MEL4E Unit 1 Quiz 1

What are your financial goals for the next 5 years?

What do the following TVM solver abbreviations stand for?

Jaspreet is saving for a vacation to Halifax with her friends. She puts $2 a day into a glass jar on her night table. Approximately how much will Jaspreet save in 30 days?

Jasira is going to college next year to study culinary arts. She has 1 year to save $3000. Calculate the amount she needs to save from each paycheque if she is paid weekly.

If Caleb needs to buy snow tires for his truck which will cost $1000 and he saves $120 each week, will he have enough to buy the tires in 6 weeks?

In 9 months, Rob wants to purchase a $1200 snowboard. He has an account that pays 2.5% interest per year, compounded monthly. Use a TVM solver to determine how much he should put in the account each month.

Find an article about financial planning on the Internet or in a print resource. Read the article and describe the attitude of the author toward financial planning.

How does the author use statistics to promote the ideas in the article?

Gross pay is an employee’s total earnings before deductions such as income tax are taken off. An employee who makes $9.50/h and works 10 hours has a gross pay of _____.

Last spring, Rhys started working after school. The table shows the amounts of his first 4 paycheques. Rhys saved 10% of his net pay. Calculate the amount he saved from each paycheque. Write your answers in the chart. The first one is done for you.