Financial Literacy Review

Zachary downloaded a video program for $47.80 and a photo editing program for $32.50. If the sales tax rate was 6.5%, what will be the amount of the sales tax on Zachary's purchase?

• $85.52

• $15.30

• $5.22

• $12.35

Charlie had some work done on his fancy new sports car. The itemized cost list is below.

Orange Flames Paint $465.70

Chrome Pipes $350.80

Shag Carpet $290.00

The sales tax was 8.25%. What was the total cost of the work Charlie had done on his car?

• $91.29

• $1,197.79

• $1,240.62

• $1,106.50

Brayden and Matilda Gates have a combined annual income of $235,000. How much did they actually earn after they paid income taxes?

Use the chart below to determine their tax rate.

• $77,550

• $65,800

• $169,200

• $157,450

The table shows Mar's monthly budget.

Which statement is supported by the information in the table?

• Mar spends more than 20% of her monthly budget on clothes and food.

• Mar spends 25% of her monthly budget on college savings.

• Mar spends less than 50% of her monthly budget on her car payment and cell phone.

• Mar spends more than 15% of her monthly budget on food.

Parker created the net worth statement shown. Based on the information in the table, what is Parker's net worth?

• $87,025

• -$87,025

• $128,075

• -$20,525

Chris's net worth is $985.75. If he pays off a credit card with a balance of $3,250.00, what is his new net worth?

• $15,229.25

• $4,235.75

• -$17,200.75

• $12,700

A monthly budget with expenses is shown.

What is the minimum amount of money this family must earn to to meet the requirements of this budget for one year?

• $3,600

• $300

• $86,400

• $43,200

Ms. Quinones opened a savings account with an initial deposit of $2,600 and will not make any additional deposits or withdrawals. The account earns 3% simple interest. What is the total amount that Ms. Quinones will have in her account at the end of 5 years?

• $2,990

• $390

• $1,560

• $3,900

Taylor has a loan for $36,750. The loan has a simple interest rate of 5% per year. What is the amount of interest that Taylor will be charged for this loan at the end of one year?

• $38,587.50

• $18,375

• $1,837.50

• $7,350

Addi wants to buy a pet iguana. She found an iguana at three different pet stores for a price of $180. The stores are each having a sale.

Store A is offering 15% off the price of the iguana.

Store B is offering $20 off the price of the iguana.

Store C is offering a 1/10 discount off the price of the iguana.

Which statement about the sale price of the iguana is true?

• Store A has the best sale price at $165.

• Store B has the best sale price at $160.

• Store C has the best sale price at $18.

• Store A has the best sale price at $153.