Consumer Math B Course Assessment

How much will you pay for a hat that costs $24.99 if tax is 7.5%?

• $26.86

• $28.68

• $43.73

• $1.87

A gallon of gas costs an average of $2.34. If you plan on using 34 gallons in a month, how much money do you spend in gas in a year?

• $408

• $79.56

• $954.72

John wants to buy a new television for his mother.

The cost of the television is $276.45, including tax. he has $90 saved. He will work in a kitchen for three months to save the remaining amount of money needed to buy the television. If he will earn the same amount of money each month, how much money must John earn each month to save the exact remaining amount needed?

• $186.45

• $62.15

• $214.30

• $92.15

Janice has a monthly net income of $3,850. Use the graph to find how much she pays for rent.

• $30

• $1155

• $2695

• 70%

Personal finance is (a)   behavior and ​ (b)   head knowledge.

• 80%
• 20
• 100%
• 20%
• 10%

Match the following

• Consumer

• A person or organization that buys/uses goods or services

• Credit

• The granting of a loan and the creation of a debt

• Loan

• An obligation of repayment owed by one party (debtor/borrower) to a second party (creditor/lender)

• Interest

• A fee paid by a borrower to the lender for borrowing money

• Debt

• A debt specified by a "note," which specifies the principal amount, interest rate and date of repayment (example: house mortgage or car note)

In Dave Ramsey's Consumer Math Course, what are the "beginning steps for establishing and maintaining financial peace" called?

• The 80/20 rule

• The Five Foundations

• Financial Literacy

• Getting Out of Debt

Label The Five Foundations

steps for establishing and maintaining financial peace (in the proper order)

e

f

g

d

h

Spend now and SAVE later

Save a $500 EMERGENCY Fund

Use CREDIT if you don't have cash to pay

Loan money to FAMILY members only

Pay CASH for your car

Get out of DEBT

Pay cash for COLLEGE

Build WEALTH and Give

What are 3 reasons to save money

• to make purchases

  to loan to friends

  to buy new cars

• for emergencies

  to make purchases

  to build wealth

• for emergencies

  to loan to friends

  to go out partying

You should keep your emergency funds in the same account with your expense funds.

• True

• False