WorksheetsUnit 6 Test - Managing Personal Finances
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
What is Gross Pay?
a)
amount paid to the worker AFTER deductions
b)
the total amount earned for work
c)
amount that is NOT included in the paycheck, gets sent to IRS
2.
What is Net Pay?
a)
amount paid to the worker AFTER deductions
b)
the total amount earned for work
c)
amount that is NOT included in the paycheck, gets sent to IRS
3.
What is Budget?
a)
a fixed payment that is paid for a service
b)
a partial refund that is paid back to the consumer
c)
an estimate of income and expenses for a period of time
4.
What is a savings account for?
a)
money that you will need daily access to
b)
money that you do NOT spend frequently
5.
What is a CD?
a)
a disk you play music off of
b)
a special savings account that you won't touch for a specific amount of time
c)
a checking account
6.
What is principal?
a)
a person who runs the school
b)
a type of plant
c)
the starting amount of $$
7.
What is interest?
a)
$$ the bank pays you for letting them keep your money
b)
the state of wanting to know something
c)
curiosity
8.
What does the "t" stand for in the equation
I = prt?
a)
time in days
b)
time in months
c)
time in years
9.
How is compound interest different than simple interest?
a)
the interest rate gets recalculated over time, bringing more money in
b)
the interest rate stays the same, money only gets added to the principal
10.
Your checking account is more like what everyday item?
a)
phone
b)
car
c)
wallet
11.
8 years ago, Sallie invested $13,000.00 into a savings account. She now has $16,900.00. What simple interest rate was her savings account earning?
a)
3.5%
b)
.375%
c)
3.75%
d)
.35%
12.
Sean has $13,600.00 to invest. He decides to invest it in an account that earns an amazing 8% compounded once every 12 months. How much, to the nearest cent, will Sean have after 6 years?
a)
$21581.49
b)
$21943.63
c)
$21765.25
d)
$21847.36
100 %
