Consumer Math Midyear Exam

1. Why is it important to have an emergency fund?

• The fund is used to pay for your health and car insurance, where emergencies are common.
• The fund is used to pay for college so you don't have to take out student loans.
• The fund is used to pay for unexpected expenses, so that you don't have to go into debt if there's an emergency.
• The fund is used to make donations to charities, who need your help to do good work.

Tags

CCSS.6.EE.A.1

2. You want to reduce the amount of loans you'll need to take out for college, so you want to save as much money as you can ahead of time. What's the BEST strategy?

• Every time you receive a paycheck, spend carefully and then save any money you have left over at the end of the month.
• When you receive any income, either through gifts, allowance, or working, set a goal of saving at least half before you spend the other half.
• Spend whatever you want during the first 2 years of high school, but then save everything you earn during the last 2 years of high school.
• Don't do anything fun during high school so you're not tempted to spend money.

Tags

CCSS.7.NS.A.3

3. Jodi wants to visit her extended family in Barbados next summer, and the flight costs $450. How much does she need to save each month if she wants to buy the flight in exactly 9 months?

• $9
• $45
• $50
• $90

Tags

CCSS.6.EE.B.6

4. What is cognitive bias?

• A logical strategy humans use to come to a decision that is in their best interest
• An argument that is based on fact, usually backed up by scientific evidence
• A theoretical-based approach to solving problems that most humans face
• A systematic error in thinking that can influence humans’ decisions and judgements

Tags

CCSS.RL.5.6

5. Which of the following steps would you recommend MOST people should take if they want to feel less FOMO (fear of missing out)?

• Buy stuff on a weekly basis so you always have something new to show your friends and family
• Decrease time spent on social media and increase time spent on enjoyable activities
• Say “yes” to all social events even if you don’t feel like going to them
• Delete all of your social media accounts and data as soon as possible

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

6. In the past few decades, social media advertising has...

• Become nearly indistinguishable from other types of content on social media platforms
• Used fewer cognitive biases to influence consumers’ financial decisions
• Evolved to encourage consumers to save more money to reach their financial goals
• Decreased its use of consumer data in an effort to protect consumer information and privacy

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

7. Which statement best describes what a budget is?

• A list of all the money you spent during the last month
• A plan for how much income you expect to have and how you want to save and spend it
• A statement from your bank that shows your ATM withdrawals
• A list for which scholarship and grants you will use to pay for college

8. Susan's paycheck this month says her gross pay was $400 and net pay was $350. What's the best explanation for why those two numbers are different?

• Susan didn't work as many hours as she promised she would.
• Susan's boss wasn't pleased with her work and reduced her pay.
• Susan's employer deducted taxes from her paycheck.
• Susan spent some of the money before she even got her check.

Tags

CCSS.1.OA.A.1

9. Lamar recently graduated and lives in an apartment he shares with two friends. Each of these expenses is probably a NEED in Lamar's budget EXCEPT...

• Paying his portion of the electric bill
• Paying $600 for his monthly rent
• Making his cell phone payment on time so his service isn't shut off
• Going out every Friday to celebrate "Roommate Fun Night" with his friends

10. Based on this paycheck, how much money has John earned in take-home pay so far this year?

• $1,524.74
• $2,000.00
• $30,494.81
• $40,000.00

Tags

CCSS.7.RP.A.3