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WorksheetsCRM Unit 8 Test (Math in the Real World)
Total questions: 40
Worksheet time: 3hrs 20mins
Bi-monthly refers to how many paychecks a month?
1
2
3
4
Name an example of a statutory deduction.
Federal Income Tax
State Income Tax
Social Security
All of the above
Complete the sentence:
When you have more allowances...
you will have more withholding.
you will have less withholding.
you will have the same amount withholding.
you will have nothing withheld.
What does an employee fill out to determine the amount that is withheld from his/her paycheck?
W-4
2099
1050
1050-ES
True or False.
A charity deduction is usually tax deductible.
True
False
What is the contribution on a paycheck that goes to the operation of the state called?
SS tax
State savings plan
State withholding
State Income Tax
What type of deductions are insurance, retirement, charity, health care, and child care?
Statutory Deductions
Voluntary Deductions
Social Security Deductions
Medicare Deductions
What does Line 6 on a W-4 ask for?
Additional amount withheld from each paycheck
Number of children
Gross Income
Taxable Income
True or False.
A gross income is less than a net income.
True
False
Fill in the blank.
When interest rates go up, it becomes _____________ to borrow money or take out a loan.
more expenseive
less expensive
the same in terms of expense
impossible
In the video "Buying vs. Leasing a Car", it made more sense financially to _______ the car.
Lease
Buy
What are common limits when you choose to lease a car?
color of car
interior options
mileage
sunroof options
Will you get more money by privately selling a car or trading it in at a dealership?
Privately selling
Trading it in
The Federal Reserve has two main goals. Select both below.
Keep prices stable
Balance trade
Supply schools with resources needed
Demonstrate patriotic behavior
Encourage job creation
What is the Fed trying to do by encouraging interest rates to rise and fall at certain times?
Stabilize prices
Create jobs
Keep the economy secure
All of the above
Select the two men who were the founders of FICO.
Bill Fair
Earl Isaac
Bill Isaac
Earl Fair
An excellent credit score falls between which two numbers?
300-850
780-850
650 or greater
500-799
Who collects the data and calculates the FICO algorithm?
Accountants
Bank presidents
Lawyers of major firms
Credit Bureaus
What would you divide by to go from an APR to a daily periodic rate?
12
52
100
365
True or False.
An effective APR is usually less than a normal APR.
True
False
Fill in the blank and be sure to spell correctly.
(2 words separated with one space, be sure to spell correctly)
A ______________ ______________ is a period of time over which the credit card company will give you a statement.
(a)
What was the balance on the credit card on October 6th in the video "How Credit Card Interest is Calculated?" (write just the number with or without a decimal, no dollar signs)
(a)
Name one of the main credit bureaus. (be sure to spell it correctly)
(a)
How many years does a Chapter 7 bankruptcy stay on your credit report?
5 years
10 years
15 years
Forever
A person who borrows money is referred to as a ___________.
Debtor
Creditor
Retailer
Shark
True or False.
Student loans can be forgiven in a Chapter 7 bankruptcy.
True
False
Chapter 13 is called a _____________ bankruptcy.
straight
reorganization
crooked
forgiven
True or False.
Payday loans are rarely a good idea.
True
False
What will you be charged if you carry a balance on your credit card?
Interest
Processing fees
Origination fees
None of the above
True or False.
If you take out a payday loan, you will most likely need to have a recent pay stub so the lender can see your payday.
True
False
How many years does a person have to pay back creditors when Chapter 13 bankruptcy is declared?
3-5
5-7
7-9
9-11
What is interest at unreasonably high rates referred to as?
uniform
useless
usury
universal
What does APR stand for?
Annual Percentage Rate
Annual Product Review
Alarmingly Positive Reset
Always Pick Respect
In the video "When Leasing Might Come out Better Than Buying", what was the new price Sal used when trading in his car?
$10,000
$10,500
$11,000
$11,500
In the video "Into to the W-4", the calculations were done based on a person making $____________ annually.
$40,000
$50,000
$60,000
$70,000
What was formed in 1956 using the idea of mathematics and statistics to determine how credit worthy a person was?
(three words, one space between each word, be sure to spell correctly)
(a)
What was the most interesting part of this unit? Write 2-3 sentences.
What goes into your FICO score?
Total Debt
Payment History
Length of Credit History
Types of Credit
All of the Above
Name the term for when a credit card is checked to see if it is valid for the set charge.
Authorization
Aberration
Appertaining
Acceleration
In the Video "Impact of W-4 Allowances on a Paycheck", how much of a deduction did each allowance result in?
$950
$1950
$2950
$3950
