7.13ADEF - Calculations/Financial Literacy

If the sales tax rate is 8% and you purchase an item for $50, what is the total cost including sales tax?

• $52

• $54

• $55

• $53

If you earn $40,000 annually and the income tax rate is 15%, how much income tax do you pay?

• $5,000

• $6,000

• $6,500

• $7,000

Using a family budget estimator, if a family needs $3,000 per month to meet basic needs, what is the minimum hourly wage required if they work 160 hours a month?

• $15

• $18.75

• $20

• $25

Calculate the simple interest earned on a $1,000 investment at an interest rate of 5% per year after 3 years.

• $100

• $150

• $200

• $250

Calculate the compound interest earned on a $1,000 investment at an interest rate of 5% per year, compounded annually, after 3 years.

• $150

• $157.62

• $160

• $165.50

Which of the following offers the greatest monetary incentive if you have a $100 purchase?

• 10% off sale

• $10 rebate

• $15 coupon

• 5% off sale

If a family in your city needs $4,500 per month to meet basic needs, what is the average hourly wage required if they work 180 hours a month?

• $20

• $22.50

• $25

• $27.50

If you have a coupon for 20% off a $200 purchase, how much do you pay after using the coupon?

• $160

• $170

• $180

• $190

Compare the simple interest and compound interest on a $500 investment at 4% per year for 2 years. Which is greater?

• Simple interest

• Compound interest

• They are equal

• Cannot be determined

If a store offers a 15% discount on all items and you buy an item originally priced at $80, what is the discounted price?

• $64

• $66

• $68

• $70