WorksheetsInstallment Purchases
Total questions: 20
Worksheet time: 10mins
If the store keeps your purchase until it's paid for, you're using an _________ plan.
installlment
instillmint
installment
enstallment
enstallmint
If you take home your purchase and pay installments, you're using a ____ __ _____ plan.
rent-to-own
rent-two-own
rent-too-own
rent-to-uwn
rint-to-own
If you get behind on your rent-to-own installments, the store can ________, or take back your purchase.
repossess
reepossess
repossis
reposted
repostess
Make sure you get a ________ if a store sells your layaway item.
refund
receipt
refurb
reciept
reefund
An installment plan is where...
customers pay for expensive items, in equal payments over a period of time
customers pay for expensive items whenever they have the money
customers pay for half up front and then half later when they get their item
customers pay a fee to have their purchase installed in their home
What is 10% of $2415.60 (rounded to the nearest cent)
$2415
$241.56
$24156.00
$2.42
What is a downpayment?
an amount equal to tax
a percentage of the total cost of the item that is paid at the beginning
an amount of money that is paid every month on an item
that last payment that is made on an item before you own it
How much is a 10% downpayment on an item that costs $5800?
$5800.00
$580.00
$58.00
$5.80
What is one problem with installment plans?
You have to pay too much in the beginning
It's too difficult to spell
You have to pay GST every month on the payments
The price you pay over a year or two years is MORE than what you would pay if you pay up front.
What is the final cost of a gaming system after 12 months if you pay $37.99 a month? (tax is already included)
91.76
$480.00
$455.88
$181.99
What is the total amount paid after 24 months if the monthly installment is $50?
$1200
$2400
$600
$1000
Which of the following is a benefit of using a layaway plan?
You get a discount on the total price
You pay no interest on the item
You can take the item home immediately
You can return the item anytime
If you pay $200 as a downpayment on a $2000 item, what percentage of the total cost is the downpayment?
15%
20%
10%
5%
What is the main advantage of a rent-to-own plan?
You can own the item after completing all payments
You get a discount on the total price
You pay no taxes
You can return the item anytime
If you pay $75 monthly for 18 months, what is the total cost of the item?
$1350
$1500
$1200
$1800
Which of the following is a characteristic of a layaway plan?
You pay a penalty for early payment
You make payments and receive the item after full payment
You can take the item home immediately
You pay interest on the item
Why is it important to track your expenses?
To make sure you don't spend more than you have
It's not important
So you can brag to friends
To make your parents happy
What is the total cost of an item if you pay $45 monthly for 20 months?
$1000
$900
$850
$950
If you make a 15% downpayment on an item costing $3000, how much is the downpayment?
$150
$300
$450
$600
Which of the following is a disadvantage of a rent-to-own plan?
You can return the item anytime
You pay no interest on the item
You may end up paying more than the item's original price
You can own the item after completing all payments
