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Financial Algebra: Credit & Savings, Shopping, Credit cards

Total questions: 44

Worksheet time: 1hrs 28mins

Name
Class
Date
1.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
2.
Interest may be charged.
a)
Debit card
b)
Credit card
c)
Both
3.

Users borrow money on the card and pay it at a later time

a)

Credit

b)

Debit

c)

Both

4.

The highest amount that can be

charged to your credit account is called?

a)

credit limit

b)

free period limit

c)

minimum payment limit

d)

APR limit

5.

The least amount of money required to

be paid each month is called what?

a)

grace period payment fee

b)

credit score fee

c)

minimum payment

d)

maximum payment

6.

Your credit score is a point value of how well you have handled

credit in the past, and how you may handle credit in the future.

a)

True

b)

False

7.

Extra money in the form of fees and interest that a

consumer pays in addition to the amount they borrowed.

(a)  

8.

The highest amount of money that can be charged on a credit card account.

(a)  

9.

A three-digit number rating a consumer as a credit

risk; A measure or “grade” of creditworthiness.

(a)  

10.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
11.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
12.

Which of the following expenses should be included in a typical budget?

a)

taxes

b)

charitable giving - charities

c)

savings

d)

All of the expenses should be included in a typical budget

13.

If you know the unit price of an item, you are better able to:

a)

Compare prices of two brands

b)

Estimate how much you will need

c)

Determine the total cost of the purchase

d)

Figure out the discount during a sale

14.
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)

5.60

d)
30.50
15.
  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
16.

  If you receive 25% off an item costing $22.00, how much money do you pay?

a)
$ 5.50
b)

$ 22.00

c)

$16.50

d)

$27.50

17.

Todd buys a box of cheerios for $2.35, he also buys a gallon of milk for $2.56, he also buys plastic spoons for $3.67 sales tax in his county is 7% and tax is applied after the total cost of the items. How much is his total at the store?

a)

$8.58

b)

$9.18

c)

$9.44

d)

$10.16

18.

How is Unit price calculated?

a)

Quantity / Price

b)

Quantity - Price

c)

Price / Quantity

d)

Price - Quantity

19.

Bob buys a brand new Chevy silverado 1500 for $52,352. The delarship is offering a deal on trucks were they mark down the price by 15%. Sales tax in his county is 6% What is his total?

a)

47169.15

b)

49167.15

c)

46158.13

d)

50157.28

20.

You can purchase 3 Kentucky Kingdom season passes for $150. What is the unit price. What is the price per season pass?

a)

$25 per season pass

b)

$50 per season pass

c)

$75 per season pass

d)

$60 per season pass

21.

You have a coupon for $1.00 off 3 tubes of toothpaste. Toothpaste cost $2.29 each. How much will you pay?

a)
$6.87
b)
$3.58
c)
$5.87
d)
$1.00
22.
The price of an item when it is on sale 
a)
Tax
b)
Tip
c)
Discount
d)
Sale price
23.
You _________ the discount from the total price
a)
Add
b)
Subtract
c)
Multiply
d)
Divide
24.
You ____ to find the unit price
a)
Add
b)
Subtract
c)
Multiply
d)
Divide
25.
You ____ tip to the total bill
a)
Add
b)
Subtract
c)
Multiply
d)
Divide
26.

What is 8.25% as a decimal?

a)

8.25

b)

.825

c)

.0825

d)

82.5

27.
Unit pricing is...
a)
 cost per unit of measure of goods 
b)
total cost of the item you will pay
c)
the number of ounces or pounds in an item
d)
the amount you will pay for an item after a discount
28.
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
29.
Enrico wrote four checks last month, and these were the only transactions for his checking account. According to his check register, his balance is $893.48, but the bank statement he just received says his balance is $1076.32. If the four checks were for $173.75, $173.84, $182.75, and $182.84, the check for which amount has not yet cleared?
a)
$173.75
b)
$173.84
c)
$182.75
d)
$182.84
30.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time
d)
Percent Rate
31.
Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?
a)
$7.50
b)
$26.25
c)
$87.5
d)
$262.50
32.
Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?
a)
$150
b)
$192
c)
$1350
d)
$1392
33.
What happened on 7/5?
a)
a paycheck was deposited
b)
check #164 was written
c)
nothing
d)
the balance went up
34.
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
35.

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
36.
Shannon makes a deposit in her checking account. She has checks for $178.16 and $36.00. She gets back $20.00 in cash.
What is her total deposit?
a)
$214.16
b)
$198.16
c)
$194.16
d)
$234.16
37.
This is a written request to your bank to take money from your account & pay it to someone else.
a)
Check
b)
Telephone Call
c)
Text
d)
Email
38.
The action enters money into an account.
a)
Deposit
b)
Withdrawal
c)
Loan
d)
Deduction
39.

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)

Check Fees

40.

Carlos' bank account was $593. He withdrew $327 for his car payment and deposited $415 for his week's wages. What was the balance in his bank account?$ (a)  

(type number only)

41.

What is semi-monthly income?

a)

twice monthly paychecks

b)

every two week paychecks

c)

monthly paychecks

d)

paychecks you receive when your boss feels like paying you

42.

Plastic card that allows you to withdraw money or make payments from your bank account.

a)

Debit Card

b)

Credit Card

43.

What is one BENEFIT of using a savings account instead of a checking account?

a)
Your savings account will charge lower ATM fees than your checking account
b)
Your savings account will earn interest, so the money in your account will grow without you doing anything
c)
Your savings account lets you write checks or pay bills easily, while it's more difficult to use your checking account
d)
Your savings account allows you to use online banking, while checking accounts require you to visit the bank branch
44.

What is one DOWNSIDE of using a savings account instead of a checking account?

a)
Your savings account has high fees attached to it, while your checking account does not
b)
Your savings account has a limit of 6 withdrawals per month, while your checking account does not
c)
Your parents need to help you open a savings account, but you can open a checking account without them
d)
Far fewer banks offer savings accounts, while far more banks offer checking accounts

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