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Consumer Math Fall Semester Final

Total questions: 50

Worksheet time: 2hrs 50mins

Name
Class
Date
1.
0.7129
Which number is in the tenths place?
a)
7
b)
2
c)
0
d)
9
2.

Which number represents six AND eighty-four thousandths in standard form?

a)

684

b)

6.84

c)

68.40

d)

6.084

3.
Which of the following choices is the correct way to write the following number in word form?
176.003
a)
one hundred and seventy six and three hundredths
b)
one hundred seventy-six and three thousandths
c)
one hundred seventy-six and three hundredths
d)
one hundred seventh-six and three tenths
4.

Round 178 to the nearest hundred.

(a)  

5.

What is 6.37 rounded to the nearest whole number?

a)

7

b)

6

c)

6.3

d)

6.4

6.
At the beginning of this month, the balance of Vance's checking account was $697.96. So far this month, he has received a paycheck via direct deposit of $962.88, been charged a monthly service fee from his bank of $25.00, used a debit card linked to his account to make a purchase of $83.12, written a check for $138.83 that has already been deposited, and deposited a check written to him for $71.17. What is the current balance of Vance's checking account?
a)
$1620.38
b)
$1510.06
c)
$1485.06
d)
$787.10
7.

Money added to a checking account is called a

a)

withdrawal

b)

deposit

c)

endorsement

d)

drawee

8.

The balance in your account is $500. You then deposit $230 into your account. What is your new balance?

(a)  

9.

What should you NOT use a loan to purchase?

a)

A house

b)

Tuition for higher education

c)

Airline tickets to your dream vacation

d)

A car

10.

Which item is important to consider when selecting a credit card?

a)

Annual Percentage Rate (APR)

b)

Fees

c)

The look of the credit card

d)

Both APR and fees

11.

What is a benefit of having a good credit score?

a)

Loan sharks will be less likely to bother you.

b)

You'll get accepted to better education institutions

c)

You'll get more job offers.

d)

When you need a loan, you'll have more loan offers to pick from.

12.

To maintain a good credit score you must ______.

a)

pay your bills on time.

b)

check your credit score every week.

c)

have credit monitoring.

d)

have many open credit cards.

13.

Which of the following will help you protect yourself from identity theft and fraud?

a)

Regularly monitor your credit report.

b)

Contact lenders and credit bureaus to address incorrect information.

c)

Freeze your credit.

d)

All of the above.

14.

Paying only the minimum balance on your credit card can lead to...

a)

an increase in your credit score

b)

paying more interest.

c)

late fees

d)

All of the above

15.

Benefits to paying the full balance of your credit card each month include:

a)

Paying more in interest

b)

Decreasing your credit score

c)

Not having late fees

d)

Increasing your credit score

16.

When looking for pre-approval on a car loan you should...

a)

get a loan from the car dealer directly to keep things simple

b)

select the loan that has the longest repayment period.

c)

compare pre-approval offers and select the one that is best for you.

17.

Which is a positive reason for using a credit card to finance purchases?

a)

You will get charged high interest.

b)

Paying it off on time can help build your credit history

c)

You won't have to budget for your credit card expenses.

d)

You'll be able to spend a lot of money without paying it back

18.

If a company calls and asks for your PIN number, you should give it to them

a)

True

b)

False

19.

Your identify was stolen! What is the first thing you should do?

a)

contact the credit bureau

b)

notify all account holders

c)

file an identity theft report with the police

d)

steal someone else's identity

20.

What is an interest rate?

a)

it is your level of interest about a certain topic expressed as a percentage of your total interest

b)

The amount in terms of dollars that you have to pay back on a purchase

c)

it is the rate at which your interest in something expires. The higher the number, the quicker your interest expires

d)

The amount in terms of a rate or percentage that you have to pay back on an amount borrowed

21.

What is a credit report?

a)

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

b)

A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

c)

A report which shows which credit cards are better than others

d)

A report invented by Allan Greenspan and credited to Al Gore

22.

Which of the following is one of the 3 nationally recognized credit bureaus?

a)

Equifax

b)

Federal Reserve

c)

Postal Credit

d)

TripleUnion

23.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

24.

What type of credit score is this 570?

a)

Average

b)

Great

c)

Poor

d)

Excellent

25.
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you have paid more interest for?
a)
Chase Sapphire
b)
American Express
c)
You pay the same amount of interest for both
d)
All of the above
26.

Which of the following situations is an example of responsibly taking on debt?

a)

Get a credit card but don't use it to avoid more debt

b)

Spend up to your credit limit each month

c)

Pay bills on time and paying more than minimums each month.

d)

Make only the minimum payment each month

e)

None of these

27.
FICA taxes are
a)
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
b)
U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
c)
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
d)
U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare
28.

The form that an employee fills out that determines the amount of money withheld for taxes is called a: 

a)

W4

b)

I9

c)

W2

d)

1040A

e)

none of these

29.
With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account 
a)
paycheck
b)
payroll card
c)
direct deposit
d)
 all are the same
30.
Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)
a)
net pay
b)
gross pay
c)
payroll deductions
d)
none of these
31.
A health care program for the elderly and disabled
a)
social security
b)
medicare
c)
state income tax
d)
federal income tax
32.
The formula for calculating overtime pay is
a)
total hours worked X  the employee’s rate of pay per hour.
b)
total hours worked over 40 hours in a week X the employee’s rate of pay per hour X 1.5
c)
total hours worked over 40 hours in a week X the employee’s rate of pay per hour X 1.25
d)
none of the above.
33.
If Darien earns $120 net pay each paycheck and receives a paycheck each week, how much should he include as earnings in his yearly budget?
a)
$6,220
b)
$6,000
c)
$6,240
d)
$5,760
34.

You are filling our your W2 form. As the number of allowances increases, the amount of federal income tax withheldA. increases.B. decreases.C. is not affected.

a)

increases

b)

decreases

c)

is not affected

35.
What are the employee's total deductions this pay period? 
a)
1844.01
b)
307.34
c)
1280.00
d)
972.67
36.
 What is this employee's gross pay? 
a)
$872.53 
b)
$7680
c)
$1,280 
d)
$972.67
37.

Marco has the following deductions listed.

Federal Income tax: $44

Social Security tax: $23

Medicare tax: $5

Health Insurance: $24

What is the total amount of his deductions?

a)

$39

b)

$67

c)

$91

d)

$96

38.

the sticker that goes on a license plate

a)

tag

b)

title

c)

tax

39.
insurance that pays for damage you cause to another person's vehicle
a)
collision
b)
liability
40.
pays for damages you cause even if it's to your own vehicle
a)
collision
b)
liability
41.
pays for losses that are out of your control (weather related, fire, hitting an animal, etc.)
a)
collision
b)
comprehensive
c)
liability
42.
this will pay for bodily injuries/hospital bills
a)
comprehensive insurance
b)
personal injury protection
43.
protects you if you get into an accident and the person who caused it DOESN'T have insurance
a)
liability insurance
b)
uninsured/underinsured motorist protection
44.

"Certified Pre-Owned" means all the following:

There are more than one answer.

a)

it's automatically insured

b)

it's a used car

c)

it's under a limited warranty

d)

it's an electric car

e)

it's been checked out by a mechanic

45.

What aspect of electric cars may not be so "environmentally" good?

a)

Electricity is produced by burning coal and that released a lot of carbon into the atmosphere

b)

They only run on sunny summer days

c)

The cars themselves are not biodegradable

d)

The batteries are toxic and at this point are not recyclable

46.

Which factors will increase your car insurance premiums?

Mark ALL the correct choices.

a)

your age (younger means more)

b)

gender (boys pay more than girls)

c)

living in a rural community vs the city

d)

how far you have to drive to go to work

e)

religion (atheists pay more than religious persons)

47.

A person was injured in a car wreck. Your insurance has a 75/150/100 policy. The person's medical injuries come to $80,000. How much, if any, will you have to pay after insurance coverage?

a)

Nothing. The max limit is $150,000 and the injuries are less than than.

b)

Nothing. Insurance covers it all.

c)

$5000. Insurance will only cover $75K max per person

d)

$30,000. Insurance only covers $150,000 max.

48.

A store owner's window was damaged in a car wreck. Your insurance has a 75/150/100 policy. The window replacement will cost $85,000. How much, if any, will you have to pay after insurance coverage?

a)

Nothing. The max limit is $150,000 and the injuries are less than than.

b)

Nothing. Insurance covers it all.

c)

$5000. Insurance will only cover $75K max per person's property

d)

$30,000. Insurance only covers $150,000 max.

49.

Benefits for leasing vs buying a car are:

Check ALL that apply.

a)

don't need to buy gas

b)

getting a new car every 3-5 years

c)

it's always under warranty

d)

lots of taxes, fees and penalties

e)

the gas mileage is very good

50.

The benefits of owning a used car vs getting a new car are:

Check ALL that apply.

a)

the car itself cost less

b)

it breaks down a lot

c)

you can't get insurance

d)

insurance is less expensive

e)

over time, even with additional maintenance costs, it may be less expensive than a new car

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