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Worksheets

Mid year review

Total questions: 179

Worksheet time: 15hrs 55mins

Name
Class
Date
1.

The price of an office chair was $86. The tax rate was 6%. What was the total price for the chair including tax?

a)

$5.16

b)

$91.16

c)

$81.84

d)

$92.00

2.

The prce of a ski jacket was $92.00. The tax rate was 5%. What was the tax for the ski jacket?

a)

$4.60

b)

$96.60

c)

$5.00

d)

$4.06

3.

The price of a ring was $85. The tax rate was 9%. What was the total price of the ring with tax?

a)

$77.35

b)

$92.65

c)

$7.65

d)

$94

4.

The price of a stereo is $89. The tax rate is 5%. What is the tax for the stereo?

a)

$94.00

b)

$5.00

c)

$93.45

d)

$4.45

5.

The price of a trampoline was $81. The tax rate was 4%. What was the total cost of the trampoline?

a)

$3.24

b)

$4.00

c)

$85.00

d)

$84.24

6.

Find the total price of a $49.60 item plus 5% sales tax.

a)

$54.08

b)

$2.48

c)

$5.00

d)

$52.08

7.

You buy a garden tiller. The price is $1473.99 and the sales tax rate is 3.1%. What is the total price of the garden tiller?

a)

$1477.09

b)

$1519.68

c)

$45.69

d)

$1519.70

8.

You and three of your friends go out to dinner. The check for dinner comes to $31.85. If you want to leave a 15% tip for the server, how much money should you leave?

a)

$4.7775

b)

$4.77

c)

$4.78

d)

$4.80

9.

You and three of your friends go to Casa Grande. The check is $39.95. If you want to leave a 15% tip for the server, how much should you leave?

a)

$6.00

b)

$5.9925

c)

$5.99

d)

$5.25

10.

Find the total price, including 5% tax, of 25 square yards of carpeting priced at $19.00 per square yard.

a)

$475.00

b)

$23.75

c)

$498.75

d)

$19.95

11.

What is the salesperson's commission on a $1100.00 sale if the commission rate is 20%?

a)

$20.00

b)

$220

c)

$1320

d)

$200

12.

How much is a 5% commission on sales of $600?

a)

$60

b)

$50

c)

$30

d)

$40

13.

The sale is $800. The commission rate is 30%. Find the commission.

a)

$30

b)

$240

c)

$7.20

d)

$24

14.

What is the salesperson's commission on a $500 sale if the commission rate is 10%?

a)

$10

b)

$50

c)

$550

d)

$560

15.

Sarah works in an appliance store. She receives a commission in addition to her hourly pay. She earns a 2% commission for sales up to $6000, and a 7% commission for all sales in a month over $6000. Last month her sales were $7200. How much was her commission?

a)

$648

b)

$120

c)

$504

d)

$204

16.

Steve works in a furniture store. He receives a commission of 2% for sales up to $4000 and a 5% commission for all sales in a month over $4000. Last month his sales were $5500. How much was his commission?

a)

$155

b)

$200

c)

$80

d)

$385

17.

Match the following items with the correct tax for each:

a)

A book for $90.50 with 4% tax.

1.

3.62

b)

An MP3 player for $99.50 with 4% tax.

2.

3.98

c)

A microphone for $129.99 with 1% tax.

3.

1.30

d)

A book for $49.95 with 3% tax.

4.

1.50

18.

Match the following items with their total cost including sales tax.

a)

Pen for $1.50 with 4% tax

1.

1.56

b)

Shorts for $19.99 with 2% tax

2.

20.39

c)

SUV for $42000 with 3% tax

3.

43260

d)

Goldfish for $1.50 with 5% tax

4.

1.58

19.
Compute the sales commission:
Amount $4,500.00
Rate 5%
a)
$225.00
b)
$250.00
c)
$125.00
d)
$230.00
20.
Compute the sales commission:
Amount $1,600.00
Rate 3%
a)
$45.00
b)
$48.00
c)
$53.00
d)
$40.00
21.
Compute the sales commission:
Amount $234.00
Rate 11%
a)
$25.74
b)
$35.82
c)
$28.63
d)
$21.40
22.
What is 82% As a decimal?
a)
8200
b)
820
c)
0.082
d)
0.82
23.

What is commission?

a)

An answer to a question

b)

A percent

c)

A percentage you earn from your total sales.

d)

An amount compared to 100.

24.
The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
25.

The simple interest formula is I=PRT. The P represents the principal. The principal is ___________________.

a)

the amount of money borrowed, deposited, or invested

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

26.
Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
27.
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
28.

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

a)

Principle

b)

Interest

c)

Time, in hours

d)

Time, in years

29.
An accountant receives a yearly salary of $72,000.  Find his monthly salary.
a)
$6000.00
b)
$864,000.00
c)
$600.00
30.

How many times a year do you receive a paycheck if you are paid biweekly?

a)

52

b)

26

c)

24

31.

An employee who is paid monthly is paid _______ times a year.

a)

12

b)

24

c)

6

32.
What is an annual salary?
a)
What you are paid each month
b)
What you earn over the course of a year.
33.

You earn $550 weekly. How much do you make per year?

a)

$23,500

b)

$28,600

c)

$29,200

34.

You got a new job and will earn $2750 per month. What is your yearly salary?

a)

$16,500

b)

$229

c)

$33,000

35.

You are making $780 per week. How much will you earn in a year?

a)

$45,060

b)

$20,280

c)

$40,560

36.

If you are paid $1,500 bi-weekly how much will you earn in a year?

a)

$50,000

b)

$78,000

c)

$39,000

37.

A ________________ is a fixed amount of money paid each pay period regardless of the amount of hours worked.

a)

Hourly rate

b)

Salary

c)

Weekly wage

38.

George makes an annual salary of $58,000 . What would he make in 1 week?

a)

$2,345

b)

$1,115

c)

$2,230

39.

Alivia sells jewelry. She make a total of 12% of commission off of her sales. How much commission Alivia make when she sells $22,540 worth of jewelry.

a)

$304.80

b)

$450.80

c)

$2,704.80

40.

Compute the sales commission:

Sales amount: $48,000.00

Commission rate: 3%

a)

$1400.00

b)

$1440.00

c)

$1500.00

41.

Compute the sales commission:

Sales amount: $500.00

Commission rate: 5%

a)

$45.00

b)

$50.00

c)

$25.00

42.

Compute the sales commission:

Sales amount: $450.00

Commission rate: 5%

a)

$25.00

b)

$32.00

c)

$22.50

43.

Compute the sales commission:

Sales amount: $950.00

Commission rate: 10%

a)

$90.00

b)

$95.00

c)

$98.00

44.

Compute the sales commission:

Sales amount: $880.00

Commission rate: 4%

a)

$30.00

b)

$29.00

c)

$35.20

45.

Compute the gross pay:

Base pay: $482.10

Sales amount: $260.00

Commission rate: 9%

a)

$742.10

b)

$528.30

c)

$505.50

46.

Compute the gross pay:

Base pay: $275.90

Sales: $350.00

Commission Rate 5%

a)

$31.30

b)

$625.90

c)

$293.40

47.

Mr. Ryan sells $26,012 worth of dish equipment. His rate of commission is 4.8%. He also receives a base salary of $380. What is his gross pay?

a)

$1,628.58

b)

$1,248.58

c)

$1,558.80

48.

Mr. Willie earns a base salary of $575 plus commission. If he sells a house for $73,989. His rate of commission is 5.2%. What is his gross pay?

a)

$3,784.50

b)

$4,422.43

c)

$3,847.43

49.

The total amount you earn before any deductions are subtracted is called __________ pay.

a)

Bonus

b)

Gross

c)

Incentive

d)

Net

50.

__________ is time worked beyond the regular hours.

a)

Flextime

b)

Bonus

c)

Wage

d)

Overtime

51.

How many hours in a regular work week?

a)

44

b)

43

c)

40

d)

45

52.
I work 45 hours how many hours is overtime?
a)
5
b)
4
c)
6
d)
3
53.
You make $10.00 per hour and you work 30 hours a week. How much is the weekly gross pay?
a)
$290.00
b)
$325.00
c)
$300.00
d)
$600.00
54.
You make $8.00 per hour and you work 40 hours a week. How much is the weekly gross pay?
a)
$300
b)
$320
c)
$350
d)
$640
55.

You are paid $10 per hour. A regular work week is 40 hours. What is you gross pay for a 49 hour week? Include overtime at a rate of time and a half

a)

$565.00

b)

$600.00

c)

$535.00

d)

$743.00

56.
Kyle worked 34 hours cutting lawns. His gross income was $329.12. What was his hourly wage?
a)
$9.68
b)
$12.54
c)
$15.67
d)
$10.00
57.
What is overtime pay?
a)
hours you work because you want them
b)
hours that you work after your regular hours
c)
money hours
58.

Alice worked 52 hours this week. She gets paid $9.35 per hour for the first 40 hours and then gets time-and-a-half for the rest of the time. How much money did she make this week? (HINT: Do not round time and a half rate)

a)

$484.64

b)

$374.00

c)

$388.03

d)

$542.30

59.
Eddie worked 51.5 hours this week. He gets paid $12.48 per hour for the first 40 hours and then gets double-time for the rest of the time. How much money did he make this week? 
a)
$642.72
b)
$714.48
c)
$786.24
d)
$2096.64
60.

$9,400 in sales

8% commission rate


How much commission is earned?

(a)  

61.

Jenitha Forrest makes a 5% commission on the first $2,000 of sales she makes and 8% on any sales over $2,000. Find her total graduated commission on $7,740 in sales.

(a)  

62.

Wilson Green sells home security systems. He earns an 11 percent commission on every system he sells. Wilson’s sales for this month totaled $4265. What is Wilson’s commission?

a)

$18,750

b)

$46,915

c)

$4,691.50

d)

$387.72

63.

Derek sells appliances. He is paid a 6.5 percent commission on every appliance he sells. Derek sold $9,732.00 worth of appliances this week. What is Derek’s commission?

a)

$632.58

b)

$63.258

c)

$6,325.80

d)

$143.38

64.

Pierre, an art dealer, earns 25% commission of the dollar value of the art pieces that he sells at the Bizzell Gallery. Pierre earns $10,800 this month. What is the total dollar value of the art that he sells?

a)

$43,200

b)

$2,700

c)

$270,000

d)

$10,800

65.

Robert earns 3% commission on the sale of a $512,800 home. What is his commission?

a)

$15,384

b)

$1,538,400

c)

$153,840

d)

170,933.33

66.

Robert earns a weekly salary of $350 plus a 7% commission on sales. Last week, his sales totaled $3200. What was his TOTAL pay?


commission + salary = total pay

a)

$24.50

b)

$224

c)

$574

d)

$248.50

67.
Bob makes $12 per hour and gets 8% commission. Last week he worked 46 hours and his sales were $1500. What was his gross pay (before tax)? (Remember, any hours over 40 are figured as overtime hours earning time and a half.)
a)
$734
b)
$708
c)
$756
d)
$714
68.

A fixed amount of money that your earn on a regular basis is ...

a)

salary

b)

piecework

c)

commission

d)

hourly pay

69.

A pay period with occurs 24 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

70.

A pay period with occurs 12 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

71.

A pay period with occurs 52 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

72.

A pay period with occurs 26 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

73.

A ___________________ is a recurring length of time over which an employee is paid.

a)

paycheck

b)

weekly time card

c)

salary

d)

pay period

74.

What type of pay is it when you receive a specified amount of money for each item of work that you complete?

a)

hourly pay

b)

salary

c)

piecework

d)

commission

75.

What type of pay is it when the amount of money that you are paid is based on sales?

a)

hourly pay

b)

salary

c)

piecework

d)

commission

76.

A method of compensation for the sales people where the commission earned as a percentage of sales increases incrementally with the increase in the sales volume is called ...

a)

commission

b)

salary

c)

piecework

d)

graduated commission

77.

When you work overtime and you are paid 1.5 times your regular hourly rate, you are paid _______________________.

a)

There is no special term... it is just overtime.

b)

double time

c)

time and a half

d)

piecework

78.

Steven is paid $5.33 for each fly fishing lure that he produces that also passes inspection. What is his pay if he produces 75 lures, 3 of which did NOT pass inspection?

a)

$376.53

b)

$425.88

c)

325.00

d)

None of these

79.
Daniel is a barber at Slick Cuts.  He charges $17 per haircut.  By Saturday, he has given 50 haircuts.  What is his total pay?
a)
$67
b)
$5100
c)
$850
d)
$935
80.
Beanie works cleaning carpets.  He charges $99 per room.  If he cleans 3 rooms in one home, 5 in another, and 4 in a third home, how much will he make?
a)
$792
b)
$891
c)
$693
d)
$1188
81.
Annette completed 154 items, she gets paid $.19 an item. What did she earn?
a)
$29.26
b)
$26.29
c)
$29.28
82.
Jill picks corn and gets paid at a piecework rate of 55 cents per container for the first 300 containers picked. She receives 60 cents per container for every container over 300 that she picks. Last week, Jill picked 370 containers. How much did she earn?
a)
$207
b)
$180
c)
$222
d)
$204
83.
Pauline gets paid $0.50 for each of the first 100 craft kits that she assembles. She earns $0.75 for each kit over 100. This week she assembled 135 kits. How much did she earn?
a)
$67.50
b)
$72.50
c)
$76.25
d)
$101.25
84.
Bob sells cars. His income is based on a graduated scale. If he earns 5% commission for the first $50,000 in sales and a 8% commission for sales over $50,000, then how much would he earn if his total sales were $95,000?
a)
$6100
b)
$7600
c)
$4750
d)
$5200
85.
An accountant receives a yearly salary of $72,000.  Find his monthly salary.
a)
$6000.00
b)
$864,000.00
c)
$600.00
86.
How many times a year do you receive a paycheck if you are paid biweekly?
a)
52
b)
26
c)
24
d)
12
87.

An employee who is paid monthly is paid _______ times a year.

a)

12

b)

24

c)

6

88.

You earn $550 weekly. How much do you make per year?

a)

$23,500

b)

$28,600

c)

$29,200

89.

How many times do you get paid in a year if you get paid weekly?

a)

12

b)

52

c)

26

90.

If you get paid monthly, how many times will you be paid in a year?

a)

26

b)

52

c)

12

91.

You got a new job and will earn $2750 per month. What is your yearly salary?

a)

$16,500

b)

$229

c)

$33,000

92.

If you are paid $1,500 bi-weekly how much will you earn in a year?

a)

$50,000

b)

$78,000

c)

$39,000

93.

Arturo makes an annual salary of $58,000 . What would he make in 1 week?

a)

$2,345

b)

$1,115

c)

$2,230

94.
Sammy cuts grass on the weekends.  He charges $55 a yard.  If he cuts 3 yards a day, how much did he make?
a)
$330
b)
$165
c)
$1155
d)
$18
95.

Gross income is:

a)

the total amount of money you earn

b)

the amount of money you receive after decuctions are subtracted

c)

the total amount of money you spend

d)

sales taxes on items you buy

96.

A fixed amount of money that your earn on a regular basis is ...

a)

salary

b)

piecework

c)

commission

d)

hourly pay

97.

A pay period with occurs 24 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

98.

A pay period with occurs 12 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

99.

A pay period with occurs 52 times a year is ...

a)

weekly

b)

bi-weekly

c)

semi-monthly

d)

monthly

100.

A ___________________ is a recurring length of time over which an employee is paid.

a)

paycheck

b)

weekly time card

c)

salary

d)

pay period

101.

What type of pay is it when you receive a specified amount of money for each item of work that you complete?

a)

hourly pay

b)

salary

c)

piecework

d)

commission

102.

When you work overtime and you are paid 1.5 times your regular hourly rate, you are paid _______________________.

a)

There is no special term... it is just overtime.

b)

double time

c)

time and a half

d)

piecework

103.

When you work overtime and you are paid 2 times or twice your regular hourly rate, you are paid _______________________.

a)

There is no special term... it is just overtime.

b)

double time

c)

time and a half

d)

piecework

104.

(1-5) You are paid $760.00. What is your annual salary?

a)

$39,520

b)

$29,320

c)

Not enough info

d)

$29,230

105.

Bill McKenzie packs and seals pens at a rate of $0.235 per pack. At the end of his eight-hour shift, Bill has packed and sealed 480 packs of pens. How much did he earn?

a)

$110.40

b)

$384

c)

$112.80

d)

$902.40

106.

The educational television service at Brooke Green State University advertised for a development officer at a minimum salary of $40,663. What is the monthly salary?

a)

$3388.58

b)

$781.98

c)

$4066.30

d)

$2541.44

107.

A fixed amount of money earned on a regular basis.

a)

Straight Commission

b)

Pay Rate

c)

Commission

d)

Salary

108.

Avery Gould is a tailor. He is paid $7.50 for each pair of jeans he hems. How much would he be paid for 12 pairs of jeans?

a)

$180

b)

$90

c)

$72.50

d)

$63.50

109.

Samara Park gets $0.25 for each pound of apricots she dries. How much will she be paid if she dries 16.4 pounds?

a)

$16

b)

$8.20

c)

$4.10

d)

$6

110.
The piecework rate of a garment worker is $0.75 per decal sewn on a jacket.  If Daniel sews 100 decals, how much does he earn?
a)
$75.00
b)
$7.50
c)
$750.00
d)
$100.00
111.
Jill picks corn and gets paid at a piecework rate of 55 cents per container for the first 300 containers picked. She receives 60 cents per container for every container over 300 that she picks. Last week, Jill picked 370 containers. How much did she earn?
a)
$207
b)
$180
c)
$222
d)
$204
112.
Annette completed 154 items, she gets paid $.19 an item. What did she earn?
a)
$29.26
b)
$26.29
c)
$29.28
113.
Beanie works cleaning carpets.  He charges $99 per room.  If he cleans 3 rooms in one home, 5 in another, and 4 in a third home, how much will he make?
a)
$792
b)
$891
c)
$693
d)
$1188
114.
Pauline gets paid $0.50 for each of the first 100 craft kits that she assembles. She earns $0.75 for each kit over 100. This week she assembled 135 kits. How much did she earn?
a)
$67.50
b)
$72.50
c)
$76.25
d)
$101.25
115.
An accountant receives a yearly salary of $72,000.  Find his monthly salary.
a)
$6000.00
b)
$864,000.00
c)
$600.00
116.
Kareem earns $20,500 per year and is paid weekly. How much money does he earn per pay period?
a)
$394.23
b)
$410
c)
$788.43
d)
$1708.33
117.

Jill earns $0.53 for each pair of pants she sews. If she made 240 pairs of pants, how much did she earn?

a)

$217.20

b)

$172.20

c)

$127.20

118.

Daniel is a barber at Slick Cuts. He charges $17 per haircut. By Saturday, he has given 50 haircuts. What is his total pay?

a)

$67

b)

$850

c)

$935

119.

Jordan is a paper boy. He earns $0.25 per paper he delivers. Last week he delivered 500 papers. How much did he earn?

a)

$125.00

b)

$12.50

c)

$150.00

120.

Jody works at Petsmart as a groomer. He earns $20 per dog and $15 per cat. Last week he groomed 25 dogs and 30 cats. What were his total earnings for the week?

a)

$500.00

b)

$450.00

c)

None of the above

121.

Jody makes jewelry and sells her products on Esty. She charges $25 per bracelet and $40 per necklace. Last month she sold 150 bracelets and 200 necklaces. What were her total earnings for last month?

a)

$11,750.00

b)

$8,000.00

c)

$3750.00

122.

A bank account that allows you to deposit/withdraw money at any time and earns interest is a

a)

money market fund

b)

money market deposit account

c)

regular savings account

d)

certificate of deposit

123.

You earn _______________ by saving money in a savings account.

a)

money

b)

interest

c)

awards

d)

trophies

124.

Tre just got a part-time job, and his sister recommends he “pay himself first.” What is she talking about? 

a)

Tre should deposit his check as quickly as possible before taxes can be taken out

b)

Tre should set aside part of every paycheck for savings before he does any spending

c)

Tre should spend the money he needs before he lends any to friends or gives to charity

d)

Tre should start his own business rather than being someone else’s employee

125.

What does it mean if a person lives paycheck-to-paycheck?

a)

They use their entire paycheck to cover monthly expenses and have very little money saved

b)

Their income varies month-to-month and they save a large portion of their biggest paychecks

c)

They use direct deposit, so their paycheck is automatically split between their checking and savings accounts

d)

They have high-paying jobs, so don’t have to worry about how much is in each paycheck

126.

Saving money is a good thing.

a)

True

b)

False

127.

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

a)

$160

b)

$800

c)

$80,000

d)

$16

128.

10. Give an example of a time an emergency fund would be used.

a)

unexpected events like doctor visits, car repairs, and home projects.

b)

to buy gold.

c)

to go for a movie.

d)

to have fun.

129.

State True or False:

It is important to save money for emergencies.

a)

True

b)

False

130.

What is the meaning of "Savings"

a)

Times when items are sold cheaper.

b)

Funds set aside for unexpected costs.

c)

Things people would like to have.

d)

Something a person aims for.

131.

Question #5

In the formula I=P·R·T, what does r stand for in a loan?

A. Rate: the interest percentage you will pay on a loan

B. Ratio: the size of the interest interval compared to time

C. Return: how much money you end up earning

D. Reserves: how much money you have in the investment

a)

A

b)

B

c)

C

d)

D

132.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
133.

Tony struggles to save money. He knows it is important, but his immediate needs and wants make it difficult for him not to spend the money he has set aside. Which of the following options would be most effective for him to start building savings?

a)

giving $20 to his friend Maria each week and ask her to save the money for me

b)

"hiding" cash in his apartment

c)

automatically having money deposited into a restricted account each month

d)

accepting the fact that he probably will not be able to save money

134.

What is the purpose of a savings account?

a)

it is a place for you to attach your credit card to

b)

it is a place for you to withdrawal money at anytime

c)

it is a safe place for you to save money and earn interest over time

d)

you can take out money to write checks with it

135.

You can only access your savings account how many times per month?

a)

3

b)

6

c)

5

d)

4

136.

How much simple interest is earned on $4000 in 18 months at an interest rate of 5.2%?

a)

$312

b)

$31.20

c)

$3744

d)

$37.44

137.

Mitchell deposits $1500 in an account that pays 1.5% simple interest. He keeps the money in the account for 360 days without any deposits or withdrawals. How much money is in his account at the end of the 360 days?

a)

$22.19

b)

$1522.19

c)

$1362

d)

$1721.92

138.

How much simple interest would $2250 earn in 11 months at an interest rate of 0.5%?

a)

$10.31

b)

$103.13

c)

$2353.13

d)

$2260.31

139.
This action allows movement of funds from one account to another.
a)
Transfer
b)
Debit
c)
Credit
d)
Loan
140.

A bank account that allows you to deposit/withdraw money at any time and earns interest is a

a)

money market fund

b)

money market deposit account

c)

regular savings account

d)

certificate of deposit

141.

You earn _______________ by saving money in a savings account.

a)

money

b)

interest

c)

awards

d)

trophies

142.

Tre just got a part-time job, and his sister recommends he “pay himself first.” What is she talking about? 

a)

Tre should deposit his check as quickly as possible before taxes can be taken out

b)

Tre should set aside part of every paycheck for savings before he does any spending

c)

Tre should spend the money he needs before he lends any to friends or gives to charity

d)

Tre should start his own business rather than being someone else’s employee

143.

What does it mean if a person lives paycheck-to-paycheck?

a)

They use their entire paycheck to cover monthly expenses and have very little money saved

b)

Their income varies month-to-month and they save a large portion of their biggest paychecks

c)

They use direct deposit, so their paycheck is automatically split between their checking and savings accounts

d)

They have high-paying jobs, so don’t have to worry about how much is in each paycheck

144.

Saving money is a good thing.

a)

True

b)

False

145.

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

a)

$160

b)

$800

c)

$80,000

d)

$16

146.

10. Give an example of a time an emergency fund would be used.

a)

unexpected events like doctor visits, car repairs, and home projects.

b)

to buy gold.

c)

to go for a movie.

d)

to have fun.

147.

State True or False:

It is important to save money for emergencies.

a)

True

b)

False

148.

What is the meaning of "Savings"

a)

Times when items are sold cheaper.

b)

Funds set aside for unexpected costs.

c)

Things people would like to have.

d)

Something a person aims for.

149.

Question #5

In the formula I=P·R·T, what does r stand for in a loan?

A. Rate: the interest percentage you will pay on a loan

B. Ratio: the size of the interest interval compared to time

C. Return: how much money you end up earning

D. Reserves: how much money you have in the investment

a)

A

b)

B

c)

C

d)

D

150.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that?
a)
$120
b)
$144
c)
$1,200
d)
$1,440
151.

Tony struggles to save money. He knows it is important, but his immediate needs and wants make it difficult for him not to spend the money he has set aside. Which of the following options would be most effective for him to start building savings?

a)

giving $20 to his friend Maria each week and ask her to save the money for me

b)

"hiding" cash in his apartment

c)

automatically having money deposited into a restricted account each month

d)

accepting the fact that he probably will not be able to save money

152.

What is the purpose of a savings account?

a)

it is a place for you to attach your credit card to

b)

it is a place for you to withdrawal money at anytime

c)

it is a safe place for you to save money and earn interest over time

d)

you can take out money to write checks with it

153.

You can only access your savings account how many times per month?

a)

3

b)

6

c)

5

d)

4

154.

How much simple interest is earned on $4000 in 18 months at an interest rate of 5.2%?

a)

$312

b)

$31.20

c)

$3744

d)

$37.44

155.

Mitchell deposits $1500 in an account that pays 1.5% simple interest. He keeps the money in the account for 360 days without any deposits or withdrawals. How much money is in his account at the end of the 360 days?

a)

$22.19

b)

$1522.19

c)

$1362

d)

$1721.92

156.

How much simple interest would $2250 earn in 11 months at an interest rate of 0.5%?

a)

$10.31

b)

$103.13

c)

$2353.13

d)

$2260.31

157.
This action allows movement of funds from one account to another.
a)
Transfer
b)
Debit
c)
Credit
d)
Loan
158.

An expense that differs from month to month.

a)

Income

b)

Fixed Expense

c)

Variable Expense

d)

Budget

159.

An expense that is the same amount and cannot easily be changed.

a)

Income

b)

Fixed Expense

c)

Variable Expense

d)

Budget

160.

A plan that is used to determine how money will be spent.

a)

Income

b)

Fixed Expense

c)

Variable Expense

d)

Budget

161.

True or False: All types of expenses are the same each month and never change.

a)

True

b)

False

162.
It's important to spend money on things you need before spending money on things you want.
a)
True
b)
False
163.
Which of the following is an example of a want for most people?
a)
A warm jacket
b)
Transportation
c)
Ice cream
164.
People who earn paychecks pay income taxes to the government.
a)
True
b)
False
165.
Which of the following is an example of a need for most people?
a)
A place to live
b)
A nice car
c)
Designer jeans
166.

Something you like to have such as toys.

a)

borrow

b)

saving

c)

needs

d)

wants

167.

Something you have to have such as food or water.

a)

savings

b)

needs

c)

wants

d)

borrow

168.
Jack wants a new phone, but he needs a new notebook for class.  What should he do?
a)
Buy the notebook and put away money for the phone.
b)
Buy the phone and put away money for the notebook.
c)
Buy the notebook and tell Brennon to buy him the phone.
d)
Buy the phone and use Brennon's notebook for a while.
169.
What is a need?
a)
Something we need in order to survive.
b)
Something fun.
c)
Something we earn.
d)
Something automatically given to you.
170.

Riley wants to purchase a new refrigerator that costs $1,025.99. Use this information to answer the following questions.

If Riley places $50 in an envelope every month, how long will he need to save to be able to afford the new refrigerator?

a)

19 months

b)

21 months

c)

24 months

d)

26 months

171.

Use this information to organize estimated household expenses by monthly amounts.

rent: $13,800 annually

utilities: $5,400 annually

cell phone: $534 semiannually

internet: $204 semiannually

car loan: $2,274 semiannually

insurance: $720 quarterly

groceries: $4,332 annually

gym membership: $288 annually

entertainment: $420 annually

Which Statements are TRUE based on the expense list?

a)

This person should designate 1000 dollars per month for his rent.

b)

$361 should be sat aside for each month for groceries.

c)

$2880 will be spent in one year on insurance.

d)

$24 should be sat aside each month for the gym membership.

e)

$40 should be set aside per month for internet.

172.

Life can be unpredictable at times, and unexpected events can affect your budget. Suppose one month you have to pay an unexpected bill that greatly impacts your budget. What are some actions you could take to keep your budget on track despite the unexpected bill? Choose all that apply.

a)

Saving every dime you make.

b)

Reducing spending on discretionary items such as entertainment and clothing.

c)

Budgeting to create an emergency fund for unexpected bills or expenses.

d)

Don't have any emergencies or unexpected expenses ever.

e)

Sell some sea shells down by the sea shore every other weekend.

173.

The goal of a budget is to SPEND more than you SAVE.

a)

True

b)

False

174.

All of these are "NEEDS" EXCEPT:

a)

Auto expenses such as gas and the cost of tires.

b)

MOVIE TICKETS

c)

RENT

d)

GROCERIES

175.

Which of the following people would benefit MOST from a personal budget?

a)

Tim carefully keeps track of his expenses.

b)

Sue spends less than she earns.

c)

David is saving for a major purchase.

d)

Bob does not have enough money to pay bills.

176.

What is NOT a reason that people usually save money?

a)

to buy special things for the future

b)

to have money for emergencies

c)

to make a payment on an expensive item

d)

to buy basic necessities

177.

A budget is a list of

a)

income and expenditures

b)

things to buy

c)

how much to save

d)

needs and wants

178.
If an expense can be cut from your budget to save money, it is considered a ______.
a)
Income
b)
Want
c)
Need
d)
Savings
179.
If an expense can not be cut from your budget to save money, it is considered a _____.
a)
Income
b)
Want
c)
Need
d)
Savings

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