Quiz about Financial Algebra - Final Exam Review

Question 1

The process of balancing your check register with the bank's statement is called ___________

Accepted Answer

reconciling

Answer

removing

Answer

recommending

Answer

renovating

Question 2

Angelica Walker has a checking account with MSEFCU. Her balance in the beginning of the month was $2,195.65. during the month, she made deposits totaling $1,873.22, wrote checks totaling c dollars, was charged a maintenance fee of $15, and earned $5.05 in interest. Her balance at the end of the month was $3,200. Was is the value of c?

Accepted Answer

$858.92

Answer

$1,262.58

Answer

$2,262.58

Answer

$888.92

Question 3

Jonah Benavides has a job at patient care first in Modesto. He deposited a $865.98 paycheck, a $60 bonus check, and an $18 check from his grandma into his account. His original balance was $476.02. Assuming the checks clear, how much will be in his account after the deposit is made?

Accepted Answer

$1,420.00

Answer

$1,283.98

Answer

$476.96

Answer

$1,538.62

Question 4

Monique Garcia had $463.24 in her checking account, and a check that she wrote to her landlord for $470.00 was just deposited.

This will result in which of the following fees?

Accepted Answer

overdraft fees

Answer

service fees

Answer

atm fees

Answer

None of the above

Question 5

What interest rate is needed for $9,500 to earn $900 in 19 months? HINT: Convert 19 months to years. Round to the nearest tenth of a percent. Use the formula: r = P/(It)

Accepted Answer

6.7%

Answer

5.45%

Answer

.06%

Answer

.05%

Question 6

How long does it take $450 to earn $450 at a simple interest rate of 14%. Use the formula t = P/(Ir)

Accepted Answer

7.14 years

Answer

14.28 years

Answer

3.57 years

Answer

5.28 years

Question 7

At the beginning of this month, the balance of Vance's checking account was $500. So far this month, he has received a paycheck via direct deposit of $950, been charged a monthly service fee from his bank of $25, used a debit card linked to his account to make a purchase of $45, written a check for $94.65, and deposited a check written to him for $57.24. What is the current balance of Vance's checking account?

Accepted Answer

$1342.59

Answer

$1620.38

Answer

$1228.11

Answer

$787.10

Question 8

The checking account fees for Banks A, B, C, and D are shown in the table:
If a customer writes 21 checks per month, which bank will charge him the most in fees?

Accepted Answer

Bank A

Answer

Bank B

Answer

Bank C

Answer

Bank D

Question 9

Which of the following is the definition of available credit?

Accepted Answer

The difference between the maximum amount you can owe and the actual amount you owe on a credit card.

Answer

The maximum amount that a credit card holder can owe on a credit card at one time.

Answer

The cost of using a credit card for the current billing period.

Answer

A purchase, cash advance, balance transfer, or payment made using a credit card.

Question 10

A person who has a good personal credit record is generally charged a lower interest rate when he applies for a loan.

Accepted Answer

True

Answer

False

Question 11

Your credit score falls between what range?

Accepted Answer

300 - 850

Answer

300 - 800

Answer

350 - 800

Answer

350 - 850

Question 12

The Bayside Bugle charges by the word to run automotive ads. The newspaper charges $18 for the first 20 words, and $0.35 for each additional word. What is the cost of the 27-word ad?

Accepted Answer

$20.45

Answer

$27.45

Answer

$45

Answer

$9.45

Question 13

Ruth buys a car for $48,668, and must pay her state 6% sales tax on the sale. How much she will pay in sales tax?

Accepted Answer

$2,920.08

Answer

$2.92

Answer

$29,200.80

Answer

$51,588.08

Question 14

Gary has $10,000 worth of property damage insurance. He collides with two parked cars and causes $12,000 worth of damage. How much money must Gary pay after the insurance company pays its share?

Accepted Answer

$2,000

Answer

$10,000

Answer

$12,000

Answer

$1,000

Question 15

Kaylee has 100/300/50 liability insurance and $50,000 PIP insurance. She drives through a stop sign, hits a telephone pole, and ricochets into a minivan.

The pole will cost $7,000 to replace. Kaylee also did $6,700 worth of damage to the minivan. What insurance will cover this, and how much will the company pay? HINT: There are TWO answers to this question. Select both answers.

Accepted Answer

Property Damage

Accepted Answer

$13,700

Answer

PIP

Answer

$6,700

Question 16

Car prices are: $5,000, $4,500, $5,500, $3,999, and $4,999. The median car price is $4,890.

Accepted Answer

False

Answer

True

Question 17

What is the median price?

Accepted Answer

$105.50

Answer

$24

Answer

$99

Answer

$105.25

Question 18

Your choice of career path will affect how much income you earn, how much education you need to get, and how much you'll need to pay for your education.

Accepted Answer

True

Answer

False

Question 19

Danny just answered a help-wanted ad. The ad states that the job pays $27K annually. What would Danny's monthly salary be if he gets this job?

Accepted Answer

$2,250

Answer

$324,000

Answer

$27

Answer

$519

Question 20

Roger wants to have 400 copies of his resume printed. His local print shop charges $21.50 for the first 200 copies and $10 for every 100 additional copies. How much will the 400 copies cost, including a sales tax of 6%?

Accepted Answer

$43.99

Answer

$41.50

Answer

$43

Answer

$45.58

Question 21

Mike is a veterinarian. He is placing a 9-line classified ad for an assistant. The piecewise function above gives the price of an x-line ad. What is the cost of the ad?

Accepted Answer

$99

Answer

$45

Answer

$123

Answer

$135

Question 22

Eddie is a plant manager at North Salem Construction Company. He has been employed there for 20 years and will be retiring at the end of this year. His pension is calculated on the average of his last four years' salary. In those years, he earned $82,000, $96,000, $105,000, and $109,000. His employer will give him 1.2% of that average for each year worked. What is Eddie's pension?

Accepted Answer

$23,520

Answer

$20, 520

Answer

$25,320

Answer

$32,590

Question 23

Insurance program through employer and US goverment

Accepted Answer

Social Security

Answer

Medicare

Answer

Federal Insurance Contributions Act

Answer

Royalty

Question 24

Form W-4

Accepted Answer

Tells your employer what amount of taxes to withhold from your paycheck

Answer

Tells your employer how much you want to contribute towards your retirement (401k)

Answer

Tells your employer what your annual salary is

Answer

Tells your employer what benefits you would like

Question 25

Paid semimonthly means you receive ______ paychecks per year.

Accepted Answer

24

Answer

26

Answer

22

Answer

12

Question 26

Paid biweekly means you receive ______ paychecks each year

Accepted Answer

26

Answer

52

Answer

24

Answer

12

Question 27

Crystal get paid bi-weekly.  Her biweekly salary is $1,763.28.  What is her annual salary?

Accepted Answer

$45,845

Answer

$91,690

Answer

$21,159

Answer

$42,318

Question 28

What is a tax based on the amount of money you earn? It is paid to the U.S. Government. Some states have this tax as well.

Accepted Answer

Income tax

Answer

property tax

Answer

sales tax

Answer

payroll

Question 29

Which of these is the smaller amount of money?

Accepted Answer

Net pay

Answer

Gross pay

Question 30

An employee makes $48,000 per year. How much does he pay annually in Social Security taxes? HINT: Social Security Tax is 6.2%.

Accepted Answer

$2976.00

Answer

$258.33

Answer

$184.52

Answer

$2214.24

Question 31

The form _______tells you how much was taken out of your pay for the year.

Accepted Answer

W-2

Answer

W-4

Answer

1040

Answer

1040EZ

Question 32

Select three items that can be used as itemized deductions

Accepted Answer

Medical and Dental Expenses

Accepted Answer

Home Mortgage Interest

Accepted Answer

State and Local Taxes

Answer

Personal Food and Rent Expenses

Question 33

When total tax payments are greater than the total tax, taxpayers has a(n)

Accepted Answer

Refund

Answer

Amount Due

Answer

Equal Balance

Answer

Credit

Question 34

Using the attached image, determine the tax for the filing status and taxable income amount single $57,355.

Accepted Answer

$10,138

Answer

$10,125

Answer

$7,684

Answer

$7,676

Question 35

Using the attached image, determine the tax for the filing status and taxable income amount: married filing jointly, $60,625.

Accepted Answer

$8,171

Answer

$10,950

Answer

$8,164

Answer

$8,179

Question 36

AJ was approved for a 180,000 mortgage. What should be expect his closing costs to be if they range from 2% to 6%?

Accepted Answer

$3,600 to $10,800

Answer

$36,000 - $108,000

Answer

$2,000 - $6,000

Answer

$20,000 - $60,000

Question 37

There are 5,000 shares in Annabell's co-op. If she owns 5% of the cooperative corporation, how many shares does she own?

Accepted Answer

250 shares

Answer

200 shares

Answer

300 shares

Answer

350 shares

Question 38

The Moffitt's pay a monthly mortgage payment of $1,050. They also pay a semi-annual property tax bill of $2,220 and semi-annual homeowner's insurance of $800. The property tax and insurance are paid monthly into an escrow account to their lender. What is their monthly payment to their lender? Round your answer to the nearest cent.

Accepted Answer

$1,553.33

Answer

$7,090.50

Answer

$4,070.42

Answer

$1,850

Question 39

What is an amortization table?

Accepted Answer

A complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term

Answer

A form the IRS requires you to prepare in addition to your tax return when you have certain types of income or deductions.

Answer

A spreadsheet that allows you to figure out what type of mortgage you qualify for.

Answer

A table of values a tax preparer can reference to calculate annual school taxes.

Question 40

An adjustable rate mortgage is...

Accepted Answer

...a home loan with an interest rate that can change periodically.

Answer

...a car loan with an interest rate that never changes.

Answer

...a car loan with an interest rate that changes periodically.

Answer

...a home loan with an interest rate that never changes.

Question 41

All of the following are types of fees you may incur during the closing on the purchase of a new home EXCEPT:

Accepted Answer

Lawncare Payments

Answer

Title Fees

Answer

Attorney Fees

Answer

Homeowner's Insurance

Question 42

Andrew and Kelly have a taxable income of $55,670. They discovered that they can receive a $2,500 tax credit for purchasing an energy-efficient furnace. How will this tax credit affect their taxes?

Accepted Answer

The tax credit is subtracted from the tax owed, not taxable income.

Answer

The tax credit will increase their taxable income by $2,500.

Answer

The tax credit will decrease their income by $2,500.

Answer

The tax credit is added to the tax owed, not the taxable income.

Question 43

What percent of the data is between 25 and 30 on the number line?

Accepted Answer

25%

Answer

`50%

Answer

75%

Answer

100%

Question 44

If the sum of the daily balances of a credit card totals $3,865.50 over 30 days, what is the average daily balance?

Accepted Answer

$128.85

Answer

$238.85

Answer

$218.58

Answer

$175.96

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