Unit 2 Review Controlling Expenses

How are items purchased, sales tax, and tip used to calculate your restaurant bill?

• The total bill is calculated by adding the item costs, sales tax, and tip.
• The tip is deducted from the total bill to reduce the cost.
• Only the item costs are considered for the final bill amount.
• The total bill is calculated by subtracting the item costs from the sales tax.

What is a check, in the context of finance?

• A check is a form of credit that allows borrowing money.
• A check is a type of investment that earns interest.
• A check is a promisary note (I.O.U.).

• A check is a digital currency used for online transactions.

A percentage you add to a bill for good service is called

• a flax tax

• a food tax

• a tip

• a discount

Of the methods of payment given, which is considered obsolete and no longer used?

• credit

• check

• debit

• bartering

Match each payment system with the correct term

• quarterly

• once a year

• bi-weekly

• 3 times a year

• weekly

• every 7 days

• annually

• every two weeks

Which units measure the amount of electricity used?

• volts (V)
• kilowatt-hours (kWh)
• amperes (A)
• ohms (Ω)

All of the following are required to be included in a check, except:

• Date

• Signature

• Memo

• Payee

• Amount

Unlike credit cards, debit cards...

• can accumulate interest charges.

• allow for overdraft protection.

• take money directly from your checking account.

• can be used to build credit history.

You order an appetizer for $8.50, 2 entrees for $12.00 each, and a dessert for $5.50. The sales tax is 6% and you leave a 15% tip based on the bill with sales tax. What is the total cost of your restaurant outing?

• $38.75
• $40.00

• $46.32

• $52.10

You order two drinks for $5.50 each and an entree for $22.00.

If sales tax is 4%, what is your total bill, not including the tip?

• $32.50
• $33.00

• $34.32

• $35.68