Quiz about Unit 6 Review - Financial Literacy

Question 1

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

Accepted Answer

$41,500

Answer

$184,500

Answer

$$- ext{}$$ $71,500

Answer

$$-$$ $41,500

Question 2

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 is 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?

Accepted Answer

$98,000

Answer

$58,600

Answer

$78,300

Answer

$82,100

Question 3

What percent of Sherri's total budget is put into cable and cell phone?

Accepted Answer

9%

Answer

5%

Answer

13%

Answer

17%

Question 4

Which statement IS supported by the information in the table?

Accepted Answer

More than 1/4 of Sherri's monthly income is spent on utilities , cable and groceries.

Answer

More than 1/2 of Sherri's monthly income is spent on rent.

Answer

Sherri puts 15% of her monthly income into savings.

Answer

Sherri spends 14% of her monthly income on her cell phone and other expenses.

Question 5

Julie budgets $600 of expenses each month. What percent of her budget does she spend on her car?

Accepted Answer

50%

Answer

10%

Answer

25%

Answer

300%

Question 6

The Cooper family's monthly budget is $4000. How much money do they spend on housing?

Accepted Answer

$1000

Answer

$2500

Answer

$1250

Answer

$250

Question 7

Emily created the net worth statement shown.

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

Accepted Answer

$87,025

Answer

$107,550

Answer

$20,525

Answer

$128,075

Question 8

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?

Accepted Answer

$1,823.20

Answer

$47,403.20

Answer

$11,395

Answer

$18,232

Question 9

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?

Accepted Answer

Store Z has the best sale price of $28.

Answer

Store X has the best sale price of $20.

Answer

Store Y has the best sale price of $30.

Answer

Store Z has the best sale price of $7.

Question 10

Money that is earned through a job.

Accepted Answer

Income

Answer

Interest

Answer

Expense

Question 11

A plan to help you reach financial goals, save money?

Accepted Answer

Budget

Answer

Bills

Answer

Interest

Question 12

Which type of expenses are these, rent, car payment?

Accepted Answer

Fixed expense

Answer

Crazy bills

Answer

Variable expense

Question 13

Which type of expenses are these? Groceries, gas,

Accepted Answer

Variable expense

Answer

LIFE

Answer

YOLO

Answer

Fixed expense

Question 14

A fixed cost is a cost that ____________________.

Accepted Answer

does not change from month to month

Answer

does change from month to month

Question 15

Rent is a type of ________________ cost.

Accepted Answer

fixed

Answer

varialbe

Question 16

If the Moore's monthly income is $5,000 what amount of their budget is spent on miscellaneous expenses?

Accepted Answer

$200

Answer

$2,000

Answer

$.08

Answer

$4

Question 17

Gas expenses are a type of _________ cost.

Accepted Answer

variable

Answer

fixed

Question 18

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

Accepted Answer

125

Answer

95

Answer

105

Answer

135

Question 19

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 20

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 21

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 22

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 23

Debts that are owed by an individual

Accepted Answer

liabilities

Answer

fixed expenses

Answer

net worth

Answer

assets

Question 24

a family plan for spending

Accepted Answer

family budget

Answer

income taxes

Answer

expenses

Answer

liability

Question 25

The value of one's assets minus one's liabilities

Accepted Answer

net worth

Answer

fixed income

Answer

coupon

Answer

gross income

Question 26

The amount paid or earned for the use of money.
The formula is I = prt

Accepted Answer

Simple interest

Answer

Compound Interest

Answer

Coupon

Answer

Monetary Incentives

Question 27

What is the formula for simple interest?

Accepted Answer

I=Prt

Answer

A=P(1+r)t

Answer

I=P(1+r)t

Answer

A=Prt

Question 28

I = Prt where r represents the rate.  Rates must be converted into ____ before multiplying.

Accepted Answer

decimals

Answer

fractions

Answer

mixed numbers

Answer

integers

Question 29

Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

Accepted Answer

12

Answer

4

Answer

8

Answer

16

Question 30

What does P stand for in I = Prt ?

Accepted Answer

principal

Answer

percent

Answer

partner

Answer

percent change

Question 31

What is important about how time is calculated in I= Prt ?

Accepted Answer

it must be in years

Answer

it must be in months

Answer

it is not calculated

Question 32

Smithville Bank is offering each of it's customers a record 3.4% interest on new savings account. If Mr. Thomas opens an account with $1,500, how much interest will he earn in 3 years?

Accepted Answer

$153

Answer

$15,300

Answer

$1,530

Answer

The answer is not shown

Question 33

Find the compound interest:
Principal: $1735
Interest Rate: 0.8%
Time: 1 year

Accepted Answer

$13.88

Answer

$1,388

Answer

$138.80

Answer

None of the answers are correct.

Question 34

Find the simple interest:
Principal: $6,000
Interest Rate: 5%
Time: 6 months

Accepted Answer

$150

Answer

$1,800

Answer

$1,500

Answer

$15,000

Question 35

The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.

Accepted Answer

the amount of money borrowed or deposited

Answer

the percent interest for his year

Answer

the amount taxed

Answer

the amount the bank owes you for being a customer at their bank

Question 36

The simple interest formula is I=Prt. What does the t represent?

Accepted Answer

Time

Answer

Principle

Answer

Interest

Answer

Percent Rate

Question 37

Jerry borrowed $4,000 for 5 years at 6% simple interest rate. How much interest is that?

Accepted Answer

$1,200

Answer

$800

Answer

$1,000

Answer

$1,500

Question 38

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

Accepted Answer

1392

Answer

150

Answer

192

Answer

1350

Question 39

What does the "I" in the interest formula stand for?

Accepted Answer

Interest

Answer

Important

Answer

Internet

Answer

Igloo

Question 40

The compound interest formula is:

A = P(1 + r)^t

What does the A represent?

Accepted Answer

The total amount of money after a certain amount of time.

Answer

The amount of interest earned.

Answer

The amount of time that has passed.

Answer

The amount required to invest.

Question 41

What does the rate have to be in?

Accepted Answer

decimal

Answer

scientific notation

Answer

negative integers

Answer

positive integers

Question 42

When you convert the interest rate of 3% into a decimal, you would get?

Accepted Answer

.03

Answer

.3

Answer

30

Answer

3.0

Question 43

Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

Accepted Answer

12

Answer

4

Answer

8

Answer

16

Question 44

Steve deposited

$5,000 in a savings account that pays 4% interest compounded annually. Which

equation could be used to find the value of the account after 3 years?

Accepted Answer

A = 5,000(1 + 0.04)³

Answer

A = 5,000(1 + 4)³

Answer

A = 5,000(1 + 0.4) x 3

Answer

A = 5,000(0.04)³

Question 45

David

invests $10,000 in a savings account that pays 3.5% simple interest. If David

makes no withdrawals or deposits to the account, how much will be in the

account after 7 years.

Accepted Answer

$12,450

Answer

$2,450

Answer

$11,750

Answer

Not here

Question 46

Change 6.75% to a decimal.

Accepted Answer

.0675

Answer

67.5

Answer

.675

Answer

675

Question 47

Emilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?

Accepted Answer

$1392

Answer

$150

Answer

$192

Answer

$1350

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