Font size
WorksheetsUnit 6 Study Guide
Total questions: 60
Worksheet time: 2hrs 9mins
The simple interest formula is I=Prt. The P represents the principal. The principal is ___________________.
the amount of money borrowed or deposited
the percent interest for his year
the amount taxed
the amount the bank owes you for being a customer at their bank
fraction
decimal
ratio
dollar amount
.725
0.725
0.0725
7.25
Add 12 to the months
divide the months by 12
multiply 12 times the months
You cannot change it to months.
18 Years
1.5 Years
.18 Years
You cannot change it to years.
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
the amount of money borrowed or deposited
the percent interest for his year
the amount taxed
the amount the bank owes you for being a customer at their bank
Topic Question Pt. 1: What does "A" stand for in the compound interest formula?
Topic Question Pt. 3: What does "r" stand for in the compound interest formula?
Topic Question Pt. 4: What does "n" stand for in the compound interest formula?
Topic Question Pt. 5: What does "t" stand for in the compound interest formula?
Karla invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded semi-annually.
Which exponential equation can be used to find how much money Karla will earn in 15 years?
Daniel invests $360 in a bank account that is compounded annually for 8 years with an interest rate of 5.5%. What will be the total amount in the account after the 8 years is over?
$625.88
$950.12
$315.45
$552.49
$33,299.42 playing dodgeball
$33,672.68 climbing trees
$34,157.04 riding unicycles
$34,710.88 flipping pancakes
If you baby sit for $20 per hour, how much money would you earn after working for 3.5 hours?
(a)
An auto mechanic earned $75 per hour, how much money would the mechanic earn after working 40 hours?
(a)
Which of the following is an example of a commission?
Jose gets $21 dollars for every hour he works.
A store manager gets a monthly pay of $1100
A sales person recieved $45 for selling $500 worth of electronic
Money paid for good service
Sparky works a Electronic store where he get paid only on commission. If he receive 5% commission and sold $8200 of TV's, how much commission would he receive?
(a)
Which type of tax is paid when we purchase items at retail stores?
income tax
property tax
sales tax
payroll tax
Gross income is:
the total amount of money you earn
the amount of money you receive after decuctions are subtracted
the total amount of money you spend
sales taxes on items you buy
Net income is:
the total amount of money you earn
the amount of money you receive after deductions are subtracted from your gross income
the amount of money that is taken away in the form of taxes
the hourly rate of pay
A deduction is
gross income
money added to your income
net income
money taken out of your income
Gross income minus deductions equals your net income.
If Amorelle made $384 in gross income and her deductions are $122, what is her net income?
$506
$406
$262
$266
John earns $250 per week at his job. His company withdraws 5% of his income for federal taxes. How much does John pay in taxes each week?
$12.50
$5
$237.50
$25
Harry buys a new car that costs $25000 before taxes. If the sales tax rate in his state is 6%, how did he pay in TOTAL for the car?
$26,500
$1,500
$25,000
$3,000
6. What type of tax takes a percentage of the money you make on a job?
a. Income tax
b. Property tax
c. Sales Tax
d. Social Security tax
e. Medicare tax
A deduction is
gross income
money added to your income
net income
money taken out of your income
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?
$39
$67
$91
$96
Dayanara's gross income was $550. What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?
$132.50
$417.50
$440.00
$638.50
1. If the income tax rate is 4%, determine the amount of income tax paid on an income of:
a. 40,000
$160,000
$1,600
$16,000
$160
The Smyth Family went out to dinner on Saturday night. The total cost of the dinner was $50. They plan to leave a tip for $18%. How much money would the tip be?
$9.00
$90.00
$10.00
$12.00
Sue wants to buy a pair of shoes originally priced at cost 40.00. She had a coupon for 35% off the original price. What is the discount?
$12
$14
$1.40
$20
Businessman and businesswoman are also known as _____________.
Choose the BEST response.
Entrepreneurs
Sharks
Angel investors
Venture capitalists
This is a written description of a new business venture that describes all aspects of the business.
mission statement
loan application
vision statement
business plan
Which of the following are challenges of entrepreneurship?
Getting start-up funds
Insecure about making the right decisions
Work long hours
Face uncertain income levels
Entrepreneurs might face which challenge when starting a business
losing the business
start-up funds
being fully responsible
all of the above
The BIGGEST obstacle in starting a business is
flexibility.
obtaining financing.
having a good idea.
communication.
Why is it important to establish positive credit history?
Higher credit scores result in lower interest rates on loans
You are more likely to be offered a loan by a bank
Positive credit history results in higher credit scores
All of the above
What is important in establishing good credit?
Making payments on time
Being late on payments
Spending 100% of your credit limit
Missing a payment
Which information would NOT appear on your credit report?
Credit Card balance
Car loan
Mortgage
Debit Card balance
What is debt?
Another word for death
Something, typically money, that is owed or due
A loan on which you do not have to pay interest
That which is incurred during childhood and consummated in college
Revolving credit is...
a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.
a type of credit that can be used only once up to a certain limit and must be closed immediately after all payments are due
a spinning door with money in it
a round device that holds credit cards and spins, making it easy to shuffle through all your credit cards quickly
What is a credit score?
a number between 300 and 850 representing your creditworthiness
a statistical number that evaluates a consumer's creditworthiness and is based on credit history.
Often referred to as a FICO score
All of the above
"Do you have a good credit report?" Is what C of creditworthiness?
Character
Capital
Capcity
Credit
" How long have you lived at your present address?" Is what C of creditworthiness?
Character
Capital
Capacity
Collateral
"Having a savings account," is this C of creditworthiness.
Character
Capital
Capacity
Credit
Property that can be taken away if payments are not made.
Capacity
Capital
Collateral
Character
The higher your ________, the more likely you are to be approved for a loan.
income
annual donations
debt threshold
credit score
When & how the loan will be repaid and interest rates is an example of
capital
character
collateral
conditions
Pays bills on time
Collateral
Capital
Character
Capacity
Credit History
It is an indicator of how creditworthy a prospective borrower is likely to be as determined by the borrower's current financial assets and net worth.
capacity
collateral
conditions
capital
character
What does RISK, from the perspective of the lender, mean?
how likely or unlikely the borrower is to repay the loan
how new or old the borrower's assets are
whether or not the lender has enough to lend to the borrower
Describe what you've learned so far about winning and manging a jackpot for 1 Billion dollars. When completing parts 1 and 2 with your partner, what challenges did you encounter? What was easiest for you?
