Quiz about Financial Literacy Mid-Term

Question 1

Anyah works 40 hours a week at a rate of $15 per hour. How much does she earn in a week?

Accepted Answer

$600

Answer

$400

Answer

$500

Answer

$800

Question 2

Rebecca is paid $18 per hour and worked 35 hours last week. What is her total pay?

Accepted Answer

$630

Answer

$540

Answer

$450

Answer

$720

Question 3

If Ashley earns $12.50 per hour and worked 20 hours this week, how much did she make?

Accepted Answer

$250

Answer

$200

Answer

$180

Answer

$240

Question 4

Mi'Joiest works 25 hours a week at a rate of $22 per hour. What is his total weekly pay?

Accepted Answer

$550

Answer

$600

Answer

$475

Answer

$440

Question 5

Emanuel earns $14 per hour and worked 45 hours last week. Overtime is paid at time and a half. What is his total pay for the week, including overtime?

Accepted Answer

$665

Answer

$660

Answer

$630

Answer

$750

Question 6

Rebecca worked 50 hours last week and earns $10 per hour. Overtime is paid at 1.5 times her regular pay. How much did she make in total for the week?

Accepted Answer

$600

Answer

$525

Question 7

If Maurice earns $16 per hour and worked 48 hours last week, with overtime paid at time and a half, what is his total weekly pay?

Accepted Answer

$832

Answer

$768

Answer

$720

Answer

$864

Question 8

Aram earns $20 per hour. Last week, she worked 44 hours. Calculate his total weekly pay, assuming overtime is paid at time and a half.

Accepted Answer

$920

Answer

$880

Answer

$900

Answer

$960

Question 9

Miguel is paid $0.50 for each item he assembles. Last week, he assembled 400 items. How much did he earn?

Accepted Answer

$200

Answer

$100

Answer

$150

Answer

$250

Question 10

Jaiden earns $0.75 for each bracelet he makes. He made 300 bracelets this week. How much did he make?

Accepted Answer

$225

Answer

$300

Answer

$150

Answer

$350

Question 11

Aram assembles toys and earns $1.25 per toy. If he assembles 200 toys in a week, what is his total pay?

Accepted Answer

$250

Answer

$225

Answer

$300

Answer

$200

Question 12

Ashley has an annual salary of $52,000. What is her monthly pay before taxes?

Accepted Answer

$4,333

Answer

$4,500

Answer

$3,500

Answer

$3,833

Question 13

Elizavet earns $40,000 a year. How much does she make per week?

Accepted Answer

$770

Answer

$750

Answer

$800

Answer

$850

Question 14

If Elizavet has a yearly salary of $60,000, what is her biweekly pay?

Accepted Answer

$2,500

Answer

$2,000

Answer

$2,200

Answer

$1,900

Question 15

If Miguel earns $36,000 a year, how much does he make per month?

Accepted Answer

$3,000

Answer

$3,200

Answer

$2,800

Answer

$3,100

Question 16

Angel works on commission and earns 5% on every sale she makes. Last month, she sold $10,000 worth of products. How much commission did she earn?

Accepted Answer

$500

Accepted Answer

$500

Answer

$450

Answer

$400

Question 17

Elizavet earns a 5% commission on sales. If she sold $10,000 worth of products last month, how much did she earn in commission?

Accepted Answer

$500

Answer

$400

Answer

$450

Answer

$550

Question 18

Miguel earns a 7% commission on sales. If his sales for the week total $3,000, what is his commission for the week?

Accepted Answer

$210

Accepted Answer

$210

Answer

$200

Answer

$300

Question 19

Miguel sold products worth $4,500.00 and earns a commission at a rate of 5%. How much is his sales commission?

Accepted Answer

$225.00

Answer

$250.00

Answer

$125.00

Answer

$230.00

Question 20

Miguel earns 5% commission on his sales at Best Buy. One week his sales totaled $9,650. What was his commission for the week?

Accepted Answer

$482.50

Answer

$9,167.50

Answer

$965

Answer

$487.50

Question 21

Elizavet earns 3% commission. One day her sales totaled $850. What was her commission earned for the day?

Accepted Answer

$25.50

Answer

$847

Answer

$85

Answer

$$824.50

Question 22

Litzy sells cars. Her income is based on a graduated scale. If she earns 5% commission for the first $50,000 in sales and an 8% commission for sales over $50,000, then how much would she earn if her total sales were $95,000?

Accepted Answer

$6100

Answer

$7600

Answer

$4750

Answer

$5200

Question 23

Jose earns $250 per week plus 2% commission on all of his sales. If Jose sells $2,800 worth of appliances, what is his total income for the week?

Accepted Answer

$306

Answer

$56

Answer

$287

Answer

$467

Question 24

Maurice received his W-2 form in the mail. This form is used to...

Accepted Answer

report an employee's annual income and taxes.

Answer

gather tax withholding information for an employee.

Answer

purchase health insurance from an insurance marketplace.

Answer

verify that their RSU account is certified with another tax form.

Question 25

1. Miguel and Jose are discussing how the government funds its activities. Where does the government get most of its money?

Accepted Answer

c. Taxes

Answer

a. It prints money

Answer

b. It sells land

Answer

d. It produces products to sell

Answer

e. Donations

Question 26

Litzy and Citlali are discussing their paychecks. Which of these taxes is not included as withholding tax?

Accepted Answer

Real estate taxes

Answer

Federal and state taxes (if your state has taxes)

Answer

Social security taxes

Answer

Medicare taxes

Question 27

When Anyah and Miguel pay FICA taxes...

Accepted Answer

typically qualify to receive payments and benefits in the future.

Answer

typically don't have to pay any federal or states taxes.

Answer

typically receive a larger tax refund in the Spring.

Answer

do make more money than other workers.

Question 28

Rebecca and Maurice were discussing government departments. Rebecca asked, "What does IRS stand for and what do they do?"

Accepted Answer

Internal Revenue Service - the federal government's tax collection department.

Answer

Internal Revenue State - assist with student loans.

Answer

Internationally Responsible Students - promote social fairness and spirit.

Answer

Institute of Reliability Standards - monitor of meat checking and processing.

Question 29

Maurice just started a new job and his employer asked him to fill out a W-4 form. This form is used by employers to determine:

Accepted Answer

the amount of money to be withheld from an employee to pay taxes.

Answer

the amount of money an employee should be earning.

Answer

the amount of money an employee should be saving from each paycheck.

Answer

future retirement money to be saved.

Question 30

Ashley just received her first paycheck from her new job. She noticed that some money was taken out of her paycheck by her employer. What is this money called?

Accepted Answer

withholding

Answer

personal allowances

Answer

exemptions

Answer

dependents

Question 31

Litzy and Jaiden are discussing who qualifies as a dependent for tax purposes. Who is considered a dependent?

Accepted Answer

A person who lives with you full time and you take care of

Answer

A child that doesn't live with you

Answer

A husband or wife

Answer

Your child if they live with your girlfriend or boyfriend

Question 32

Mi'Joiest noticed that not enough money was taken out of his paycheck for taxes. What happens if this situation occurs?

Accepted Answer

You have to pay money to IRS next year

Answer

You get money back from the IRS next year

Answer

Nothing, they ignore it

Answer

They fine you

Question 33

Rebecca noticed that too much money was taken out of her paycheck. What happens in this situation?

Accepted Answer

You get money back from the IRS next year

Answer

You have to pay money to IRS next year

Answer

Nothing, they ignore it

Answer

They fine you

Question 34

Emanuel is planning a family dinner and wants to invite his spouse. Who should he invite?

Accepted Answer

His husband or wife

Answer

His child

Answer

His girlfriend or boyfriend

Answer

His mom or dad

Question 35

Jose and Citlali are in a relationship. When filling out a form that asks for their marital status, should they choose single or married?

Accepted Answer

Single

Answer

Married

Answer

It depends if you love them or not

Answer

It depends if you live with them

Question 36

Ashley just started her new job and is filling out her W-4 form. What type of taxes is she specifying on this form?

Accepted Answer

Federal Taxes

Answer

State Taxes

Answer

County Taxes

Answer

Local Taxes

Question 37

Jaiden and Litzy are discussing their future plans. Jaiden mentions that he is looking forward to receiving retirement income, while Litzy is excited about having health insurance coverage. What is the difference between Social Security and Medicare?

Accepted Answer

Social Security provides retirement income, while Medicare offers health insurance.

Answer

Social Security is a health insurance program, while Medicare provides retirement income.

Answer

Both Social Security and Medicare offer health insurance.

Answer

Both Social Security and Medicare provide retirement income.

Question 38

Elizavet spent $356.72 for groceries in June, $298.76 for groceries in July and $410.82 for groceries in August. What is her average monthly expenditure for groceries?

Accepted Answer

$355.43

Answer

$300.00

Answer

$400.00

Answer

$250.00

Question 39

Mi'Joiest spent $151.09 on gas in April, $178.56 on gas in May, and $209.86 on gas in June. What is his average monthly expenditure for gas?

Accepted Answer

$179.84

Answer

$180.00

Answer

$175.50

Answer

$185.20

Question 40

Angel and Emanuel have monthly expenditures in January, February, and March that totaled $2967.42, $3045.12, and $2754.17, respectively. What is their average monthly expenditure for these months? Round to the nearest cent.

Accepted Answer

$2,029.16

Answer

$2,500.00

Answer

$1,800.00

Answer

$1,500.16

Question 41

Elizavet is planning her monthly budget. Her living expenses are $1,376.10, fixed expenses are $2,098.76, and her monthly share of annual expenses is $714.52. Find the total monthly expenses.

Accepted Answer

$4,189.38

Answer

$4,500.00

Answer

$4,891.00

Answer

$4,000.00

Question 42

Aram and Elizavet have monthly living expenses of $1663.94, monthly fixed expenses of $1893.42 and annual expenses of $4326.70. What is their monthly share of annual expenses ? What is their total monthly expenditure?

Accepted Answer

Monthly Share of Annual = $360.56, Total Monthly Expenditure = $3,917.92

Answer

Monthly Share of Annual = $400.00, Total Monthly Expenditure = $4,000.00

Answer

Monthly Share of Annual = $375.00, Total Monthly Expenditure = $3,900.00

Answer

Monthly Share of Annual = $350.00, Total Monthly Expenditure = $3,850.00

Question 43

The Lavender family budgeted $3960.00 for total expenditure in April. They spent $3876.14. How much more or less did they actually spend than they budgeted?

Accepted Answer

They spent $83.86 less than they budgeted.

Answer

They spent $100 less than they budgeted.

Answer

They spent $93.86 less than they budgeted.

Answer

They spent $84.86 less than they budgeted.

Question 44

The Kearney family budgeted $2480.00 for total expenditures in March. They spent $2,556.71. How much more or less did they actually spend then they budgeted?

Accepted Answer

They spent $76.71 more than they budgeted.

Answer

They spent $72..80 less than they budgeted.

Answer

They spent $176.71 more than they budgeted.

Answer

They spent $76.71 less than they budgeted.

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