WorksheetsFinancial Literacy Gr 7&8
Total questions: 19
Worksheet time: 2hrs 35mins
The sales tax rate on a new vehicle is 6%. If a vehicle costs $8000, then how much will be charged for sales tax?
$320
$480
$520
$610
Faye has $6000 that she is going to split equally and deposit into the two accounts as shown:
Account A: 5% simple interest for 5 years
Account B: will earn $828.84 over 5 years
Assuming Faye does not make any additional deposits or withdrawals, find the combined amount of her 2 accounts after 5 years.
$7578.84
$3828.84
$8356.24
$3750.00
Margie’s $1600 budget is shown below. Which of the following statements does NOT represent the table?
Rent $600
Utilies $80
Cell phone $100
Food $300
Car payment $200
Other $200
Savings $120
Margie’s car payment represents 1/8 of her total budget.
Margie’s rent and food represent more than 50% of her budget.
Utilities represent 5% of Margie’s total budget.
Margie’s food category represents more than 20% of her total budget.
Dr. Chen earns a salary of $265,000. If she wants to save 6% each year for a big trip, how much will she put into her savings account each year?
$13,250
$15,900
$18,400
$21,860
Sophie invests $12,500 in a savings account that earns 4% annual simple interest. Assuming she makes no additional deposits or withdrawals, how much interest will Sophia earn after 3 years?
$14,000
$2500
$1500
$575
Which of the following best describes net worth?
The value of your assets added to the value of your liabilities.
The value of your assets subtracted from the value of your liabilities.
The value of your liabilities subtracted from the value of your assets.
The value of the assets multiplied by the value of your liabilities.
Royce is calculating his net worth. Using the numbers below, determine his net worth.
House (current value) $63,000
Automobile (current value) $8400
Retirement account $2900
Student loan -$15,400
Chequing account $1100
Credit card debt -$3400
$56,600
$5660
$94,200
$63,200
Maria needs to earn $1800 each month to cover her housing, transportation, and other necessary bills. Which of the following options would ensure that she meets her needs?
An annual salary of $21,000
An hourly wage of $22/hour for 18 hours/week for 4 weeks/month.
An hourly wage of $14/hour for 30 hours/week for 4 weeks/month.
An annual salary of $22,000
Mrs. Pearson is signing her child up for piano lessons. She has the following payment options.
1 Annual payment of $950
12 Monthly payments of $85
52 Weekly payments of $25
Which of the following statements is true?
By paying in full for the year, she will save $50.
If she pays monthly, then she will save $280 more than if she pays weekly.
The best value is the monthly payment plan.
All of the payment options are equal.
Parminder earns an annual salary of $42,800. They pay 8% in income tax. How much will they pay each year?
$34,240
$3.24
$34.24
$3424.00
Bill plans to save for a pair of headphones that are $89.00. The sales tax where he lives is 8%. How much money will he have to save up for to buy his headphones?
$98.21
$96.12
$101.23
$89.00
Which type of interest can be described as interest that is earned on the principal amount only?
Compound interest
Simple interest
Both simple and compound interest
Neither simple nor compound interest
Peter is calculating interest earned on a deposit of $275 in an account that earns 8% simple interest after 12 years.
Interest = p r t
Interest = 275 (0.8) (12)
Interest = 2640
What did Peter do wrong? What is the correct amount of interest?
Hunter set aside $3500 in a college fund. He plans to leave the money in the account for 8 years at a simple interest rate of 5%. Find the total final amount of his college fund and the interest that it will have earned.
Hayden is organizing his assets and liabilities. If his net worth is $17,550 then how much does he have in his chequing account?
Automobile (current value) $13,600
Retirement account $6700
Student loan -$4800
Chequing account $???
Credit card debt -$750
$9800
$5300
$20,300
$2800
Charlotte picks up a few necessities at the drugstore. How much will she pay in total if the sales tax is 8% where she lives?
Mouthwash $4.35 (taxable)
Detergent $8.20 (taxable)
Paper Towels $12.45 (taxable)
Soap $2.50 (taxable)
$26.15
$27.50
$28.95
$29.70
Carissa is following the recommended plan of her financial advisor, as shown below, so she can get out of debt and save for the future. She brings home $3500/month.
30% for Rent
5% for Utilities
12% for Food
8% for Car Payment
25% for Debt Payoff
15% for Savings
5% for Other
Using the percentages above, which of the following statements is true?
Carissa will allocate $1500 for rent.
Carissa will allocate exactly $500 for food.
Carissa will allocate more than $850 for debt payoff.
Carissa will allocate more than $280 towards her car payment.
If you are investing money, would you prefer simple interest or compound interest? Explain why.
Which of the following reasons do you think will make managing your personal finances most difficult? (check all that apply)
You don’t like keeping track of things in an organized way.
You like to buy things you don’t actually need.
You can’t see yourself making a high income.
You live in a world where spending money is strongly encouraged.
