WorksheetsUnit 3 Study Guide
Total questions: 20
Worksheet time: 12mins
When one is seeking to purchase a product at a store, what additional cost must be paid in addition to the listed price of the product?
Insurance
Interest
Purchasing fee
Sales tax
Which of the following is a financial institution that handles money, including keeping it safe for saving or commercial purposes?
Payday lender
Bank
Check cashing service
Pawn shop
When one receives a product or service now, but pays for it later, it is known as what?
Credit
Debit
Deduction
Interest
Which of the following purchasing cards removes funds from one’s checking account almost instantly after one makes a purchase?
Credit card
Debit card
Payroll card
Withdrawal card
When planning one’s personal budget, a variable expense is what?
An expense that one does not have to make
An expense in which there are many options to choose from
An expense that may change in amount from month to month
An expense that does not have to be paid immediately
Sales tax amounts are generally established by which of the following?
State and local rates
Federal and state rates
Federal and local rates
Business and federal rates
If one spends more money than they have in their bank account, they are charged a what?
Debt fee
Maintenance fee
Overdraft fee
Reserve fee
Which of the following allows a customer to pay a deposit on an item, and then not receive the item until the balance is paid in full?
Credit card
Increment investing
Layaway plan
Portion payment
Rent-to-own agreements can negatively impact consumers because:
Consumers do not have to pay cash for the item
Consumers will pay a high interest rate on the item
Consumers can immediately have access to the item
Consumers are limited from purchasing similar items
When eating at a restaurant, one must consider which of the following additional costs to the price of their meal and sales tax?
Interest fee
Reservation cost
Service fee
Tip
What is the purpose of sales tax?
To reduce the income tax burden on individuals.
To fund specific government projects and services.
To encourage saving and reduce spending.
To directly tax property ownership.
How do you calculate the amount of sales tax on an item?
Multiply the cost of the item by the sales tax rate.
Divide the cost of the item by the sales tax rate.
Subtract the sales tax rate from the cost of the item.
Add the sales tax rate to the cost of the item.
Seth is buying holiday gifts from a store:
Toy car - $14.99
Doll house- $45
4 pair of fuzzy socks- $5/each
Sweater- $28.50
If the sales tax is 8%, what is the total amount of his purchase? Round to the nearest hundredths place.
(a)
What is considered the appropriate percentage to tip when eating at a restaurant?
5%
No tip
15%-20%
10%
You are buying a shirt at a store. The shirt is in the section marked 20% off. If the original price of the shirt is $23.99, what is the total price of the shirt?
$4.79
$19.20
$28.69
$24.46
The price of a t-shirt is 50$. If you buy 4 shirts, you will get 10% discount. How much do you have to pay if you buy 8 shirts?
$360
$320
$480
$440
You have only 1,000$. The price of a TV-set is 1,150$. Can you buy the TV if you get 10% discount?
Yes
No
The price of a telephone is 200$ in shop A and 240$ in shop B. If you get 15% discount in shop B, where would you buy the telephone (both shops are next to each other) ?
Hint: You want the cheaper price!
Shop A
Shop B
