personal finances Unit 2 test

Amy is analyzing a job offer. Amy's Salary Analysis Annual Salary Benefits Average Monthly Rent Average Monthly Utility Costs $48,500 401K matched up to $2,500/year, $5,000 in bonuses $1,100 $200 How much should she expect to pay on rent and utilities each year?

$15,600

The table shows the predicted cost of attending an in-state four-year public college 4 years from now. Category Predicted Annual Cost tuition $9,350 room and board $8,630 books and fees $1,650 transportation $2,140 other $1,110 Caleb used the table to determine the minimum amount he should save each month to have enough money to pay for his first year of college. He anticipates receiving $4,500 in grants and he will live at home. If he has 4 years to save, and places his money in an interest bearing college savings account, what is the minimum Caleb and his family should save each month?

$200

Rosetta listed her assets and liabilities on a personal balance sheet. Rosetta's Balance Sheet (April 2013) Assets Liabilities cash $900 credit card $4,000 investments $1,100 student loan If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?

$50,000

Amy is analyzing a job offer. Amy's Salary Analysis Annual Salary Benefits Average Monthly Rent Average Monthly Utility Costs $48,500 401K matched up to $2,500/year, $5,000 in bonuses $1,100 $200 How much income with benefits can she expect?

$56,000

Marco predicts he will have $18,750 in expenses for one year of college. He expects to receive $3,450 in grants annually. How much will Marco need to contribute to one semester of his education?

7650

Patrick has assets that total $9,500. His liabilities total $1,900. Which expression will find Patrick's net worth?

9500 - 1900

Dante listed his assets and liabilities on a personal balance sheet. Dante's Balance Sheet (August 2013) Assets Liabilities cash $900 credit card $4,000 investments $1,100 student loan $1,000 Which statement is true about the value of Dante's assets and liabilities?

He has $50,000 more in assets than in liabilities.

Anna is creating a personal balance sheet. She plans to list these items. Bank Account Jewelry Health Insurance Rent Which statements about the balance sheet are correct? Select three choices.

Health insurance, and rent will be listed in the liabilities column. Anna will need to find the total value of her jewelry and bank account. Anna will add the value of the assets and subtract the value of the liabilities.

Which statement describes an hourly wage job?

If an employer wants the employee to work more hours in a week, the result is a larger paycheck.

Arthur is 10 years old. Tuition for one year at a public two-year college is $3,125. In 8 years, tuition is expected to increase 32%. Arthur's family plans to save for his college costs for 5 years. If the family saves $75 per month, will there be enough money to pay for the expected cost of one year at the college when he is 18?

Yes, they could save about $5 less per month and still have enough money

Logan has several job offers in different cities. What should he research to determine how much money he will have to spend as he wishes

cost of living in each location

The 1040 form is used to collect

federal tax.

Which represents an employee benefit?

health-insurance plan with company-paid premiums

Property taxes are based on

how much a property is worth.

This graph compares consumer expenditures in three American cities from 2007 to 2010. A graph titled Average Household Consumer Expenditures from 2007 to 2010 has year on the x-axis, and average yearly spending on the y-axis. San Francisco had the highest spending, then Cleveland, and then Houston had the lowest spending. The best inference that can be made based on the graph is that

jobs in San Francisco may have higher salaries to offset the cost of living.

Which describes a type of tax that funds city programs?

local income tax

Brenden wants to set aside money for times when he may be without work due to illness or layoffs. Which method would be best?

personal savings account

Which educational institutions typically cost the most to attend

private college

Completing the FAFSA could help decide whether a student

should receive student-specific financial aid.

In addition to federal income tax, many people also pay

state icome

Work-study is a program that includes

taking a school job to help pay for an education.

Which type of training would be considered vocational training

training to prepare for a career

Sales tax is calculated

using percentage of price of item

The chart shows a sample paycheck stub. A 2-column table has 6 rows. The first column has entries Salary, Federal income tax, social security tax, medicare tax, state income tax, and net pay. The second column has entries 1106.45, 122.67, 68.60, 16.04, 10.33, and 888.81. The chart shows that federal and state taxes are

withheld from employee pay