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Business Math Final Exam Practice

Total questions: 96

Worksheet time: 3hrs 12mins

Name
Class
Date
1.

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

2.

Jessie obtained a single-payment loan of $3,225 to pay a 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 his loan?

a)

$3,257.18

b)

$42.16

c)

$4,267.16

d)

$32.63

3.

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

4.

Peter has collision insurance with a $1,000 deductible. Peter backs his car into a lamppost and causes $4,300 worth of damage to the car. How much will Peter have to pay?

a)

$4,300

b)

$1,000

c)

$3,300

d)

$0

5.

If a rock hits your windshield, what insurance pays to fix it?

a)

Property Damage

b)

Collision

c)

Bodily Injury

d)

Comprehensive

6.

What is a deduction?

a)

money the government withholds from your paycheck

b)

money you subtract from your taxable income to lower the amount of taxes you owe

c)

a person who depends on you financially

d)

money your employer withholds from your paycheck to pay taxes on your behalf

7.

1.A plan for future spending and saving, weighing estimated income against estimated Expenses.

a)

Gross Income

b)

Debt

c)

Expense

d)

Budget

8.
Examples of Fixed Expenses include:
a)
Mortgage, loans, rent
b)
Cable, entertainment, food
c)
Gas, food, phone
d)
Clothing, gas, food
9.

Fixed or variable expense: Groceries

a)

Fixed

b)

Variable

10.
You are purchasing a T.V for $990 T.V with 9% sales tax. What is the final price of the T.V.?
a)
$ 1881.00
b)
$ 1079.00
c)
$ 1,079.10
d)
$ 1,709.1
11.
A grocery store has a 20% markup on bottle of soda.  The bottle of soda costs the store $1.25. Find the selling price. Round to nearest cent if necessary.
a)
$1.5
b)
$1.50
c)
$0.25
d)
$1.00
12.

A store pays $32.00 for each video game. The store’s percent of mark up is 75%. Which shows the retail price of the video game?

a)

$60.00

b)

$56.00

c)

$24.00

d)

$8.00

13.

The highest FICO score possible is:

a)

1600

b)

1000

c)

850

d)

700

14.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
GPA
d)
Length of credit history
15.
You have reached your deductible of $2000, but you have not reached your maximum out-of-pocket limit of $4000 and your co-insurance begins. Your co-insurance is 20%. How much do you have to pay if you go to the doctor and the visit is $150?
a)
$150
b)
$30
c)
$120
d)
$0
16.
The amount you owe before your health insurance begins to reimburse a claim.
a)
deductible
b)
premium
c)
owed amount
17.
A 30 year woman broke her arm and went to the ER for treatment. Her health insurance plan has a $1,500 deductible. What does this mean
a)
She can deduct $1,500 from the hospital bill, but must pay the rest
b)
The hospital will only charge her $1,500
c)
She is resoponsible for paying, $1,500 of her medical expenses before her insurance starts to pay
d)
Her insurance company will only pay $1,500 and she must pay the rest
18.
Would a paycheck be considered a payment or a deposit in a budget?
a)
Payment
b)
Deposit
19.
If I go to the ATM and take out $50 and I only have $30 in my account, I will be hit with what?
a)
Income
b)
Expenses
c)
Overdraft fee
d)
Dumb customer penalty
20.
These are the amounts taken out of your gross pay.
a)
subtractions
b)
minuses
c)
deductions
d)
tax exemptions
21.
If I work 53 hours in a week, I might earn
a)
less pay
b)
a pat on the back
c)
overtime
d)
flextime
22.
What does a high credit score show?
a)
How much you spent
b)
How popular you are
c)
How responsible you are with your money
d)
how many times you went to the ATM
23.
If I earn a salary of $30,000 a year, when I work extra hours I will earn
a)
$30,000 a year
b)
$30,000 plus overtime
c)
$40,000 a year
d)
$35,000 a year
24.
When I buy a new car, the salesman earns a commission. What is a commission?
a)
a tip
b)
a royalty
c)
a percentage of the sale
d)
a deduction of the sale
25.
Twice a year I get a bill from the state for owning my home. This bill is for what kind of tax?
a)
estate tax
b)
sales tax
c)
income tax
d)
property tax
26.
When I go to 7-11 and buy a slurpee for .99. I have to give the clerk $1.07. The extra amount is called what?
a)
income tax
b)
property tax
c)
sales tax
d)
estate tax
27.
Every year I get a W-2 from the government because I have to file my taxes. What are these taxes called?
a)
Estate Tax
b)
Income Tax
c)
Personal Property Tax
d)
Sales Tax
28.
You are purchasing a T.V for $990 T.V with 9% sales tax. What is the final price of the T.V.?
a)
$ 1881.00
b)
$ 1079.00
c)
$ 1,079.10
d)
$ 1,709.1
29.
Daniel has dinner at a restaurant and the cost of his meal is $28.00. Because of the service, he wants to leave a 20% tip. What is his total bill including tip?
a)
33.60
b)
40.00
c)
24.60
d)
30.50
30.
  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
31.
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
32.

A 3-pack of straw hats cost $19.59. What is the unit price of each hat?

a)

$58.77

b)

$6.53

c)

$16.59

d)

$22.59

33.

Which is the better deal?

a)

5 pack of hotdogs for $1.85

b)

9 pack of hotdogs for $3.69

34.

What is debt?

a)

Another word for death

b)

Something, typically money, that is owed or due

c)

A loan on which you do not have to pay interest

d)

That which is incurred during childhood and consummated in college

35.

What is a credit card?

a)

The ace of diamonds

b)

A large plastic card designed to ruin consumer's finances

c)

A small plastic card issued by the government attached to a line of credit

d)

A small plastic card issued by a bank and attached to a line of credit

36.

An amount of credit extended to a borrower is known as a...?

a)

Line of Extension

b)

Several dollars lined up in a straight line

c)

Available Credit

d)

In the finance world it is referred to as a "long nose"

37.

What is a credit score?

a)

a number between 300 and 850 representing your creditworthiness

b)

a statistical number that evaluates a consumer's creditworthiness and is based on credit history.

c)

Often referred to as a FICO score

d)

All of the above

38.

What is an interest rate?

a)

it is your level of interest about a certain topic expressed as a percentage of your total interest

b)

The amount in terms of dollars that you have to pay back on a purchase

c)

it is the rate at which your interest in something expires. The higher the number, the quicker your interest expires

d)

The amount in terms of a rate or percentage that you have to pay back on an amount borrowed

39.

What is a loan term?

a)

The amount of time a revolving line of credit can be open

b)

The payment of income to a savings account in regular payments over a set period of time.

c)

The period in which the loan is to be repaid, each payment broken down into individual installments

d)

Specifically related to the black market for human organs, and typically meant as the length of time one's kidney will be used for other purposes

40.

If an expense can NOT be removed from your budget to save money, it is considered a _____.

a)

Income

b)

Want

c)

Need

d)

Savings

41.

Made by a bank or other lender to an individual so that person can purchase a new or used vehicle, using the vehicle as collateral for the loan.

a)

Auto loan

b)

Loan terms

c)

Lender

d)

Annual percentage rate (APR)

42.

The fee charged for the use of money.

a)

Auto loan

b)

Loan terms

c)

Down payment

d)

Annual percentage rate (APR)

43.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
44.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
45.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
46.
Late payments are retained on credit reports for 7 years.
a)
True
b)
False
47.

To build a positive credit history, I should pay cash for all purchases.

a)

True

b)

False

48.

A pair of boots are bought at a discounted price of $71.24. This is after taking 25% off. What was the original price? Round to nearest cent if necessary.

a)

$94.99

b)

$53.43

c)

$17.81

d)

$284.96

49.
Brenda's bank offers car financing for 3, 4, or 5 years.  If Brenda chooses 5-year financing, how many monthly payments will she have?
a)
60
b)
48
c)
36
d)
12
50.

Our tax money is spent on all of the following EXCEPT:

a)

Social Security

b)

The Military

c)

Private School Education

d)

National Parks

51.

What item would you DEFINITELY see on a paystub?

a)

Retirement

b)

Healthcare

c)

Gross Pay

d)

Your occupation/role

52.
Bank of America issues you a credit card with a maximum balance of $1,000.  This is an example of:
a)
Finance Charge
b)
Co-Signer
c)
Minimum Payment
d)
Credit Limit
53.
What does APR mean?
a)
Average Person Ratio
b)
Annual Percentage Rate
c)
Always Poke Robots
d)
Apples Peas & Rice
54.

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

a)

principal

b)

tenure

c)

default

d)

collateral

55.

The bank adds the interest to the .... to calculate the monthly payment of your loan.

a)

principal

b)

tenure

c)

charge account

d)

credit file

56.

Kayla had a balance of $106.15 in her checking account. She deposited $75.00. What is her new balance?

a)

41.15

b)

171.15

c)

31.15

d)

181.15

57.
What is the starting balance on this check register?
a)
4720.33
b)
4500.00
c)
4500.75
d)
4320.00
58.
What should be written on line 2?
a)
the date
b)
the amount of the check
c)
who the check is going to
d)
your signature
59.
What should be written on line 5?
a)
the date
b)
the amount of the check
c)
reminder/memo
d)
your signature
60.
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
61.

What is wrong with this check?

a)

They didn't write who they are paying.

b)

The money amount in dollars is wrong.

c)

The money amount written in words is wrong.

62.

What is line. "B". for?

a)

How much cash you have

b)

How much cash you want to keep

c)

How much money depositing into bank

d)

Signature line

63.

What is line. "C". for?

a)

How much cash you have

b)

How much cash you want to keep

c)

Checks you have to put into bank

d)

total money putting into bank

64.

What is line. "D". for?

a)

Date of deposit

b)

total before keeping cash

c)

Total putting into bank

d)

Cash you want to keep

65.
The person who gets the money when the insured person dies is called?
a)
Beneficiary
b)
Rate
c)
Term Insurance
d)
Face Value
66.
Term coverage allows a person to be insured for their entire life.
a)
True 
b)
False
67.
This life insurance has a savings feature.
a)
Term life insurance
b)
Whole life insurance
68.

The amount of money an insurance policy holder must pay on a claim before the insurance company begins to pay. The higher this is, will usually result in a lower premium.

a)

Premium

b)

Claim

c)

Deductible

d)

Policy

69.

A set dollar amount you agree to pay each time you receive medical treatment, while the insurance company agrees to cover the rest

a)

Copay

b)

Claim

c)

Premium

d)

Deductable

70.

Joe feels like he is having a heart attack (chest pain, trouble breathing, and sweating). How much would his co-pay be?

a)

$300

b)

$30

c)

$25

d)

$150

71.

Insurance and patient share the cost of medical procedures based on a percentage

a)

co-payment

b)

premium

c)

deductible

d)

co-insurance

72.

Sam's insurance has a 75/25 co-insurance for surgeries. How much is Sam responsibility for?

a)

75%

b)

25%

c)

100%

d)

0%

73.

Joe just turned 65. What kind of insurance can he get now?

a)

Tri-care

b)

Medicare

c)

Medicaid

d)

Life

74.
Someone who relies on someone else for income and care
a)
beneficiary
b)
claim
c)
deductible
d)
dependent
75.

When determining how much you can borrow to buy a home, lenders may consider your _____

a)

income level

b)

employment status

c)

credit history

d)

all of these

76.

Closing costs

a)

Extra fees added when buying a house. Examples include title transfer fees, lawyer's fees, and survey fees.

b)

The final payment on your home loan.

c)

When the bank has closed out your home loan and the property is now owned by only you.

77.

Tricia makes $9.00 an hour and works 40 hours a week. She pays 27.5% in taxes. What is Tricia’s yearly take-home pay?

a)

$23,868

b)

$18,720

c)

$5,148

d)

$13,572

78.
The circle graph shows Haley’s monthly budget. What percent of her budget is for housing?
a)
18%
b)
28%
c)
13%
d)
8%
79.
If the Moore's monthly income is $5,000 what amount of their budget is spent on miscellaneous expenses?
a)
$2,000
b)
$.08
c)
$200
d)
$4
80.

If Ryan's take-home pay is $3600, what percentage does he pay for rent if rent is $900.

a)

25%

b)

4%

c)

0.04 %

d)

0.25 %

81.

Daycare can be very expensive! My friend pays $972 every month for her 3 year old daughter.  This is considered a

a)

Fixed Expense

b)

Flexible Expense

c)

Discretionary Expense

d)

Income

82.

Your pay BEFORE deductions

a)

Gross

b)

Net

c)

Income

d)

paycheck

83.

Money earned after taxes and other deductions.

a)

Net income

b)

Gross income

c)

Monthly income

84.

The ________________ is the price at which something can be bought or sold at a given point in time.

a)

Market value

b)

Selling price

c)

Asking price

d)

Assessed value

85.

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?

a)

$39

b)

$67

c)

$91

d)

$96

86.

David's gross income: $127.25

David's deductions: $25.20

David's net pay: ?

a)

$102.05

b)

$102.45

c)

$112.05

d)

$152.45

87.

Yvonne's gross income: ?

Yvonne's payroll deductions: $251.18

Yvonne's net income:$451.82

HINT: Work backwards

a)

$703

b)

$200.64

c)

$954.18

d)

$25,812.00

88.
Time and a half pay is ...
a)
1.0 x normal rate
b)
1.5 x normal rate
c)
2.0 x normal rate
89.
How many weeks in a year?
a)
365
b)
52
c)
26
d)
12
90.

What are the Federal Payroll taxes that are withheld from gross pay?

[Select all that apply.]

a)

Federal Income Tax

b)

State Income Tax

c)

City/Local Income Tax

d)

Medicare Tax

e)

Social Security Tax

91.

The Ipad costs $850, and has a sales tax of 11%. What is the final cost?

a)

$850

b)

$875

c)

$943.50

d)

$950

92.

Mr. Barrett bought a new battery for his car. The battery cost $72. Since batteries are a taxable item, he had to pay a sales tax of 7.5%. What was the total cost of the battery in dollars and cents?

a)

$79.50

b)

$5.40

c)

$77.40

d)

$66.60

93.

A check requires an endorsement. Who endorses the check?

a)

the bank

b)

the payee

94.
Based on the scatterplot, what is the best prediction of the average amount of money spent on groceries for a household of 7 people?
a)
$240
b)
$190
c)
$210
d)
$300
95.

Numeric and measurable types of data such as height, age, scores, cost are called __________

a)

qualitative

b)

quantitative

96.

Categorical data such as eye color and birthplace is called __________

a)

qualitative

b)

quantitative

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