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Consumer Concepts Final Exam, Qtr.2

Total questions: 50

Worksheet time: 2hrs 25mins

Name
Class
Date
1.

The amount of money that the lender lends to the borrower is called ....

a)

principal

b)

tenure

c)

default

d)

collateral

2.

The first thing that the customer needs to do to take a loan is ....

a)

fill out the loan application

b)

compute the interest payments on the principal

c)

check the customer's information in the credit file

d)

decide tenure of the loan

3.

A person has a lot of .... if he owes money to a lot of people.

a)

debts

b)

credits

c)

loans

d)

principals

4.

A fixed amount of money paid out of pocket to reduce the amount borrowed.

a)

Credit history

b)

Loan terms

c)

Down payment

d)

Annual percentage rate (APR)

5.
A sum paid or charged for the use of money
a)
interest
b)
time
c)
sales tax
d)
principal
6.
When getting a car loan you will want to get the highest or the lowest interest rate?
a)
lowest
b)
highest
7.
What would happen to a monthly payment if the interest rate increased?
a)
The payment would go up.
b)
The payment would go down.
c)
The payment would remain the same.
d)
None of the above.
8.
What happens when you don't have enough money to pay for the things you charged?
a)
You end up owing less than the original amount of money you charged.
b)
You end up owing more than the original amount of money you charged.
c)
You end up owing the same amount of money you charged, it just takes a while to pay off.
9.
What is the best way to avoid credit card debt? Choose the best answer.
a)
Use several credit cards to avoid putting too much money on one card.
b)
Don't spend more money than you have.
c)
Only use credit cards to by 
10.
What conclusion can you draw about using credit cards?
a)
They should only be used if you have a lot of money in the bank.
b)
They are the best tool you can use to spend money.
c)
They should be used with extreme caution.
11.
You can purchase an item now and pay for it later.
a)
Debit card
b)
Credit card
c)
Both
12.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
13.
A bad credit report cannot affect my chances of getting a job.
a)
True
b)
False
14.

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

a)

Equifax

b)

Federal Reserve

c)

Postal Credit

d)

TripleUnion

15.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

16.

Paying my bills late could negatively affect my credit history.

a)

True

b)

False

17.
The credit score ranges form 
a)
300-800
b)
250-950
c)
350-900
d)
300-850
18.
What happens to the loan amount when you put down a larger down payment?
a)
Decreases
b)
Increases
c)
No change
19.
There are times that renting is better than buying.
a)
Agree
b)
Disagree
20.

Which of the following will a bank consider in its decision to approve you for a mortgage?

a)

Your ethnic background

b)

Your religion

c)

Your salary

d)

Your hobbies

21.
Which of the following is an ADVANTAGE to renting a place to live? 
a)
Limited expenses for maintenance. 
b)
Limited expenses for utilities. 
c)
Limited options for size and location. 
d)
Limited rights for redecorating. 
22.
The terms of a lease should include all of the following EXCEPT the 
a)
amount of the rent and any late fees. 
b)
names of the persons who live next door.
c)
policies you are expected to follow.
d)
names of all roommates and the landlord. 
23.
When signing a lease, it is recommended that you 
a)
give it a quick review and sign before someone else gets the apartment you want. 
b)
read carefully and sign even though you are not sure what some of the terms mean.
c)
read carefully and sign only when you understand what everything means.
d)
read carefully and sign, even though you know that you will not agree to all of the terms stated. 
24.

Look at the picture and check the correct option.

a)

It's a two-bedroom apartment.

b)

It's a one-bedroom apartment.

c)

It's a three-bedroom apartment.

25.
What does the name "Black Friday" refer to?
a)
Stores getting "in the black" in terms of profit from the sale of popular, steeply discounted items
b)
Blackbeard the Pirate: a journalist once quipped that shoppers frantically "plunder" stores to get their hands on Black Friday's first-come, first-served discounts
c)
How early stores open on the day after Thanksgiving. The sky is literally black when stores open their doors to customers.
d)
The overcrowded streets and traffic james associated with the popular shopping day.
26.

When is Black Friday?

(a)  

27.
What is the total cost with sales tax?
Price $17.95
Tax 6%
a)
$19.03
b)
$18.50
c)
$1.08
d)
$2.15
28.
Sales tax is __________ to the price.
a)
subtracted
b)
added
c)
multiplied
d)
divided
29.
What is the total cost with sales tax?
Price $2.75
Tax 5%
a)
$2.89
b)
$3.00
c)
$0.14
d)
$2.75
30.
What is the total cost with sales tax?
Price $120.00
Tax 5%
a)
$126.00
b)
$6.00
c)
$135.00
d)
$123.00
31.

What is 8.25% as a decimal?

a)

8.25

b)

.825

c)

.0825

d)

82.5

32.

Billy Bob just bought a new car. His car costs $75,000. How much money will he pay in taxes for the car if the sales tax is 6%?

a)

1000

b)

2000

c)

4000

d)

4500

33.
Sam bought an $85.00 jacket for 40% off of the regular price.  How much did he pay for the jacket? 
a)
75
b)
51
c)
36
d)
34
34.
Kimberly's family has a dinner bill of $26 and wants to leave a 15% tip for their server. How much tip are they leaving?
a)
29.90
b)
39.00
c)
4.00
d)
3.90
35.

What is 25% of 80?

a)

20

b)

80

c)

48

d)

95

36.
What is the total cost with sales tax?
Price $330.00
Tax 7%
a)
$360.00
b)
$375.00
c)
$353.10
d)
$23.10
37.
Mrs. Adele is buying a new tie from Macy's. It says the tie costs $15.00 but there is a sign above it that says 25% off. How much will the tie cost before taxes?
a)
$3.75
b)
$18.75
c)
$15.25
d)
$11.25
38.
 If you receive 25% off an item costing $22.00, how much money do you save?
a)
$ 5.50
b)
$ 4.25
c)
$6.00
d)
$7.35
39.
You want to buy some groceries.  There is a coupon that offers a 15% discount on your total bill.  Your bill comes to $76.  How much will you pay for your groceries?
a)
$11.40
b)
$0.15
c)
$64.60
d)
$77.40
40.
Discount is ____________ from the price.
a)
added
b)
divided
c)
subtracted
d)
Ms. Golino is awesome
41.
Regular price: $174. Discount: 40%. Find the sale price. Round to nearest cent if necessary.
a)
$104.40
b)
$140.40
c)
104.4
d)
69.6
42.
$325 tent; 15% discount
a)
$100.00
b)
$276.25
c)
$256.25
d)
$50.00
43.

Ryan went to Cracker Barrel with his mom. Their total bill was $26.85 and they wanted to leave a 23% tip. How much did they leave in total?

a)

$33.03

b)

$6.18

c)

$17.67

d)

$33.0255

44.

Another word for tip is ____________.

a)

tax

b)

a gift

c)

gratuity

d)

total cost

45.

You went to Denny's for breakfast and you total bill was $12.37. You wanted to leave a 20% tip. How much did you pay including a tip?

a)

$2.474

b)

$2.47

c)

$14.844

d)

$14.84

46.

A water bottle costs $9.45. Sales tax is 7%. What is the total cost?

a)

$9.52

b)

$0.66

c)

$10.11

d)

$8.79

47.

Dinner at the Olive Garden cost $52.37. You leave a 20% tip. What is the total cost?

a)

$72.37

b)

$10.47

c)

$62.84

d)

$41.90

48.

Find the total cost: $20 meal; 7% sales tax; 20% tip (tip before tax)

a)

$ 32.40

b)

$ 47.00

c)

$25.40

d)

$20.90

49.
Vicky made some purchases at the Sunflower Market. She bought strawberries for $3.50, carrots for $2.25 and a bouquet of flowers for $9.95. If sales tax is 5%, what will Maria pay altogether
a)
$16.49
b)
$16.48
c)
$15.70
d)
$16.50
50.
Change 32% into a decimal.
a)
32
b)
3.2
c)
.32
d)
.032

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