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Test Interest, banks, discounts and Taxes

Total questions: 50

Worksheet time: 2hrs 40mins

Name
Class
Date
1.

Taxes are collected by

a)

All of these answers

b)

States

c)

Cities

d)

Federal Government

2.

A sales tax is off of any purchased good. Who regulates those taxes?

a)

State

b)

Federal

c)

Other countries

d)

Your employer

3.

Who primarily uses our tax money? (hint: choose 2 correct answers)

a)

Your employer

b)

The state government

c)

The Federal government

d)

Local Businesses

4.

Jake wants to purchase a video game for $10. Jake hands the cashier a $10 bill plus two $1 bills for tax. What tax is Jake paying?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

5.

The price of the shirt is $40. The total cost of the shirt is $43.95 what tax did you just pay?

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

6.

Rolando earns $395 as his gross pay. His net pay is $356. What tax was just taken?

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

7.

The video game sells for $19.99. The total cost is $20.54. What tax was added?

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

8.

Taxes are collected by

a)

Businesses

b)

Parents

c)

Foreign countries

d)

Government

9.

Who pays taxes

a)

You

b)

Adults

c)

Immigrants

d)

Everyone

10.
What is the amount of money required to be stay in an account?
a)
Maximum Balance
b)
Minimum Balance
c)
Minimum Deposit
d)
Maximum Deposit
11.
You should keep your pin number in your wallet.
a)
True
b)
False
12.
How do financial institutions make most of their money?
a)
Fees
b)
Interest
c)
Mutual Funds
d)
Loan Payments
13.
Banks create money by taking in deposits, making _______, and charging _______.
a)
interest, payments
b)
loans, interest
c)
payments, loans
d)
debt, loans
14.
Change 54% to a decimal? 
a)
54/100
b)
0.54%
c)
0.54
d)
5%
15.
Change 1/4 to a percent?
a)
2.5%
b)
0.25%
c)
2%
d)
25%
16.
Change 3/4 to a percent?
a)
7.5%
b)
0.75%
c)
7%
d)
75%
17.
Change 0.09 to a percent?
a)
90%
b)
9%
c)
900%
d)
0.09%
18.
What is the percent of 6 out of 12?
a)
50%
b)
5%
c)
1.2%
d)
0.05%
19.
Change 8/12 to a decimal?
a)
0.333
b)
0.666
c)
0.777
d)
0.6363
20.
Change 86% to a fraction?
a)
86/100
b)
43/50
c)
86/10
d)
43/10
21.
Change 0.7% to a decimal?
a)
0.07
b)
0.7
c)
0.007
d)
0.70
22.

The Kerwoods went out to eat at Chilies. If their bill was $58.65 and they gave their server a 15% tip, how much did they pay?

(a)  

23.

Ms. Acton spend $205.60 at Target. If the tax was 6%, what was her final bill?

(a)  

24.

Macy's is having a one-day 35% off special. If Sara bought $124.50 worth of items, what would the final bill total be after applying the discount?

(a)  

25.

A Chicago Cubs baseball cap costs a total of $30. Michael has a coupon that will save him 35% of the price. How much money will Michael save on the cap?

a)

$9.50

b)

$9.00

c)

$10.50

d)

$40.50

26.

Angie wants to tip her taxicab driver 20%. If her total trip costs $15, what is the tip?

a)

$18.00

b)

$3.30

c)

$1.80

d)

$3.00

27.

You are purchasing a T.V for $990 with 9% sales tax. What is is the tax of the T.V?

a)

$ 80.90

b)

$ 1079.00

c)

$ 89.10

d)

$ 1,709.1

28.

Kimberly's family has a total 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

29.

A sweater originally cost $37.50. Last week, Nya bought it at 20% off. How much money was deducted from the original price?

a)

$7.50

b)

$17.50

c)

$20.00

d)

$30.00

30.
In a video store, a DVD that sells for $15 is marked 10% off. What is the amount of discount?
a)
1.00
b)
1.50
c)
16.50
d)
13.50
31.

Mrs. Brooks bought a microwave that was originally priced at $225. She received a 30% discount. How much is she saving?

a)

$67.50

b)

$195

c)

$157.50

d)

$292.50

32.

The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.

a)

the amount of money borrowed or saved (invested or deposited in an account)

b)

the percent interest for his year

c)

the amount taxed

d)

the amount the bank owes you for being a customer at their bank

33.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
34.

Calculate the interest. I = PRT,

Principal = $1000,

Rate = 6%,

Time = 2 years

a)

$100

b)

$120

c)

$180

d)

1200

35.

Determine the simple interest earned I= prt :  p= $2000  r= 4.6%  t= 4 years

a)

$2370.00

b)

$348.00

c)

$2368.00

d)

$368.00

36.

interest is _________

a)

extra money paid for borrowing

b)

interesting

c)

Flocabulary songs

d)

time times rate

37.

the time has to be in _____________

a)

years

b)

months

c)

days

d)

seconds

38.
If the time is given in months, you must first _____________ by 12.
a)
add
b)
subtract
c)
multiply
d)
divide
39.

The Principal and Interest are always amounts of ___________.

a)

fraction

b)

decimal

c)

percent

d)

money

40.
Maria borrowed $3,000 at a simple interest rate of 4% per year.  How much did she have to repay after 4 years?
a)
$480
b)
$3,480
c)
$4,800
d)
$7,800
41.
Christian opened a savings account with $3250. His account will earn 5.2% simple interest. How much money will be in his account after 6 years?
a)
$4,264.00
b)
$1,104.00
c)
$1,100.00
d)
$4,400.00
42.
Calculate the interest earned on a $4,500 savings account that earns 2.5% simple interest over three years.
a)
$338.00
b)
$33.80
c)
$33.75
d)
$337.50
43.

The compound interest formula is:

B = P(1 + r)t

What does the T represent?

a)

The amount of interest earned.

b)

The amount of TIME that has passed to pay for the interest

c)

The total amount of money after a certain amount of time.

d)

The Tax amount required to invest.

44.

The B means ____________ in compound interest

a)

Bucks

b)

Balance in the account

c)

answer

d)

accrued debt

45.
Your 3 year investment of $20,000 received 5.2% interest compounded annually.  What is your total return?
a)
$23,285.05
b)
$3,285.05
c)
$2,385
d)
$32,285
46.
You borrowed $59,000 for 2 years at 11% which was compounded annually.  What total will you pay back?
a)
$13,693.90
b)
$1,363.90
c)
$72,693.90
d)
$73,793.90
47.

Henry deposits $750 into a college savings account that is compounded annually when his parents received as a stimulus package. If Henry lets the money sit in the account without adding or removing any and receives a 8.5% interest rate, how much money will he have total after 5 years?

a)

$1127.74

b)

$1535.24

c)

$2345.67

d)

$850.76

48.
What is the ending balance of an account with $42,000 and earns simple interest at a rate of 3% for 5 years?
a)
$6,300.00
b)
$46,300.00
c)
$48,300.00
d)
$6,342.00
49.

If $1,000 is invested at 16% interest, compounded annually, for five years, what is the ending balance?

a)

$1,225,54

b)

$2,100.34

c)

$22,255.40

d)

$225.54

50.
To earn as much interest as possible, you should open a savings account that earns ______ interest and has the _____ interest rate.
a)
compound; lowest
b)
simple ; lowest
c)
compound ; highest
d)
simple ; highest

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