Quiz about Financial Literacy

Question 1

Mr. Lucas bought a new lounge chair for his game room. The one he chose was $425. He had to pay a sales tax of 8.2%. What was the amount of sales tax he paid on the chair?

Accepted Answer

$34.85

Answer

$24.90

Answer

$44.30

Answer

Not Here

Question 2

In New City, Texas, the sales tax rate is 8.15%. How is this represented as a decimal?

Accepted Answer

0.0815

Answer

8.15

Answer

0.815

Answer

0.00815

Question 3

James bought a new digital camera for $175. He had to pay a sales tax of 7.2%. What was the total cost of the camera?

Accepted Answer

$187.60

Answer

$1830.40

Answer

$11.36

Answer

$12.60

Question 4

Which person is most likely to be offered a loan, if the decision was solely based on their credit scores?

Accepted Answer

S. Thorne

Answer

M. Spiller

Answer

B. Murphy

Answer

W. Myers

Question 5

James's initial balance in his checking account was $800.  He withdrew $200 and then deposited $164.  James made another transaction that brings his balance to $750.  What was the transaction?

Accepted Answer

a withdrawal of $14

Answer

a deposit $314

Answer

a withdrawal of $414

Answer

a deposit of $50

Question 6

Kathy worked at the library for three months.  She earned $4,500.00 and must pay a total of 15% in taxes, which includes federal withholding, Medicare, and Social Security taxes.  What is her net pay?

Accepted Answer

$3,825.00

Answer

$3,875.00

Answer

$4,825.00

Answer

$5,175.00

Question 7

Allison purchases her college books for the upcoming semester.  She has to pay $98 for a biology book, $38 for a used poetry book, and $74 for a trigonometry book.  If the sales tax rate is 7.5%, how much tax with Allison pay?

Accepted Answer

$15.75

Answer

$7.50

Answer

$14.25

Answer

$157.50

Question 8

Sam bought an $85.00 jacket for 40% off of the regular price. How much did he pay for the jacket?

Accepted Answer

51

Answer

75

Answer

36

Answer

34

Question 9

Principal = $500
Interest rate =5%
Time = 5 years
What is the interest earned?

Accepted Answer

125

Answer

95

Answer

105

Answer

135

Question 10

The table below shows Claude's assets and liabilities.  What is the total value of his assets?

Accepted Answer

$24,950

Answer

$25,420

Answer

-$24,950

Answer

$50,370

Question 11

Charlie's net worth is -$35,354.  Which of the following is true?

Accepted Answer

He has a negative net worth which means his liabilities are greater than his assets.

Answer

He has a positive net worth which means his assets are greater than his liabilities.

Answer

He has a positive net worth which means his liabilities are greater than his assets.

Answer

He has a negative net worth which means his assets are greater than his liabilities

Question 12

Nomar's net worth is $15,354.  Which of the following is true?

Accepted Answer

He has a positive net worth which means his assets are greater than his liabilities.

Answer

He has a negative net worth which means his liabilities are greater than his assets.

Answer

He has a positive net worth which means his liabilities are greater than his assets.

Answer

He has a negative net worth which means his assets are greater than his liabilities.

Question 13

The total amount you earn before any deductions are subtracted is called __________ pay.

Accepted Answer

Gross

Answer

Bonus

Answer

Incentive

Answer

Net

Question 14

Jin's total assets are $8,794.  Her liabilities are $2,670 in credit card debt and $3,622 for a student loan.  What is her net worth?

Accepted Answer

$2,502

Answer

$6,124

Answer

$15,086

Answer

-$4,328

Question 15

Starting money = $350.
Interest rate = 2.5%
TIme = 3 years.
How much interest?

Accepted Answer

$26.25

Answer

$7.50

Answer

$87.5

Answer

$262.50

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