• 12 months - 18 months

• 9 months

• 3 - 6 months

• 4-8 months

Tags

CCSS.HSA.SSE.A.1

Bailey has $3200 per month to spend. Her monthly costs include: rent of $1,200, car expenses of $525, utilities of $145, insurance of $200, food for $315, and other expenses of of $75. What is the end result?

• Budget surplus of $740

• Budget deficit of $740

• Budget surplus of $125

• Budget deficit of $125

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.3

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

How much interest is earned if $1,000 is put into a savings account for 15 years at an annual simple interest rate of 4%.

• $7,000

• $6,000

• $1,600

• $600

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.SSE.A.1

The Smiths put $6,000 into a savings account for their daughter Kate that earned 4.75% simple interest annually for 20 years. How much is in the account after 18 years?

• $11,700

• $5,700

• $6,285

• $51,300

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

Devon earned $495 in simple interest over four years at a 1.5% interest rate. What was the amount that he put in his savings account to start.

• $495

• $18.56

• $8,250

• $825

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

Isaiah earned $726 in interest in a savings account that pays 4% simple interest each year. If Isaiah’s only deposit was $3025, how many years was the money in the account?

• 4 years

• 5 years

• 6 years

• .01 years

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.REI.A.1

CCSS.HSA.REI.B.3