WorksheetsUnit 6 Review- Money Management
Total questions: 68
Worksheet time: 34mins
What is 0.45 as a percent?
45%
0.45%
4.5%
450%
What is 70% of 200?
140
70
200
35
Rewrite the fraction 240/100 as a percentage.
240%
24%
2.4%
100%
20 is what percent of 500?
4%
10%
20%
40%
An item with a retail price of $250.00 is on sale for 30% off. What is the sale price of the item? Round to the nearest penny.
$175.00
$180.00
$200.00
$150.00
The sales price of an item is $38.50 after a 40% discount. What was the retail price of the item? Round to the nearest penny.
$64.17
$53.00
$45.00
$38.50
A retailer buys an item for $1,000.00 and has a 65% markup. What is the retail price of the item? Round to the nearest penny.
$1,650.00
$1,065.00
$1,500.00
$1,350.00
The sale price of an item is $46.00 and the retail price is $65.00. What is the percent discount? Round to two decimal places.
29.23%
18.46%
41.54%
15.38%
The retail price of an item is $345.38 and sales tax in the region is 8.25%. How much is the sales tax?
$28.50
$35.00
$20.00
$10.00
$3,000 is invested in a 5-year CD earning 2.25% interest. How much is the CD worth in 5 years?
$3,337.50
$3,225.00
$3,450.00
$3,000.00
A $4,000.00 simple interest loan is taken out for 3 years at 12.5%. How much is owed when the loan comes due?
$5,500.00
$5,500.00
$5,000.00
$4,000.00
A $10,000 loan with annual simple interest of 14.9% is taken out for 90 days. How much is due in 90 days?
$10,367.50
$10,372.50
$10,500.00
$10,149.00
A simple interest loan for $20,000 is taken out at 13.9% annual interest rate. A partial payment of $13,500.00 is made 30 days into the loan period. After this payment, what will the remaining balance be?
$6,500.00
$6,600.00
$7,000.00
$6,400.00
Find the present value of an investment with future value of $15,000 if the investment earns 3.55% simple interest for 10 years?
$10,800.00
$10,500.00
$11,000.00
$12,000.00
Find the future value after 20 years of $15,000 deposited in an account bearing 4.26% interest compounded quarterly.
$34,800.00
$34,000.00
$30,000.00
$25,000.00
What is the effective annual yield for an account bearing 3.21% interest compounded quarterly? Round to two decimal places if necessary.
3.25%
3.21%
3.30%
3.15%
Find the present value of $100,000 in an account bearing 5.25% interest compounded daily after 30 years.
$17,000.00
$18,000.00
$20,000.00
$15,000.00
In budgeting, what is the difference between an expense that is a need and an expense that is a want?
A need is essential for survival, a want is not.
A need is something you desire, a want is something you must have.
A need is always more expensive than a want.
A need is a luxury, a want is a necessity.
Apply the 50-30-20 budget philosophy to a monthly income of $6,000.00.
$3,000 for needs, $1,800 for wants, $1,200 for savings
$3,000 for needs, $2,000 for wants, $1,000 for savings
$2,000 for needs, $3,000 for wants, $1,000 for savings
$3,500 for needs, $1,500 for wants, $1,000 for savings
Create the budget for a person with the following income and bills, and determine how much the income exceeds or falls short of the expenses: Job = $5,250, Side job = $550, rent = $1,150.00, utilities = $150.00, internet = $39.99, student loans = $375.00, food = $550.00, bus and subway = $112.00, credit cards = $200.00, entertainment = $400.00, clothing = $150.00.
Income exceeds expenses by $1,673.01
Income falls short by $1,673.01
Income exceeds expenses by $2,000.00
Income falls short by $2,000.00
In question 20, the budget for a person was created. Can the person afford to buy a car if the monthly payments will be $365.50, monthly car insurance will be $114.75, and gasoline will be $200.00?
No, the person cannot afford the car.
Yes, the person can afford the car.
Only if they reduce entertainment expenses.
Only if they increase their income.
Why is a CD less flexible than a money market account?
Because funds in a CD are locked for a set period.
Because a CD earns less interest.
Because a CD can be withdrawn anytime.
Because a CD is not insured.
Which is likely to have the highest interest rate, a savings account, CD, or money market account?
CD
Savings account
Money market account
Checking account
$3,000 is deposited in a money market account bearing 3.88% interest compounded monthly. How much is the account worth in 15 years?
$5,600.00
$6,000.00
$4,000.00
$3,500.00
Refer to question 24. What is the return on investment for the money market account? Round to two decimal places.
$2,600.00
$2,500.00
$3,000.00
$1,600.00
$300 is deposited monthly in an ordinary annuity that bears 6.5% interest compounded monthly. How much is in the annuity after 30 years?
$350,000
$420,000
$500,000
$100,000
How much must be deposited quarterly in an account bearing 4.89% interest compounded quarterly for 30 years so the account has a future value of $500,000?
$2,500
$1,000
$2,000
$3,000
Why is investing in a stock riskier than in a mutual fund?
Stocks are less regulated
Stocks are not traded publicly
Stocks are subject to more price fluctuations
Stocks always lose value
Which investment offers high rates of return with reduced risk?
Savings account
Mutual fund
Certificate of deposit
Treasury bond
Which investment offer a fixed rate of return over time?
Stocks
Mutual funds
Bonds
Real estate
Which is the riskiest investment?
Mutual fund
Savings account
Stock
Certificate of deposit
How much is earned on a 10-year bond with issue price of $1,000 that pays 3.9% annually?
$390
$1,390
$3,900
$39
Henri’s employer matches up to 6% of salary for IRA contributions. Henri’s annual income is $52,500. If Henri wants to deposit $3,000 annually in his IRA, how much in matching funds does the employer deposit in the IRA?
$1,500
$3,150
$3,000
$2,000
How much must be deposited quarterly in a mutual fund that is expected to earn 11.2% interest compounded quarterly if the account is to be worth $1,000,000 after 38 years?
$1,000
$2,000
$1,500
$2,500
Lorraine purchases stocks for $5,000. The stocks paid dividends by reinvesting the dividends in stock. She sold the stock for $13,750 after 6 years. What was Lorraine’s annual return on that investment? Round to two decimal places if necessary.
10.5%
8.5%
12.5%
6.5%
What are two ways stocks earn money?
Dividends and capital gains
Interest and rent
Fees and commissions
Taxes and penalties
What is an installment loan?
A loan paid in a single payment
A loan paid in regular payments over time
A loan with no interest
A loan that never needs to be repaid
An installment loan with monthly payments has an outstanding balance of $3,560. If the annual interest rate is 9%, how much interest will be paid that month?
$26.70
$53.40
$267.00
$35.60
A loan for $42,000 is taken out for 6 years at 7.5% interest. What are the payments for that loan?
$750
$725
$765
$700
The total interest paid on a loan was $4,500. The loan had an origination fee of $400.00, a $125.00 processing fee, and a filing fee of $250.00. How much was the cost of financing for that loan?
$5,275
$4,500
$5,000
$4,775
If a college program takes 5 years, how long is the student's eligibility period for student loans?
3 years
4 years
5 years
6 years
What is the funding gap for a student with cost of college equal to $35,750 and non-loan financial aid of $24,150?
$11,600
$9,500
$12,000
$10,000
What is the maximum amount of federal subsidized and unsubsidized loans for a dependent student in their third year of an undergraduate data science program?
$5,500
$6,500
$7,500
$8,500
Based on the amortization schedule, what is the monthly payment for a loan amount of $17,500 at an annual interest rate of 8.25% for 5 years?
$400.00
$356.93
$300.00
$250.00
After the first payment, what is the remaining balance on the loan according to the amortization schedule?
$17,263.38
$17,500.00
$17,025.13
$16,785.24
How does the principal portion of the monthly payment change over the first 5 months of the loan?
It decreases each month
It remains the same each month
It increases each month
It fluctuates randomly
What is the total interest paid after 10 months according to the amortization schedule?
$1,128.56
$1,000.00
$1,500.00
$1,250.00
What is the balance remaining after 26 payments on the loan?
$10,788.86
$11,069.69
$12,445.34
$13,512.43
Name three common fees when leasing a car.
Acquisition fee, disposition fee, and mileage fee
Registration fee, parking fee, and toll fee
Insurance fee, cleaning fee, and repair fee
Fuel fee, maintenance fee, and inspection fee
Name three common fees when buying a car.
Sales tax, registration fee, and documentation fee
Mileage fee, acquisition fee, and disposition fee
Cleaning fee, insurance fee, and repair fee
Parking fee, toll fee, and inspection fee
If the cost of a car is $35,500, and the residual value of the car after 3 years is $27,800, what is the monthly depreciation for the car?
$214.44
$256.67
$300.00
$150.00
What is the annual interest rate if the money factor is 0.000045?
0.108%
0.54%
1.08%
2.16%
What is the payment for a lease on a car if the price of the car is $29,900, the residual price of the car is $16,500, the lease is for 24 months, and the APR is 8.9%?
$646.46
$556.25
$495.83
$712.50
Which of the following is an advantage of renting a residence?
You build equity in the property.
You are responsible for property taxes.
You have flexibility to move easily.
You must pay for major repairs.
What does PMI stand for in the context of homeownership?
Private Mortgage Insurance
Personal Money Investment
Property Management Income
Public Market Interest
What is the maximum gift that a person can receive that is an exemption on federal income taxes?
$10,000
$15,000
$5,000
$12,000
If a person earns $51,500 at their full-time job, $5,300 for contracted services, and $5,000 in gambling winnings, what is their gross income?
$61,800
$56,800
$62,000
$55,800
How much SSI is paid by a person with an annual income of $183,500?
$11,387
$13,500
$8,500
$9,500
How much in FICA taxes are paid from a person’s paycheck with gross income of $3,450?
$263.93
$345.00
$210.00
$172.50
According to the tax table, what is the tax rate for a taxable income between $41,776 and $89,075?
12%
22%
24%
32%
45 is what percent of 180?
25%
30%
20%
15%
Find 47% of 31. Round to two decimal places.
14.57
13.47
15.27
12.87
What is the sale price of a $90 shirt if there is a 25% discount for the shirt?
$67.50
$72.50
$75.00
$80.00
A small boutique buys purses for $27.50 per purse. What is the boutique’s retail price for the purses if they add a 90% markup?
$52.25
$49.50
$41.50
$35.00
What was the discount on a computer if the retail price was $1,200 and the sale price is $950? Round to two decimal places if necessary.
$250.00
$200.00
$150.00
$300.00
A 15% simple interest loan of $2,000 is taken out for 75 days. How much is owed when the loan is due?
$2,061.64
$2,150.00
$2,075.00
$2,100.00
What is the future value of a $15,000 investment made at 4.65% interest compounded yearly for 10 years?
$23,400.00
$23,500.00
$22,900.00
$24,000.00
Apply the 50-30-20 budget philosophy to a monthly income of $3,920. How much should be allocated to savings?
$784
$1,176
$1,960
$392
