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Unit 7: Retirement Final Exam Review

Authored by Chelsea Edgar

Mathematics

9th - 12th Grade

CCSS covered

Used 3+ times

Unit 7: Retirement Final Exam Review
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14 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt


Samuel is 30 years old. He plans to retire when he is 67. He has opened a traditional retirement account that pays 3% interest compounded monthly. If he makes monthly deposits of $350, how much will he have in the account by the time he retires?

$211,282.93

$1,160,031.67

$365,428.46

$243,786.67

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

How much of your salary do experts recommend you set aside for retirement?

5-10%

10-15%

20-25%

25-30%

Tags

CCSS.6.RP.A.3C

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A source of income provided by the federal government when you retire, primarily based on your total earnings throughout your career and your age when you start receiving benefit payments, is called:

social security

retirement planning

a 401(k)

asset allocation

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Tyler has worked for Surgical Medical Tools for 20 years. His employer offers a pension benefits package with a flat benefit formula using the flat amount of $40 for each year of service. What will be his monthly payment?

$80

$800

$400

$300

$700

Tags

CCSS.6.EE.B.6

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Harry is retiring after working for 27 years at Fifth Street Bank. The bank offers him a flat monthly retirement benefit of $55 for each year of service. What will his monthly pension be?

$1,400

$1,100

$1,485

$1,480

Tags

CCSS.6.EE.B.6

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Mr. Johnson worked for 35 years at his local machine company. His company offers 1.75% of the average of the last 5 year's salaries for each year worked. His previous five-years salaries were: $44,000, $46,000, $47,000, $53,000, and $58,000. Calculate his annual pension.

$30,380

$303,800

$50,633

$151,900

Tags

CCSS.HSF.BF.A.2

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Mr. Johnson worked for 35 years at his local machine company. His company offers 1.75% of the average of the last 5 year's salaries for each year worked. His previous five-years salaries were: $44,000, $46,000, $47,000, $53,000, and $58,000. Calculate his monthly pension.

$2,531.67

$25,316.67

$868.00

$4,219.44

Tags

CCSS.HSF.BF.A.2

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