Personal Financial Literacy 7th grade created by Shawna Hyde from released Staar questions 2016-2018

The price of a DVD is $24.00 plus 8% sales tax. What is the sales tax on this DVD in dollars and cents?

• 32.00

• 16.00

• 1.92

• 19.2

A doctor has an annual income of $152,125. The income tax the doctor has to pay is 6%. What is the amount of income tax in dollars and cents that the doctor has to pay?

• 91,275.00

• 9,127.50

• 912,750.00

• 152,131.00

A refrigerator is priced at $525.50. There is a 6% sales tax rate. What is the sales tax for the refrigerator in dollars and cents?

• 31.53

• 315.30

• 531.50

• 519.50

In Oscar's monthly budget, each category is assigned a certain percentage of his monthly income is $2,250.

Which statement is NOT supported by the information in the table?

• Oscar puts $360 on his monthly income into savings.

• Less than $900 of Oscar's monthly income is for his house payment and life insurance.

• Oscar budgets $485 of his monthly income for telephone, utilities, and emergencies.

• More than $530 of Oscar's monthly income is for his car payment and car insurance.

Felicia earns $800 a month. The table shows her monthly budget.

Which statement is supported by the information in the table?

• Felicia spends 10% of her monthly budget on clothes and food.

• Felicia spends 25% of her monthly budget on her car payment.

• Felicia spends 20% of her monthly budget on college savings.

• Felicia spends 50% of her monthly budget on her car payment and cell phone.

The table shows Peter's net worth statement. Assets are shown as positive numbers, and liabilities are shown as negative numbers. The value of Peter's house in not given.

Peter's net worth is $101,800. Based on the information in the table, what is the current value of Peter's house?

• $58,600

• $78,300

• $98,000

• $82,100

Emily created the net worth statement shown.

Based on the information in the table, what is Emily's net worth?

• $107,550

• $87,025

• $20,525

• $128,075

Rita has a loan of $45,580. This loan has a simple interest rate of 4% per year. What is the amount of interest that Rita will be charged on this loan at the end of one year?

• $47,403.20

• $11,395

• $18,232

• $1,823.20

Leo wants to buy some shoes. He found the shoes at three different stores for a price of $35. The stores are each having a sale.

-Store X is offering a 15% off the price of the shoes.

-Store Y is offering $5 off the price of the shoes.

-Store Z is offering a 1/5 discount off the price of the shoes.

Which statement about the sale price of these shoes is true?

• Store X has the best sale price of $20.

• Store Z has the best sale price of $28.

• Store Y has the best sale price of $30.

• Store Z has the best sale price of $7.