Consumer Math Review #1

What is gross pay?

• the amount of money earned before deductions are subtracted

• overtime pay

• the amount that is subtracted from a paycheck

• the amount of money left after deductions

 

Teenagers do not pay Federal or State Taxes.

• True

• False

If your lunch bill at a restaurant is $23.00, a good tip would be?

• $2.30

• $5.00

• $4.60

• $23.00

If you are paid biweekly, how many paychecks do you get a year?

• 52

• 26

• 24

• 12

How much?

• 57₵

• $1.10

• 62₵

• 52₵

Convert 7.8% to a decimal

• .78

• .078

• 7.8

• .0078

ATM stands for

• All Time Money

• Access the Money

• Automated Teller Machine

• Automatic To Money

I=Prt

You deposit $500 in your account.

You earn 2% interest.

You leave it there 3 years.

How much is in your account? (Hint: TOTAL)

• $503

• $800

• $535

• $530

Sales tax is paid at the purchase point (in the store, at the checkout.)

• True

• False

What is credit?

• The ability to obtain goods and services WITHOUT the promise to pay later

• The ability to obtain goods and services WITH the promise to pay later

• The ability to use other people's credit without their knowledge

• The ability to avoid paying bills