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Financial Math Final Review

Total questions: 73

Worksheet time: 6hrs 5mins

Name
Class
Date
1.

Jenny worked 5 hours overtime earning time-and-a-half. If she normally earns $23.50 an hour, how much overtime pay did she earn?

a)

$176.25

b)

$117.50

c)

$235

d)

$35.25

2.

Phil gets time and a half for overtime for hours over 40 per week.

His regular unit rate of pay is $31.15.

If he worked 42.25 hours last week, how many hours of overtime did he work?

a)

2

b)

2.25

c)

40

d)

42.25

3.

Phil gets time and a half for overtime for hours over 40 per week.

His regular unit rate of pay is $31.15.

If he worked 42.25 hours last week, how much did he make all together?

a)

$31.15

b)

$1246

c)

$70.09

d)

$1351.13

4.

Your weekly gross pay is $400.00. Your tax rate is 15%. How much is your net pay?

a)

$ 340.00

b)

$ 60.00

c)

$ 266.00

5.

You make $9.00 an hour at your part-time job. You work 20 hours a week and your income tax rate is 20%. How much will be taken out of your paycheck each week?

a)

$36.00

b)

$144.00

c)

$9.00

6.

Tricia makes $9.00 an hour and works 40 hours a week. How much money does she earn in a year.

a)

$360

b)

$4,320

c)

$18,720

d)

$17,280

7.

Money added to a checking account is called a

a)

withdrawal

b)

deposit

c)

endorsement

d)

drawee

8.

What is wrong with this check?

a)

Name is incomplete

b)

Check amount is not written out

c)

Signature issues

d)

Date issues

9.
What should be written on line 6?
a)
the date
b)
the amount of the check
c)
who the check is going to
d)
your signature
10.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
11.
What do you call the process of bringing your checkbook register into agreement with the bank statement?
a)
Withdrawal
b)
Deposit
c)
Reconciliation
d)
Endorsement
12.
How do financial institutions make most of their money?
a)
Fees
b)
Interest
c)
Mutual Funds
d)
Loan Payments
13.

Outstaning checks are checks written by the account owner but have yet to be processed by the bank.

a)

True

b)

False

14.

Approximately how often does a financial institution send a bank statement through the mail?

a)

yearly

b)

weekly

c)

quarterly

d)

monthly

15.
What is the starting balance on this check register?
a)
4720.33
b)
4500.00
c)
4500.75
d)
4320.00
16.
A cash deposit made by business appears on the bank statement as _______ balance
a)
Debit
b)
Credit
c)
Expenses
d)
Liabilities
17.

To use an online bank account you will need access to...

a)

An ATM

b)

The high street branch

c)

A mobile phone

d)

The Internet

18.

Which of the following questions is NOT available with online banking?

a)

Transfer cash between accounts

b)

Cash withdrawal

c)

Order bank statements

d)

Set up direct debits

19.
Orrin had $541.06 in his checking account, and a check that he wrote to his landlord for $560.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
over spending fee
20.
Cruz had $672.13 in his checking account, and a check that he wrote to his landlord for $650.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
None of the above
21.
Gwen had $463.24 in her checking account, and a check that she wrote to her landlord for $470.00 was just deposited.
This will result in which of the following fees?
a)
overdraft fees
b)
service fees
c)
atm fees
d)
None of the above
22.
Sherwood Bennett, who has a checking account at Big Bucks Bank, is writing a check to Cassie Porter, who has a checking account at Lots a Loot Bank.
What should be written on the "Pay to the order of" line of the check?
a)
Big Bucks Bank
b)
Cassie Porter
c)
Lots a Loot Bank
d)
Sherwood Bennett
23.
Jean Bernard, who has a checking account at Treasure Trove Bank, is writing a check to Frank Walton, who has a checking account at Mucho Dinero Bank. What should be written on the "Pay to the order of" line of the check?
a)
Frank Walton
b)
Jean Bernhard
c)
Mucho Dinero
d)
Treasure Trove Bank
24.
June Russell, who has a checking account at Gravy Train Bank, is writing a check to Stanley Lawrence, who has a checking account at Chunk a Change Bank. What should be written on the "Pay to the order of" line of the check?
a)
Chunk a Change Bank
b)
Gravy Train Bank
c)
June Russell
d)
Stanley Lawrence
25.
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
26.
The checking account fees for Banks A, B, C, and D are shown in the table:
If a customer writes 26 checks per month, which bank will charge him the least in fees
a)
Bank A
b)
Bank B
c)
Bank C
d)
Bank D
27.

What is the average of 12, 43, 51, and 62?

a)

32

b)

51

c)

42

d)

36

28.

If the sum of the daily balances of a credit card totals $3,865.50 over 30 days, what is the average daily balance?

a)

$238.85

b)

$128.85

c)

$218.58

d)

$175.96

29.

What is 23.6% of 4,585?

a)

1,541.44

b)

1,345.983

c)

1,254.30

d)

1,082.06

30.

If Colin's finance charge is computed at 2% of $4,586, what is its dollar amount?

a)

$91.72

b)

$45.86

c)

$86.54

d)

$110.70

31.

If Lana paid $825.80 on a $3,169.78 credit card balance, what is the new balance?

a)

$2,343.98

b)

$3,995.58

c)

$3,087.02

d)

$2,546.98

32.

If Scott has a balance of $429.50 on a credit card that charges a finance charge computed at 2.5%, what is the new balance? Round your answer tot he nearest cent.

a)

$432.00

b)

$486.98

c)

$440.24

d)

$455.35

33.

Piper's credit card has a $9626.42 balance. She makes a $223.50 payment. What is the new balance?

a)

$1,149.92

b)

$9402.92

c)

$685.90

d)

$782.43

34.

If Rocky's credit card has a $1,329.64 balance and he charged $528.44 in new purchases, what is the new balance?

a)

$1,972.32

b)

$1,867.45

c)

$896.45

d)

$1,858.08

35.

A card that authorizes purchases on credit is called a(n) ________________.

a)

charge account

b)

credit card

c)

debit card

d)

finance charge

36.

A(n) ____________________ is an existing line of credit at the business that issued it.

a)

account statement

b)

credit card

c)

finance charge

d)

charge account

37.

A(n) ___________________ is interest that the company charges to a credit account for not paying the total amount owed by the due date.

a)

finance charge

b)

credit card

c)

charge account

d)

unpaid-balance

38.

Stores often issue charge accounts to their customers in order to generate sales.

a)

True

b)

False

39.

Credit card companies do not allow you to review you account online.

a)

True

b)

False

40.

Stores often issue charge accounts to their cusomers in order to generate sales.

a)

True

b)

False

41.

The formula to determine the amount finances is the cash price minus the down payment.

a)

True

b)

False

42.

The down payment is the final payment you make when you are done paying off your loan.

a)

True

b)

False

43.

A repayment schedule shows the distribution of interest and other charges over the life of a loan. It usually does not show the principal.

a)

True

b)

False

44.

One reason you might want to make the final payment of your loan before the end of the term is so that you will pay less interest.

a)

True

b)

False

45.

Gene's bank granted him a singe-payment loan of $5,000 for 90 days at 9% ordinary interest. What is the amount of ordinary interest owned?

a)

$112.50

b)

$150.00

c)

$132.50

d)

$156.20

46.

Scott's bank granted him a single-payment loan of $3,250 to repair bill. HE agreed to repay the loan in 31 days at an exact interest rate of 11.75%. What is the maturity value of the loan?

a)

$3,211.09

b)

$3,282.43

c)

$3300.90

d)

$3,554.66

47.

Sarah is buying a new couch for $989. She made a down payment of $200 and financed the remainder. What amount did she finance?

a)

$766

b)

$789

c)

$799

d)

$877

48.

Rebecca purchased a new flat screen television for $767. She made a 20% down payment and financed the remainder. What amount did she finance?

a)

$613.60

b)

$617.50

c)

$665.00

d)

$767

49.

Using this table above, Corey obtained an installment loan of $1,000. The annual percentage rate is 8%. He must repay the loan in 18 months. What is the fiance charge?

a)

$59.10

b)

$63.80

c)

$75.10

d)

$78.20

50.

Using the table, Tulio purchased a treadmill with an installment loan that has an APR of 12%. The treadmill sells for $1,672. The store financing requires a 10% down payment and 12 monthly payments. What is the finance charge?

a)

$89.00

b)

$92.50

c)

$98.76

d)

$99.50

51.

Ethan obtained a loan of $2,400 to install a new roof on his home. The interest rate is 12% and the monthly payment is $113.04. What is the interest on the first monthly payment?

a)

$24.00

b)

$25.04

c)

$29.90

d)

$32.01

52.

Camryn obtained a $1,200 loan for her scuba diving lessons. She borrowed the money for six months at 7% interest. Her monthly payment is $204.10. What is the interest for the second payment?

a)

$3.53

b)

$4.69

c)

$5.85

d)

$7.00

53.

Dan Williams took out a simple interest loan at 14.5% interest for 12 months. His previous balance is $119.42. What is the final payment if the loan is paid off with the next payment?

a)

$98.74

b)

$120.86

c)

$132.90

d)

$151.23

54.

Howard purchased living room furniture for $1,860. He borrowed $1,200 and promised to repay the loan in 2 years. The finance charge was $308.25. To the nearest hundredth of a percent, what is the annual percentage rate?

a)

14.02%

b)

18.02%

c)

23.02%

d)

25.02%

55.

Joe wants to get a $150,000 mortgage. The monthly payment is $794. How much will he have paid at the end of the loan term, if he gets a 25 year mortgage?

a)

$188,200

b)

$238,200

c)

$150,794

56.

The normal _______ for a mortgage is up to 30 years

a)

Term

b)

Interest Rate

c)

Loan

57.

The Lawrence's consider purchasing a new home for $224,000. A 10 percent down payment is required. What is the amount of the mortgage loan needed to finance the purchase?

a)

$20,160.00

b)

$22,400

c)

$201,600

58.

If the cash price of an house is $230,000, and you are asked to make a down payment of 10%, how much will you pay?

a)

$23,000

b)

$2,300

c)

$20,700

59.

You want to buy a house that is valued at $215,000. You are putting 15% down. What is the down payment? What is the loan amount?

a)

$15; $214985

b)

$3225; $211,775

c)

$32,250; $182,750

60.

Liz and Rob purchased a house for $565,000. They put 20% down on the house. What was their down payment?

a)

$113,000

b)

$452,000

c)

$11,300

61.

Marcus and Kenya purchased a house for $325,000. They put 15% down on the house. What is their mortgage amount?

a)

$48,750

b)

$276,250

c)

$32,500

62.

Use the chart above to find the monthly payment for a 15 year, $200,000 loan at 9%.

a)

$10.14

b)

$202.80

c)

$2028

63.

Use the chart.

What is the monthly payment on a 30 year, $100,000 loan at 7%?

a)

$6.65

b)

$665

c)

$6650

64.

Use the chart.

How much will Heidi pay by the end of her $89,000 mortgage if her interest rate is 11% and she has a 15 year term?

a)

$1011.93

b)

$30,357.90

c)

$364,294.80

65.

Ryan pays $906.15 each month on a 15 year mortgage. How much will he pay at the end of the term?

a)

$163,107

b)

$13592.25

c)

$203,883.75

66.

A fixed rate mortgage has an interest rate that changes on a yearly basis.

a)

True

b)

False

67.

The money a buyer must pay up front in cash is called __________________.

a)

Mortgage

b)

Principal

c)

Down payment

68.

A ___________________ mortgage is when the interest rate and monthly payment change on a yearly basis.

a)

fixed rate

b)

variable rate

c)

principal rate

69.

Fawn takes out a $50,000 mortgage for 20 years. Her monthly payment per $1000 is $7.63. What is her monthly payment?

a)

$152.60

b)

$1007.63

c)

$381.50

70.

Fawn takes out a $50,000 mortgage for 20 years. Her monthly payment per $1000 is $7.63. How much will she pay at the end of her term?

a)

$51,763

b)

$91560

c)

$151,200

71.

Monthly payment is made up of the prinicpal and the interest.

a)

True

b)

False

72.

The fee a bank charges to loan you money is called ________________.

a)

mortgage

b)

principal

c)

interest

73.

What is the money you borrow called?

a)

interest

b)

principal

c)

down payment

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