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Math Modeling Midterm

Total questions: 69

Worksheet time: 1hrs 9mins

Name
Class
Date
1.

What Period are you in for Mrs. Fields Math Modeling Class?

a)

1st period

b)

3rd period

c)

7th period

2.

What word means:

The amount of money you take home after taxes and expenses are taken out?

a)

Net Pay

b)

Gross Pay

c)

Deduction

d)

Rate

3.

How much do you actually take home?

Gross Pay: $1450

Net Pay: $1200

a)

$1450

b)

$1200

c)

$500

4.

Which of the following taxes come out of your paycheck?

a)

State Income Taxes

b)

Federal Income Taxes

c)

Social Security

d)

Ramen Noodle Tax

5.

Direct Deposit means...

a)

...your paycheck goes directly into your bank.

b)

...the check is mailed directly to you.

6.

What is an hourly wage?

a)

Money paid for time worked beyond a worker's regular schedule.

b)

The amount of money paid by an employer per hour worked.

c)

The amount of money deducted from a worker's paycheck.

d)

A worker's total annual income.

7.

What is overtime?

a)

When a worker puts in time beyond their regularly scheduled hours.

b)

When a worker puts in hard work within their working day.

c)

When a worker has to leave their work site to complete a task.

d)

When a worker clocks out before the end of the work day.

8.

Which is not a common pay period used by employers?

a)

Monthly

b)

Bi-Weekly

c)

Annually

d)

Weekly

9.

What is gross pay?

a)

The amount of money a worker earns after deductions.

b)

The amount of money a worker earns for overtime.

c)

The amount of money a worker earns for cashing in vacation time.

d)

The amount of money a worker earns before deductions.

10.

Who is Antoine’s employer?

a)

ABC Mart

b)

Blue Wisp Cleaners

c)

Mountain Store

11.
What is the length of the pay period Antoine just worked?
a)
about two weeks
b)
about a month
c)
about 4 weeks
12.
How many total hours did Antoine work during this pay period?
a)
2
b)
40
c)
42
d)
270
13.
What amount per hour does Antoine get paid for regular hours worked?
a)
5
b)
10
c)
15
d)
20
14.
How many hours of overtime did Antoine work this pay period?
a)
10
b)
8
c)
7
d)
2
15.
What amount per hour does Antoine get paid for overtime hours worked?
a)
$20
b)
$22.50
c)
$30
d)
$32.50
16.
What is Antoine’s gross pay for this pay period?
a)
$645
b)
$4,275
c)
$505.03
d)
$3347.32
17.
What is Antoine’s net pay (take-home pay) for this pay period?
a)
$645
b)
$4,275
c)
$505.03
d)
$3347.32
18.
What is Antoine’s net pay (take-home pay) YTD?
a)
$645
b)
$4,275
c)
$505.03
d)
$3347.32
19.
What is Antoine’s gross pay YTD?
a)
$645
b)
$4,275
c)
$505.03
d)
$3347.32
20.

What is number 1?

a)

The owner of the checking account

b)

Who the check is made out to

c)

The bank and address

d)

Amount of the check

21.

What is labeled number 5?

a)

Account number

b)

Routing number

c)

Amount in words

d)

Amount in numbers

22.

What is labeled number 7?

a)

Amount in numbers

b)

Account number

c)

Routing number

d)

Check number

23.

What is labeled number 9?

a)

Account number

b)

Check number

c)

Routing number

d)

Amount in numbers

24.

What is labeled number 3?

a)

Check number

b)

Account owner

c)

Date

d)

Account number

25.

What is labeled number 10?

a)

Amount in numerical digits

b)

Who the check is written to

c)

Memo

d)

Amount in words

26.

Does the check number appear more than once on the check?

a)

Yes

b)

No

27.

What is labeled number 6?

a)

Who the check is written to

b)

Name & address of account owner

c)

Signature

d)

Bank name and address

28.

What is labeled number 4?

a)

Date

b)

Account number

c)

Check number

d)

Amount in numbers

29.

What is labeled 2?

a)

Date the check is written

b)

The account owner's information

c)

The person/place receiving the check

d)

Signature in cursive

30.

What is labeled number 8?

a)

Memo (optional)

b)

Signature

c)

Bank information

d)

Amount in numbers

31.

Why should a check be written in ink?

a)

Pencil marks may smudge

b)

So that no one may erase/change the amount

c)

So the bank can read the check

d)

So that the person receiving the check can deposit the check

32.
What is the stock market?
a)
A type of farmers market where people buy and sell food.
b)
A place where parts of businesses are bought and sold.
c)
A special type of grocery store that sells stocks.
d)
A type of bank that gives out loans to new businesses.
33.
Which of the following is not an investment:
a)
Stocks
b)
Mutual Funds
c)
Real Estate
d)
Taxes
34.

Why is it important to start investing as soon as possible?

a)

You take less risk when you are young, so money will be safe

b)

You have more time for your money to compound

c)

Investing is an easy way to make quick money

d)

Fees on investments are cheaper when you are younger

35.
You should start saving for retirement
a)
When you get married
b)
When you get your first job
c)
When you reach age 50
d)
When you reach age 65
36.
When investing, ______ risk provides greater _______, 
a)
higher, higher
b)
higher, lower
c)
lower, higher
d)
lower, highest
37.
A ______ market is one that sees sustained increase in stock prices over time.
a)
Bear
b)
Bull
c)
Volatile
38.
A ______ market is one that sees sustained decrease in stock prices over time.
a)
Bear
b)
Bull
c)
Volatile
d)
Goat
39.

When making a budget, a person’s needs should come before their wants.

a)

True

b)

False

40.

Which of the following is generally the most expensive category in a person’s budget?

a)

Healthcare

b)

Clothing

c)

Transportation

d)

Housing

41.

Of all the choices, which one should you budget for first?

a)

Groceries

b)

Entertainment

c)

Cell Phone Bill

d)

New Car

42.

What is a need?

a)

Something you must have

b)

Something you'd like to have

c)

Something you would like to do

d)

All of the above

43.
What is the total cost with sales tax?
Price $17.95
Tax 6%
a)
$19.03
b)
$18.50
c)
$1.08
d)
$2.15
44.
What is the total cost with sales tax?
Price $2.75
Tax 5%
a)
$2.89
b)
$3.00
c)
$0.14
d)
$2.75
45.
What is the total cost with sales tax?
Price $6.15
Tax 7%
a)
$6.58
b)
$6.75
c)
$6.23
d)
$0.43
46.
What is the total cost with sales tax?
Price $24.95
Tax 7%
a)
$1.75
b)
$26.30
c)
$25.80
d)
$26.70
47.
What is the total cost with sales tax?
Price $100.00
Tax 6%
a)
$6.00
b)
$108.00
c)
$106.00
d)
$120.00
48.
What is the total cost with sales tax?
Price $14.00
Tax 6%
a)
$14.84
b)
$0.84
c)
$15.00
d)
$16.25
49.
Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?
a)
$800
b)
$1,000
c)
$1,200
d)
$1,500
50.

The simple interest formula is I=Prt. What does the t represent?

a)

Principle

b)

Interest

c)

Time

d)

Percent Rate

51.
A bank is offering 2.5% simple interest on a savings account.  If you deposit $5,000, how much interest will you earn in three years?
a)
$5375
b)
$375
c)
$37500
d)
$42500
52.

Which is the formula for Simple Interest?

a)

I = P⋅R⋅TI\ =\ P\cdot R\cdot T

b)

A=P(1+rn)n⋅tA=P\left(1+\frac{r}{n}\right)^{n\cdot t}

53.

Which is the formula for Compound Interest?

a)

I = P⋅R⋅TI\ =\ P\cdot R\cdot T

b)

A=P(1+rn)n⋅tA=P\left(1+\frac{r}{n}\right)^{n\cdot t}

54.

Use Compound Interest Formula to find the ending balance.


Your 3 year investment of $7,300 received 7% interest compounded semiannually. What is your total return?

a)

$8,973.56

b)

$44,190.10

c)

$8,942.81

d)

$1,533

55.

Use Compound Interest Formula to find the ending balance.


Your 4 year investment of $21,000 received 13.6% interest compounded quarterly. What is your total return?

a)

$11,424

b)

$32,424

c)

$35,854.90

d)

$34,268.82

56.

Which is NOT an expense of owning a car?

a)

Repairs & maintenance

b)

Gasoline

c)

License & registration fees

d)

Utilities

57.

A disadvantage of buying a new car is it loses value faster than a used car. This is called

a)

Capital gain

b)

Inflation

c)

Depreciation

d)

Amortization

58.

Financing a vehicle has advantages & disadvantages. Which is a disadvantage?

a)

You need a small amount of money upfront compared to buying the car

b)

You pay interest and fees on borrowed money

c)

Your credit score is not taken into consideration

d)

You have more flexibility to pay the car off over time

59.

It is important to comparison shop when purchasing a car. What does comparison shop mean?

a)

Always buy from a local dealership

b)

Take several photos to use for comparison

c)

Compare the true market value of every vehicle

d)

Compare the price & quality from different vendors

60.

True or False: Buying a new car is always better than buying a used car.

a)

True

b)

False

61.

The most common form of auto financing is a(n) _______.

a)

lease

b)

rental agreement

c)

installment loan

d)

cash sale

62.

The carpet in my room covers the _________ of the floor.

a)

area

b)

wall

c)

perimeter

d)

dog

63.
The distance around an object is called the 
a)
area
b)
perimeter
64.

Andy drew this plan for a fence in

his yard. Each unit is 1 meter. What

is the perimeter of the fence?

a)

18

b)

24

c)

22

d)

36

65.
What is the total area of the pink model?
a)
3
b)
4
c)
7
d)
12
66.
What does area mean?
a)
the distance around a shape
b)
half the distance around a shape
c)
the amount of space outside a shape
d)
the amount of space inside a shape
67.

Which shape has an area of 18?

a)
b)
c)
d)
68.
What is the total area of the shaded model?
a)
5
b)
35
c)
39
d)
41
69.
The distance around an object is called the 
a)
area
b)
perimeter

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