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Applied Math Finale Review 2025

Total questions: 110

Worksheet time: 8hrs 41mins

Name
Class
Date
1.
-8+(-2)
a)
-6
b)
-10
c)
10
d)
6
2.
-6-2
a)
8
b)
-4
c)
4
d)
-8
3.
-5-(-7)
a)
-12
b)
12
c)
2
d)
-2
4.
Emily is a diver. Today she descended to a depth of 40 feet below sea level. Then she swam up 10 feet and descended another 4 feet. How far below sea level is Emily now?
a)
-34 feet
b)
-54 feet
c)
54 feet
d)
-26 feet
5.
Find the value:
15 - 100
a)
-85
b)
100
c)
-100
d)
95
6.
On Friday, Elsa made withdrawals of $50, $60, and $17 from her savings account. On Monday she made a deposit of $135. How much money is now in Elsa's savings account?
a)
$262
b)
$8
c)
-$8
d)
-$262
7.

A Chicago Cubs baseball cap costs $30 including tax. Michael has a coupon that will save him 30% of the price. How much money will Michael save using his coupon?

a)

$9.00

b)

$22.00

c)

$21.36

d)

$21.00

8.

What is the first step you should take when planning your budget?

a)

reviewing and adjusting your expenses

b)

add up all of your income

c)

divide your expenses into fixed vs variable

d)

gather all financial statements

9.

Fixed expenses are...

a)

costs that are necessary and stay the same amount each month

b)

costs that are necessary, but the amount that you spend differs from month-to-month

c)

costs that are easily changed, reduced, or eliminated.

d)

income not spent, but rather putting money aside for big purchases, emergencies, the future, etc.

10.

What is a flexible expense?

a)

costs that are easily changed, reduced, or eliminated

b)

costs that are necessary, but the amount that you spend differs from month-to-month

c)

costs that are necessary and stay the same amount each month

d)

income not spent, but rather putting money aside for big purchases, emergencies, the future, etc.

11.

Which of the following is NOT an example of flexible expense?

a)

going out to eat

b)

making a car payment

c)

going to a vacation

d)

getting your nails done

12.

What is comparison shopping?

a)

Making an unplanned or quick purchase without giving it much thought.

b)

looking at products and prices at different stores before making a purchase.

13.

Which form of income should you base your budget off of?

a)

Net income

b)

Gross income

c)

Both net and gross income

d)

Neither net or gross income

14.

Gross Pay is...

a)

take home pay

b)

overtime pay

c)

net pay

d)

regular pay + overtime pay

15.

Net Pay is...

a)

pay you get after deductions

b)

pay you get before deductions

c)

gross pay

d)

regular pay + overtime pay

16.

How many hours can you work in a week to be considered STANDARD?

a)

35

b)

30

c)

40

d)

45

17.

If Susan worked 52 hours this week, how many hours did she work OVERTIME?

a)

40

b)

0

c)

10

d)

12

18.

Joe worked 35 hours this week and earned $17.25 per hour. What is Joe's GROSS PAY?

a)

$603.75

b)

$595

c)

$54.25

d)

$522.50

19.
What is one advantage of having a credit card?
a)
It prevents you from spending more than you earn.
b)
It allows you to make purchases without carrying lots of cash.
c)
It encourages you to budget your money wisely.
d)
It helps you pay off debts that you may have.
20.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
21.
How is charging a purchase like getting a loan?
a)
You borrow money from your credit provider.
b)
You borrow money from the store in order to pay your credit provider.
c)
You borrow money from an ATM in order to pay your credit provider.
22.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
23.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
24.
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
25.
It is wise to compare credit card offers before choosing one
a)
True
b)
False
26.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
27.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
28.

Which one is not a credit card?

a)

mastercard

b)

discover

c)

visa

d)

debit

29.

This is the percentage of the credit card balance that you are charged when using a credit card. It is also referred to as Annual Percentage Rate (APR). Because you are borrowing money when you use your credit card, you are charged interest when you don’t pay the bill in full.

a)

interest rate

b)

interest frequency

c)

balance

d)

principal

30.

This the day your payment is due. After this, you may be charged a late payment fee

a)

interest rate

b)

due date

c)

penalty

d)

expiration date

31.

This card allows you to make purchases similar to a credit card and also gives you access to ATMs. It is the equivalent of writing a check but with the convenience of a credit card. This card when used deducts the specified amount directly from your checking account.

a)

Credit card

b)

Debit card

c)

Savings account

d)

Prepaid card

32.

A credit card company set limits on how much you can charge on your card.

a)

Balance

b)

Minimum Fee

c)

Interest Rate

d)

Credit Limit

33.

The amount of money owed on a credit card account.

a)

Credit Limit

b)

Balance

c)

Debt

d)

Minimum Fee

34.

Jackson and Kate Jones do not pay their credit card in full each month, so they incur finance charges. On their last credit card statement, the average daily balance is $875 and the monthly periodic rate is 2.25%. What should be the finance charge on the statement? (a)  

Choose from the below words
$19.69
$20.25
$87.50
$196.88
35.

Kate and Albert do not pay their credit card in full each month, so they incur finance charges. On their last credit card statement, the average daily balance is $896 and the monthly periodic rate is 2.75%. What should the finance charge be on the statement? (a)  

Choose from the below words
$2,464
$24.64
$29,568
$29.68
36.

Taylor pays a finance charge on her average daily balance of $2,000. Her APR is 27%. What is her finance charge for this billing cycle? (a)  

Choose from the below words
$54,000
$54.00
$4,500
$45.00
37.



(a)  

38.



(a)  

39.



(a)  

40.

Money added to a checking account is called a

a)

withdrawal

b)

deposit

c)

endorsement

d)

drawee

41.
To take money OUT of your account, is called:
a)
WITHDRAWAL
b)
DEPOSIT
c)
TRUST
d)
STEAL
42.
Cash can be withdrawn from a checking account using all of the following except a(n)...
a)
debit card. 
b)
check. 
c)
ATM.
d)
credit card.
43.

This occurs when the amount you withdraw from your account is more than your balance.

a)

Overdraft

b)

Overdue Payment

c)

Stop Payment

d)

Funds Transfer

44.

Which of the following is an example of online bill pay?

a)

Using a person-to-person app to repay your friend for dinner

b)

Using Apple pay to purchase your groceries at a store

c)

Setting up for your bank to send your rent to the landlord monthly on the 25th

45.
This allows you to withdraw cash from your account or make payments electronically.
a)
Debit Card
b)
Loan Account
c)
Signature Card
d)
Payday card
46.
This action removes money from an account, either at the bank or an ATM.
a)
Withdrawal
b)
Deposit
c)
Loan
d)
Credit
47.
This transaction removes funds from your account.
a)
Debit
b)
Credit
c)
Loan
d)
Deposit
48.
This action includes deposits or additions to your accounts.
a)
Credit
b)
Debit
c)
Loan
d)
Withdrawal
49.
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
50.

Always use permanent ink when writing a check.

a)

True

b)

False

51.

Sally goes to the bank. She puts her babysitting money in her account. Sally has made a

a)

Deposit

b)

Withdrawal

52.
What is the starting balance on this check register?
a)
4720.33
b)
4500.00
c)
4500.75
d)
4320.00
53.
What happened on 7/5?
a)
a paycheck was deposited
b)
check #164 was written
c)
nothing
d)
the balance went up
54.
Transaction:
Hannah paid her rent by writing a $400 check to her landlord.  This is a _________.
a)
Deposit (+)
b)
Withdrawal (-)
55.
Transaction:
Money is automatically transferred into Victor’s checking account for earnings from his job.  This is a __________.
a)
Deposit (+)
b)
Withdrawal (-)
56.

A cancelled check acts as a receipt for proof of payment.

a)

True

b)

False

57.
What two things does a budget compare?
a)
Income and Expenses
b)
Savings and Interest
c)
Income and Investments
d)
Expenses and Expenditures
58.
Which is an example of a fixed expense?
a)
Cell Phone
b)
Utility bill
c)
Groceries
d)
Gasoline
59.
Which of the following is an example of a want for most people?
a)
A warm jacket
b)
Transportation
c)
Ice cream
60.

Something you like to have such as toys.

a)

borrow

b)

saving

c)

needs

d)

wants

61.

Something you have to have such as food or water.

a)

savings

b)

needs

c)

wants

d)

borrow

62.

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.

63.

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.

64.

Find the balance in the account after the given period.

$12,000 principal earing 4.8% compounded annually after 7 years.

a)

$3,243.19

b)

$16,661.35

c)

$15,243.19

d)

$4,661.35

65.

Find the balance in the account after the given period.

$13,500 deposit earning 3.3% compounded monthly after 1 year

a)

$13,611.38

b)

$14,898.84

c)

$13,537.13

d)

$13, 952.30

66.

An investment of $9,875 earns 4.8% interest compounded monthly over 12 years. Approximately how much INTEREST is earned on the investment?

a)

$7,457.95

b)

$10,359.57

c)

$17,546.55

d)

$484.57

67.
The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________. 
a)
the amount of money borrowed or deposited
b)
the amount taxed
c)
the percent interest for this year
d)
the amount the bank owes you for being a customer at their bank
68.
If you are calculating the simple interest and you are given the time in months.  How can you find the time in years?
a)
divide 12 by the months
b)
multiply 12 times the months
c)
divide the months by 12
d)
change the months to a decimal
69.
What is the formula for simple interest?
a)
A=P(1+r)t
b)
I=Prt
c)
I=P(1+r)t
d)
A=Prt
70.

This is putting money into a bank account

a)

withdrawal

b)

induction

c)

deposit

d)

supply

71.

This is a paper you fill out to show how much money you are depositing

a)

withdrawal slip

b)

checkbook register

c)

deposit slip

d)

passbook

72.
Transaction:Hannah paid her rent by writing a $400 check to her landlord.
a)
Deposit (+)
b)
Withdrawal (-)
73.
Transaction:Money is automatically transferred into Victor’s checking account for earnings from his job.
a)
Deposit (+)
b)
Withdrawal (-)
74.
money subtracted from an account
a)
withdrawal
b)
deposit
c)
transfer
d)
balance
75.

Sam has $54 in the bank. If he withdraws $20 , how much money will he have in the bank?

a)

$74

b)

$34

76.

Monte has $165 in the bank. He made a deposit of $30. How much does he have in the bank?

a)

$135

b)

$195

77.

Katie goes to the bank. She takes money out of her account. Katie has made a ___________.

a)

Deposit

b)

Withdrawal

78.

Dennis goes to the bank puts money into his account. Dennis has made a __________.

a)

Deposit

b)

Withdrawal

79.

If you are investing or saving you want a.....

a)

high interest rate

b)

low interest rate

80.

If you are investing or saving you want a.....

a)

high interest rate

b)

low interest rate

81.
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
82.
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
83.
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
84.
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
85.
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
86.
The simple interest formula is I=Prt.  What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
87.
What does the "I" in the interest formula stand for?
a)
Principal
b)
Interest
c)
Rate
d)
Time
88.
Maria borrowed $3,000 at a simple interest rate of 4% per year.  How much did she have to repay after 4 years?
a)
$480
b)
$3,480
c)
$4,800
d)
$7,800
89.
Find the ending balance:
$35,600 at 9% for 2 years
a)
$42,296.39
b)
$42,002.27
c)
$42,008.00
d)
$38,804.00
90.
Find the interest: 
$26,500 at 12% for 7 years
a)
$22,260
b)
$2,226,000
c)
$2,252,500
d)
$48,760
91.

a reduction in the value of an asset over time is called

a)

appreciation

b)

depreciation

c)

inflation

92.

One advantage to leasing a car is:

a)

You can drive nicer vehicles and have up-to-date features.

b)

Wear and tear costs

c)

limits on mileage

93.
Budgeting is crucial to your financial success.
a)
True
b)
False
94.

If an expense can NOT be removed from your budget to save money, it is considered a _____.

a)

Income

b)

Want

c)

Need

d)

Savings

95.
Examples of Fixed Expenses include:
a)
Mortgage, loans, rent
b)
Cable, entertainment, food
c)
Gas, food, phone
d)
Clothing, gas, food
96.

Fixed or variable expense: Groceries

a)

Fixed

b)

Variable

97.
Utilities
a)
Fixed Expenses
b)
Variable Expenses
98.

A financial plan is called a

a)

budget

b)

tax

c)

allowance

d)

income

99.

If an expense can be cut from your budget to save money, it is considered a ______.

a)

want

b)

need

c)

income

d)

savings

100.

A 9th grader makes and sells earrings as a way to earn extra money. The money she gets is considered _______.

a)

income

b)

needs

c)

outflow

d)

wants

101.

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

a)

Groceries

b)

Entertainment

c)

Cell Phone Bill

d)

New Car

102.

Which of the following are reasons to create a budget? You may select more than one response.

a)

Plan for a financial goal.

b)

Be able to spend all your money.

c)

Help pay off debt.

103.

A ______________ details exactly how you're going to use your money to pay for things you want and need.

a)

Income plan

b)

Asset plan

c)

Budget

d)

money plan

104.

The amount of income you planned for June was $1,500. The amount you actually received was $1,300 resulting in

a)

$200 extra

b)

$200 shortage

c)

$300 shortage

d)

$300 extra

105.

Which of the following costs would be the MOST difficult to adjust if you were looking to reduce your expenses?

a)

Dining out

b)

buying new clothing

c)

car payment

106.

a long term rental of a car. you need to pay monthly payments for the vehicle and it must be returned at the end of the contract.

a)

seller

b)

lemon

c)

lease

d)

downpayment

107.

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

108.

Car leases usually have:

a)

unlimited terms

b)

minimum mileage agreements

c)

maximum mileage agreements

d)

none of these

109.

One key difference between leasing and buying a car is:

a)

Cars that are bought do not depreciate in value but leased cars do

b)

At the end of a lease, you must return your car but when you buy, you get to keep the car and its value

c)

When you lease a car, you do not pay any interest but when you use a loan to buy a car, you will pay interest

d)

Buying a car has lower monthly payments because the dealership is taking less risk by selling you the car instead of leasing it

110.

All of the following are benefits of leasing a car instead of buying EXCEPT:

a)

A lower monthly payment

b)

Having the latest technology and safety features

c)

Being able to drive unlimited miles without fees

d)

You can get a new car every few years

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