WorksheetsReview: Midterm 2025-2026 Financial Algebra
Total questions: 18
Worksheet time: 36mins
Name
Class
Date
1.
1. In the USA, 2% of the vehicles driven are powered by electric engines. What fraction is equivalent to 2%?
a)
1/2
b)
1/50
c)
1/10
d)
1/200
2.
2. A baseball cap that usually sells for $20 is now on sale for 25% off. What is the sales price of the cap?
a)
$5.00
b)
$25.00
c)
$17.50
d)
$15.00
3.
3. Toni is buying a stereo for $42.00 and must also pay a 7% sales tax. What is the price of the stereo after taxes?
a)
$44.94
b)
$49.00
c)
$39.06
d)
$29.40
4.
4. Terrell is attempting to convert 3/2000 into a percentage. But in his reasoning below he made an error. Describe and correct his error.
4 lines
5.
5. Kiki receives a paycheck for 15 hours of work at a rate of $20 per hour. Her paystub lists 401(k) withholdings of $40, FICA of $20, federal income taxes of $26, and a healthcare payment of $8. What is Kiki’s net pay?
a)
$206
b)
$254
c)
$300
d)
$394
6.
6. All of these are common banking fees, EXCEPT...
a)
Insufficient funds fee
b)
Overdraft fee
c)
ATM fee
d)
Account opening fee
7.
7. Which of the following is a disadvantage of using a check casher, compared to a bank?
a)
You wait longer to get your money at a check casher than at a bank
b)
You pay a higher fee to cash checks at a check casher than at a bank
c)
You can only cash checks worth more than $500 at a check casher
d)
You can cash fewer checks at a check casher than at a bank
8.
8. Isabella notices her bank statement includes a $25.72 charge from Shell Gas that she does not remember making. She should do all of the following, EXCEPT...
a)
Set up text alerts, so she will be notified of potentially fraudulent charges in the future
b)
Contact the bank immediately, so they can investigate the charge
c)
Review her receipts and the details of the transaction, so she can confirm if the charge is real
d)
Wait for the bank to contact her, so she has the complete fraud report before responding
9.
9. Your friend Samir very excitedly tells you about opening his new checking account. “I’m so glad they only had a minimum opening amount of $50! I will leave my money in there so it can grow!” What is some advice you might give to Samir?
a)
A checking account isn’t very safe, so you should hide your money in your mattress instead
b)
A checking account is the best place to leave your money because of the high interest rates
c)
A checking account won't grow your money much because of low interest rates and fees
d)
A checking account won’t be good because it will be difficult to get your money into and out of
10.
10. Which of the following is a way you can get money out of your checking account?
a)
Using your credit card to get cashback at a supermarket
b)
Withdrawing cash using an ATM
c)
Depositing a check at a bank branch
d)
Having your paycheck deposited electronically
11.
11. What happens to the money that you deposit in a savings account at a bank?
a)
The bank lends out the money at a higher interest rate than what they are paying you
b)
The bank lends out the money at a lower interest rate than what they are paying you
c)
The money sits at the bank until you are ready to withdraw or use it
d)
The money is sent to the Federal Reserve, where it sits until you’re ready to withdraw or use it
12.
12. What is a disadvantage of saving for your retirement in a traditional savings account
a)
Savings accounts are not very safe, and you could lose all your money
b)
Savings accounts earn very little interest, and your growth may not keep pace with inflation
c)
Savings accounts are very costly to maintain, and the fees will reduce your savings in the long-term
d)
Savings accounts are traditionally used for bill pay, and you will likely change accounts before your retirement bills are due
13.
13. Aysha purchased a $3,000 C.D. at her local bank. The bank offered a simple interest rate of 5.6% for 10 years. What is the value of the C.D. after the 10 years?
a)
1,680
b)
4,680
c)
16,800
d)
21,480
14.
14. Camryn took out a bank loan for $600 at 3.5% compound interest compounded annually. What will she be responsible for paying back after 4 years?
a)
$88.51
b)
$614.00
c)
$684.00
d)
$688.51
15.
15. Find the amount and the compound interest on Rs. 1,00,000 compounded quarterly for 9 months at the rate of 4% per annum.
(a)
16.
16. Which of the following items has the lowest unit price?
a)
A 19 oz box of brand-name cereal for $3.99
b)
A 21.6 oz box of generic cereal for $2.93
c)
A 29.4 oz box of brand-name cereal for $4.99
d)
A 39 oz bag of generic cereal for $4.68
17.
17. How can compounding increase your investment’s growth?
a)
By reducing the risk of investing
b)
By reinvesting your earnings to gain additional returns
c)
By increasing the impact of inflation over time
d)
By investing in different assets to diversify your portfolio
18.
20. Which law requires creditors to disclose the cost of credit to consumers before they use it?
a)
Equal Credit Opportunity Act
b)
Truth in Lending Act
c)
Fair Credit Billing Act
d)
Fair Debt Collection Practices Act
100 %
