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Personal Finance Exam Prep

Total questions: 13

Worksheet time: 13mins

Name
Class
Date
1.

You are shopping for yogurt and see that the total price is $9.99 for a 84 ounce container. What is the unit price of this item?

a)

$.87

b)

$1.18

c)

$.11

d)

$.01

2.

What is the mathematical expression for solving unit price?

a)

Unit Price = Total Price + Number of Units

b)

Unit Price = Total Price - Number of Units

c)

Unit Price = Total Price X Number of Units

d)

Unit Price = Total Price / Number of Units

3.

How is the P/E Ratio calculated?

a)

Stock Principal / Dividend Earnings

b)

Trade Price / Annual Earnings Per Share

c)

Stocks Last Price / Annual Earnings Per Share

d)

Trade Price / Dividend Earnings

4.

Bill has a property and liability insurance policy with a $500 deductible and 0% co-insurance. Bill was involved in an automobile accident that resulted in $4,000 worth of damage to his car. How much does the insurance organization pay?

a)

$0

b)

$500

c)

$3500

d)

$4000

5.

What type of insurance covers property that is damaged or destroyed by an accident?

a)

Health

b)

Disability

c)

Homeowners

d)

Property

6.

Scott and Carl are neighbors. Scott damaged Carl's fence while working on his golf swing. What type of insurance will cover this?

a)

Homeowners

b)

Liability

c)

Property

d)

Life Insurance

7.

Apples at the grocery store is packaged in 1-pound packages or 5-pound packages. The 1-pound package costs $1.19 and the 5-pound package costs $5.47. What is the unit price for the 5-pound bag?

a)

$1.09

b)

$1.19

c)

$1.94

d)

$.094

8.

Terry earns $16.25 per hour. She works 38 hours per week and 50 weeks per year. How much does she earn per year?

a)

$19,000

b)

$27,570

c)

$30,875

d)

$57,803

9.

Perry earns $17.75 per hour. She works 40 hours per week and 50 weeks per year. How much does she earn per year?

a)

$20,000

b)

$35,500

c)

$36,900

d)

$53,500

10.

Tom earns $48,900 yearly. He is paid bi-weekly. What is his gross pay on his paycheck?

a)

$1,547.50

b)

$1,880.77

c)

$2,037.50

d)

$4,075

11.

Tam’s gross pay is $975. How much is her Medicare deduction (1.45%)?

a)

$1.41

b)

$14.13

c)

$31.41

d)

$41.13

12.

Liz’s gross pay is $741. How much is her Social Security deduction (6.2%)?

a)

$4.59

b)

$5.94

c)

$45.94

d)

$54.59

13.

Peter’s gross pay is $1,350. He has Social Security (6.2%) and Medicare (1.45%) deductions. His federal income tax is $74, state income tax is $23, and has $37 taken out for optional deductions. What is his net pay?

a)

$1,112.73

b)

$1,216.24

c)

$1,246.73

d)

$1,350