Personal Finance: Budget, Percent, Sales Tax, Income Tax

Mr. Ronaldo earns $46,650 in annual gross income. He will pay 7% in income tax this year. What is the amount of income tax that Mr. Ronaldo will pay?

Do not type $ sign. Round answer to the nearest hundredth if necessary.

Mathematical Equivalence

ON

Tags

7.13

Jacob would like to purchase a coat and hat for a ski trip. The coat is $62.75, and the hat is $14.25. If the sales tax rate is 8%, then what will be the amount of tax on Jacob's purchase?

Do not write a $ sign. Round answer to the nearest hundredth.

Mathematical Equivalence

ON

Tags

7.13.A

After taxes, Olive brings home $2,800 per month. She has decided that she would like to set aside 15% of her income for savings. How much will Olive save each month?

• $360

• $385

• $408

• $420

Tags

CCSS.6.RP.A.3C

Which of the following is NOT a true statement regarding Patel's monthly budget?

check all that apply

• More than 50% of Patels budget is spent on rent.

• Patel is saving more than 10% of her monthly income.

• Patel's car payment and other Spending account for more than 25% of her monthly income.

• Patel is spending more than 10% of her monthly income on her car payment.

Tags

7.13.B

7.13

Which of the following best represents the percentage of Patel's budget that is designated for other spending?

• 20%

• 12%

• 16%

• 30%

Tags

7.13.B

Which equation can be used to determine "y", the minimum amount of money the family must earn each year?

• y = 2,550(12)

• y = 2,550(52)

• y = 2,550/12

• y = 2,550/52

Tags

7.13.D

Which of the following best represents a job in which the family can meet their basic needs?

choose the best answer

• An hourly job earning $15 per hour for 40 hours per week for 4 weeks a month.

• An hourly job earning $25 per hour for 25 hours per week for 4 weeks a month.

• A monthly salary of $2,250.

• An hourly job earning $22 per hour for 30 hours per week for 4 weeks a month.

Tags

7.13.D

A new washing machine is purchased by the Hamilton family. It costs $324.50. How much will the washing machine cost after a 6% sales tax is applied?

Do not write a $ sign. Round answer to the nearest hundredth.

Mathematical Equivalence

ON

Tags

7.13.A

Jesse has started a part-time job in order to save money for college. He plans to earn $800 per month.

Jesse and his dad decide to create a budget, as shown below.

Which of the statements does not represent the budget?

College Savings: $600

Cell Phone Bill: $80

Entertainment: $120

• Jesse will save 70% of his income towards college.

• Jesse will use 10% of his income towards his cell phone bill each month.

• Exactly 85% of his income will go towards college savings and entertainment.

• Exactly 15% of his income will go towards entertainment.

Tags

7.13.B

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

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

• Less than $900 of Oscars monthly income is for house payment and life insurance.

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

• More than $530 of Oscars monthly income is for car payment and car insurance.

Tags

7.13.B