Budgeting and Wise Spending

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Which of the following investments will earn the greatest amount of interest?

$1,600 invested for 8 years at 3.0% interest

An investment of $7,650 earns interest at the rate of 5% and is compounded quarterly. What is the accumulated value of the investment at the end of 9 years?

$11,964.17

Cameron has decided to diversify his investments in the following way: $3,000 in an account earning 2.7% simple interest $5,000 in a savings account earning 1.8% interest compounded annually $5,000 in a certificate of deposit earning 3.9% interest compounded quarterly

$1135.30

Money is invested into an account earning 4.25% interest compounded annually. If the accumulated value after 18 years will be $25,000, approximately how much money is presently in the account

$11820

Leiff goes online to buy a new video game. He finds a site that currently has a promotion of 15% off on all orders over $50. Leiff decides to buy his video game, with a price tag of $128, at this site because he knows that he will get the 15% discount when he checks out. Leiff pays 5.3% sales tax on the discounted price and pays a shipping fee of $4.75. What is the total of Leiff's online purchase?

$119.32

Kathy makes $66,000 per year, and she pays a net federal income tax rate of 18.85%. How much should Kathy expect to pay in taxes every year

$12,441

An investment of $1,000 is earning interest at the rate of 3.8% compounded daily over 3 years. Approximately how much interest is earned on the investment?

$120.75

Abigail has an account that pays 6.92% simple interest per year and wants to accumulate $5,896 in interest from this account over six years. How much money should Abigail invest in this account to meet this goal?

$14200.39

Selena purchased some gifts for her nieces and nephews online. She bought 3 dolls each priced at $19.99 each and 4 remote control cars priced at $21.99 each. Selena was able to get an online coupon for $3 off on each remote control car that she purchased. There was no sales tax, but the shipping charge was $10.50. What was the total amount Selena paid for her online purchase?

$146.43

Your monthly living expenses are $1500 on an income of $1,650 per month. Your goal is to have an emergency fund of 4 times your monthly living expenses. Your emergency fund savings account has $2,400 and you put the remainder of your monthly income into the emergency fund each month. How much more money would you have to save each month to complete your emergency fund in 12 months?

$150 per month

Oscar has elected to have 23% of his federal income tax withheld as state income tax. If $154.00 was withheld as federal income tax on his last paycheck, how much will be withheld from his paycheck for income tax in all

$189.4

How much money would need to be deposited into an account earning 5.25% interest compounded annually in order for the accumulated value at the end of 25 years to be $75,000?

$20,869.34

Ike invests $7,660 in an account paying 7.27% simple interest annually. How much interest has Ike gained after four years?

$2227.53

Approximately how much principal would need to be placed into an account earning 3.575% interest compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years?

$23,377

Katherine invests $7,770 in a six-month money market account giving 5.8% simple annual interest and $12,500 in a three-year CD giving 7.25% simple annual interest. Assuming that Katherine does not reinvest or renew these investments, how much money will she have when both investments reach maturity, to the nearest dollar

$23214

Sergio has decided to diversify his investments in the following way: $4,000 in an account earning 3.2% simple interest $4,000 in a savings account earning 2.1% interest compounded annually $7,500 in a certificate of deposit earning 5% interest compounded quarterly How much total interest will Sergio earn on his investments at the end of 4 years?

$2507.90

Henry and Walter open savings accounts at the same time. Henry invests $6,500 at 4.54% simple interest, and Walter invests $7,100 at 4.74% simple interest. After eight years, how much more interest has Walter earned than Henry?

$331.52

Bridget purchased 3 pairs of shoes online. The total bill of $126.81 included a $7.50 shipping charge and 6% tax on the total purchase. If the shoes that Bridget purchased were all priced the same, how much did each pair of shoes cost?

$37.52

Trevor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit?

$4250

June has a savings account with an annual simple interest rate of 2.6%. She hopes to gain $6,500 in interest over a period of eleven years. To accomplish this, June invested $17,801 in the account, but later realized that this was not enough money. To the nearest dollar, how much more money should June have initially invested to reach her goal?

$4926

Sammy makes $2,362/month as a baseball coach. He is making a budget, and has created the following chart in order to divide his monthly paycheck into his various accounts: Sammy makes $2,362/month as a baseball coach. He is making a budget, and has created the following chart in order to divide his monthly paycheck into his various accounts:

$5,136; approximately 24 months

Tony invested $5,500 in a four-year CD that paid 4.8% interest, but later needed to withdraw $475 early. If the CD's penalty for early withdrawal was three months' worth of interest on the amount withdrawn, how much of a penalty did Tony pay?

$5.70

Sam invests $9,400 in a fund yielding 5.2% simple interest annually. At the same time, Pat shops around for a better interest rate and invests $9,400 in a fund yielding 6.0% simple interest annually. After seven years, how much more interest has Pat's fund earned than Sam's fund?

$526.40

An investment of $8,350 earns 5.2% interest compounded monthly over 10 years. Approximately how much interest is earned on the investment?

$5679

A principal of $4,570 is placed in an account that earns 4.5% interest. If the interest is compounded annually, how much money will be in the account at the end of 5 years?

$5695.05

A principal of $5,350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money will be in the account at the end of 4 years?

$6139.25

Iris has an investment worth $8,813. She made her only deposit in it seven years ago. Given that the investment yields 3.7% simple interest annually, how big was the initial deposit?

$7000

An investment of $2,000 is earning interest at the rate of 6.2% compounded quarterly over 5 years. Approximately how much interest is earned on the investment?

$720.37

Michael needs to pay car insurance premiums of $958 two times per year. He has decided to make deposits from each paycheck to a savings account for "Other Expenses (Predictable)" to cover this expense. How much should Michael deposit from each paycheck if the paycheck is bi-weekly?

$74

Angelo purchased some gifts for his younger brothers and sisters online. He bought a dollhouse for $32.59, 2 board games for $12.95 each and 2 movies for $9.99 each. The web site had a promotional offer of $5 off and no shipping fees for any purchase totaling at least $50. Angelo was charged 7.25% tax on his total purchase. How much did Angelo pay for his online purchase?

$78.80

Which of the following investments will earn the smallest amount of interest?

$8,030, invested for 2 years at 2.0% interest

An investment of $6,530 earns interest at the rate of 4% and is compounded quarterly. What is the accumulated value of the investment at the end of 8 years?

$8,978.36

Tyrell is gearing up for the football season and decides to purchase some items online. He has a promotional code for a one time $10 off any purchase of $50 or more. Tyrell orders 2 new jerseys at $32.89 each and a hat for $23.99. Tyrell pays 7% sales tax on his purchase, but pays no shipping charges. What is the total of Tyrell's online purchase?

$85.35

Gina invests $1,677 in an account paying 8.61% simple interest annually. How much interest has Gina gained after six years?

$866.34

If you wish to calculate the interest on an investment with a rate of 3.58%, what number will you plug into your equation?

0.0358

If you wish to calculate the interest on an investment with a rate of 6.17%, what number will you plug into your equation?

0.0617

Assume that you pay $2,849.84 in state property taxes every year. If your property has an assessed value of $41,302, what is your state's property tax rate

0.069

If the NCUA charges 6.3 cents per 100 dollars insured and Credit Union L pays $8,445 in NCUA insurance premiums, approximately how much is in Credit Union L's insured deposits?

13.4 million

Gareth has $2,000 to invest. Putting the money in a savings account at his local bank will earn him 2.2% annual interest and gives him the ability to make ATM withdrawals from that bank's ATMs. Putting the money in an online savings account will earn him 4.85% annual interest, but he will be charged $3 every time he makes an ATM withdrawal. Assuming that Gareth's ATM withdrawals do not affect the amount of interest he earns, roughly how many ATM withdrawals must Gareth make every year for the local savings account to be a better deal than the online savings account?

You have $10,000 to invest and want to keep your money invested for 10 years. You are considering the following investment options. Choose the investment option that will earn you the most money

2.975% compounded quarterly

If you invest $3,900 at a 7.83% simple annual interest rate, approximately how long will it take for you to have a total of $10,000?

20 years

Arthur has $19,500 to invest, and wishes to gain $8,000 in interest over eleven years. Approximately what is the minimum simple interest rate that Arthur needs to achieve his goal?

3.72%

Nicole deposits $2,136 in a savings account paying 5.36% interest. To the nearest dollar, how much money does Nicole have in total after nine years?

3166

if you invest $8,600 at a 3.95% simple annual interest rate, approximately how long will it take for you to have a total of $21,000?

36 years

You have $12,000 to invest and want to keep your money invested for 8 years. You are considering the following investment options. Choose the investment option that will earn you the most money.

4.175% compounded annually The same amount of principal is invested in different accounts earning the same interest rate. Which of the following accounts would have the greatest accumulated value at the end of one year?

Kito makes on online purchase of a guitar case for $39.99, a tuner for $24.99 and picks for $26.99. Taxes are 6% of the total purchase price. Shipping charges are based on the following table: Kito selects express shipping and the company bills his credit card $105.69 for the total of the online purchase. Determine if Kito has been billed correctly for his purchase. a. Kito has been billed correctly. b. Kito has not been charged enough for his purchase. c. Kito has been over charged by $1.85 for his purchase. d. Kito has been over charged by $3.40 for his purchase.

Lakisha just won some money in a sweepstakes drawing. She is considering putting her winnings in a long term investment. To the nearest dollar, how much money would Lakisha need to put into an account earning 5% interest compounded annually in order to have $30,000 at the end of 20 years?

A = P(1+r)^t 30,000 = P(1+0.05)^20 Lakisha will need to invest $11,307.

The same amount of principal is invested in different accounts earning the same interest rate. Which of the following accounts would have the greatest accumulated value at the end of one year?

An account earning interest compounded daily

Leonardo makes the following purchases at the store: 1 backpack for $16.89 5 spiral notebooks for $1.19 each 1 pack of mechanical pencils for $3.68 2 packs of lead refills for $1.88 each Leonardo has 2 coupons, each for 45 cents off on the purchase of a pack of lead refills. The coupons are applied after tax and the sales tax is 5% of the purchase. If Leonardo paid $30.89 , then he _____ for his purchase. a. did not pay enough b. paid the correct amount c. paid $0.04 too much d. paid $0.57 too much

Davi is mapping out essential and non-essential expenses and is perplexed about where to categorize gift-giving. Davi considers splitting gifts into 4 different spending categories (Essential—Fixed, Essential—Variable, Non-Essential, and Other—Predictable). Then, he decides that 4 categories would be too complicated. He thinks that it will be simpler to budget all gifts under one category only and decides on the category "Other (Predictable)". In addition, he will open a special savings account only for gift expenses, both for known people and occasions, and for general gifts that he may decide to give in the future.

Budgeting categories are exact, and gifts can fit into only one of them.

On his road trip, Leon stops to refuel and get some snacks. He has the following purchases: 12 gallons of gas at $2.89 per gallon 2 granola bars for $1.59 each 1 apple for $0.89 2 bottles of vitamin water for $1.39 each Leon must pay 7.5% sales tax on everything but the gas, which already has tax included in the per gallon price. If Leon paid $44.64, then he _____ for his purchase. a. did not pay enough b. paid the correct amount c. paid $2.60 too much d. paid $3.11 too much

Ross purchases 3 cookbooks for $18.89 each, a set of measuring cups for $2.68, 4 kitchen utensils for $5.35 each and a cooling rack for $9.60. Ross uses a promotional discount of $5 off on the purchase of 3 or more cookbooks. There are no taxes charged on his purchase, but shipping charges are based on the following table: Ross selects standard shipping and is billed $94.35 for the total of the online purchase. Determine if Ross has been billed correctly for his purchase. a. Ross has been billed correctly. b. Ross has not been charged enough for his purchase. c. Ross has been over charged by $3.75 for his purchase. d. Ross has been over charged by $4.25 for his purchase.

Which of the following is most likely used by a seller to target an impulse buyer? a. contest b. coupon c. display d. rebate

Rate the following bank accounts from most to least liquid: CD, savings account, checking account, money market account.

Checking account, savings account, money market account, CD

Choose the correct answer and rationale. "The prices listed on retail websites..." a. ...are open to negotiation, because you can email the company. b. ...are reliable, because you have proof of the advertised price. c. ...are unreliable, because internet commerce does not have the same regulations as normal commerce. d. ...are often below the total cost, because they usually do not include shipping charges.

If you want to increase the amount of monthly savings in your budget, which of the following methods would reasonably be the most effective?

Determine a "Non-Essential Expense", or any other expense, that can be reduced.

Alberto is making a budget. He owes a cell phone bill of $60 per month for 23 more months, plus the fees for any extra usage such as text messaging or extra minutes. Which of the following is the correct category for this expense?

Essential (flexible) expense

Which of the following statements describes a part of a reasonable method for increasing the amount of savings in the budget.

Find a way to reduce "Non-Essential Expenses" in the monthly budget.

Briefly describe how maintaining a savings account can contribute to your overall financial well-being.

Having a savings account can contribute to your overall financial well-being by providing you with the security to expect the unexpected, allow you to invest when opportunities arise, provide you with the means to fulfill your dreams, and to give back to your community.

How can simple interest make saving money easier?

How is email a useful component of online banking? I. Email alerts can be used to warn you before you overdraw your account. II. You can have your bank statements emailed to you, getting them to you faster. III. Only emailed bank statements can be used to support electronically-filed tax returns.

I and II only

Which of these can be considered "online banking?" I. A brick-and-mortar bank that allows its customers to transfer money online. II. A bank that has only a few branches but has customers depositing money online. III. A bank that does not exist as a real building, but only has an internet presence.

I, II, and III

Which of the following are advantages of certificates of deposit (CDs) over savings accounts? I. CDs are more readily accessible than savings accounts. II. CDs offer greater interest rates than savings accounts. III. CDs have greater FDIC backing than savings accounts.

II only

When calculating simple interest, what must you do if you want to invest for months or weeks instead of years?

Interest rates are annual, so you must convert the units into years.

Which of the following statements best gives the reasons that a data usage bill for a smart phone is an essential (variable) expense?

It is an obligation to pay, but the spender has some control over its amount.

Mariah is putting $5,270 into an account earning 3.75% interest compounded quarterly. She estimates that it will take just over 9 years for this investment to grow to $8,000. Which of the following is a true statement?

Mariah's estimate of the time is too low

Todd and his wife are having company for dinner so he is tasked with stopping at the store to buy creamer for coffee and something for dessert. The creamer is in the far left corner of the store. As Todd is walking back to get the creamer he sees a sign for cookies that says "Just like grandma used to bake", and the bag has a picture of a woman that reminds Todd of his grandmother. Todd buys the cookies for dessert. Todd's purchase was least likely a result of _____.

NOT the location of the creamer

ots

OTS The OTS or Office of Thrift Supervision is the primary regulator of all federal, and many state-chartered thrift institutions, including savings banks and savings and loan institutions.

Select the correct statement and rationale relating the interest rates of online banks to those of traditional banks.

Online banks offer greater interest rates than traditional banks because they have lower overhead costs

Porsha calculates the amount of money she will have at the end of 6 years on a $5,000 investment earning 3.75% interest compounded quarterly. She writes the following expression: 2007-04-06-00-00_files/i0210000.jpg

Porsha's expression should have 1 + 0.009375 in the parentheses.

In the formula I=P·r·t, what does P stand for?

Principal: the amount of money you initially invested

In the formula I=P·r·t, what does r stand for?

Rate: the percent that interest is paid annually as a decimal

Opening a savings can provide an individual many conveniences. List and briefly describe the conveniences that are associated with opening a savings account

Savings accounts offer easy access to your money in the event of an emergency, while your money is in a savings account, it can earn interest, allowing your money to grow, and finally keeping your money in a savings account means that your money is safe

Why is simple interest useful for planning parts of your financial future?

Simple interest is very regular and can be calculated in advance.

Why is it important to choose a bank that is a member of the FDIC?

The FDIC is a government bureau that insures the money that customers deposit in the bank, so your money is safer in an FDIC bank.

ncua

The National Credit Union Administration or NCUA charters and supervises federal credit unions and insures deposits at federal credit unions and many state credit unions through NCUSIF (National Credit Union Share Insurance Fund).

What are some of the factors to take into consideration when opening a savings account and what information do you need to provide?

The factors we might take into consideration when opening a savings account is how accessible are the banks, the types of services the bank provides, customer services, and what types of rates the bank provides. When opening a savings account, we need to provide legal documentation proving you are who you say you are and to fill out a application

The online account will have earned $109 more interest.

Explain how compound interest is better than simple interest when it comes to saving money.

With compound interest, you earn interest on interest, thereby accumulating more money than if you were earning simple interest

Some online banks offer "online bill pay." What does this mean?

You can visit your bank account online and electronically transfer funds to pay your bills.

Which of the following should not be used as a guideline for making a purchase?

You want it.

2 3 4 6 7 Andrea is shopping for items for her pet sitting business because the store is having a sale where everything in the store is 5% off. Andrea buys a cat carrier for $39.99 and a cat tower for $19.99. She has a coupon for an additional 15% off on the cat tower. Before tax, Andrea estimates that her total, after discounts, will be about $54. Determine if Andrea has estimated correctly. a. Yes. Andrea has estimated correctly. b. No. Andrea has taken 20% of the total, which is not correct.. c. No. Andrea has taken successive discounts on the total, but the coupon is just on the cat tower. d. No. Andrea has only taken the 5% discount on the cat tower and not on the carrier

After reviewing her driving record for the past 3 years, Cindy's insurance company offers her a good driver discount of 4.5%. Her original policy was based on the premiums listed below. What is her new annual premium including the discount?

Annie wants to make a deposit into her savings account. She is depositing 3 checks, one for $50.32, another for $324.89, and finally one for $753.15. She would like to receive $137.82 in cash after the deposit. Calculate the amount that she will be depositing into her savings account. a. $990.54 b. $1,299.18 c. $1,229.54 d. $1,091.18

Ben just purchased a house in an older neighborhood. After talking to several neighbors across the street, he found that he is paying much more in homeowners insurance than other homeowners in the neighborhood. Ben's house is about 30 years old. It is made of wood framing and stucco texture. It has all of it's original plumbing and electrical work. The brick wall at the back of his back yard separates his yard from a drainage wash. Which of the following is not a reasonable argument for the insurance company to use to justify Ben's higher homeowners insurance premium?

Between permanent life insurance and term life insurance, which typically has the lower premium and why?

Brian is calculating his tax deductions. He finds that he can deduct $1,225 as a result of money given to charity, $4,391 from interest paid on his mortgage, and $2,821 from what he paid in state and local taxes. What is Brian's total deduction?

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $35,400.

Consider the following incomplete deposit ticket. 2007-04-04-00-00_files/i0230000.jpg What was the subtotal of Rachel's deposit? a. $1,145.39 b. $746.23 c. $399.16 d. $1,075.95

Consider the following incomplete deposit ticket: 2007-04-04-00-00_files/i0210000.jpg How much cash did Liz receive? Please select the best answer from the choices provided $458.57 $670.71 $323.54 $1,805.32

Danielle has $127.02 in her account before making any transactions. Over the course of a week, Danielle makes the following transactions: Transaction Debit ($) Credit ($) Birthday check --- 75.00 Night out 66.14 --- Garage sale proceeds --- 121.58 Charitable donation 42.25 --- Doctor's appointment 115.30 --- At the end of the week, how much money is in Danielle's account? a. $99.91 b. $27.11 c. $184.41 d. $142.16

Darius wants to purchase his favorite salad dressing. The salad dressing comes in two different size bottles. The 16 ounce bottle is on sale for $3.36. The 10 ounce bottle is priced at $2.30. Darius has a coupon for 40 cents off if you buy two 10 ounce bottles. Determine if Darius gets the better buy when he buys one 16 ounce bottle or when he buys two 10 ounce bottles. a. Darius will get the same deal on either purchase. b. Darius will get the better deal buying one 16 ounce bottle. c. Darius will get the better deal buying two 10 ounce bottles. d. Darius doesn't need the coupon, he will get the best deal on one 10 ounce bottle

Determine the total annual FICA tax for an annual salary of $63,250.

Enzel goes online to buy a graphing calculator. He finds a site that currently has a promotion of 15% off on all orders over $50. Enzel decides to buy his graphing calculator, with a price tag of $83, at this site because he knows that he will get the 15% discount when he checks out. Enzel pays 4.5% sales tax on the discounted price and pays a shipping fee of $6.35. What is the total of Enzel's online purchase? a. $80.07 b. $80.36 c. $86.74 d. $93.09

Frank has $66.50 in his account on Sunday. Over the next week, he makes the following changes to his balance via deposits and purchases: Day Debit ($) Credit ($) Monday 60.33 80.75 Tuesday 54.45 --- Wednesday 49.20 15.00 Thursday 35.40 --- Friday 16.85 75.00 Saturday 80.56 --- On what day does Frank first get charged an overdraft fee? a. Wednesday b. Thursday c. Friday d. Saturday

George tallies up the transactions in his check register and comes up with a total balance of $221.57, but his bank statement says that his balance is $203.73. Which of the following are still outstanding? I. A $20.25 check to the florist II. A $14.29 check to the dry cleaners III. A $38.09 check deposit IV. A $19.05 money order deposit a. I and III b. I and IV c. II and III d. II and IV

Given the following information, determine if one of the brands is a better buy. Brand A: 14 ounces for $44.66 Brand B: 20 ounces for $63.80 a. Both brands cost the same per ounce. b. Brand A is the better buy. c. Brand B is the better buy. d. There is not enough information provided to determine the better buy.

Health insurance helps to protect you from financial loss by _____.

Henrietta has $120 to buy a new bicycle. She finds the bike that she wants to buy on sale for 20% off the regular price of $150. If there is 6% sales tax, which of the following best describes the amount of money Henrietta has with regards to buying the bike. a. Henrietta has enough before the tax, but not enough after the tax. b. Henrietta has enough money even after the tax. c. Henrietta does not have enough money even before the tax. d. There is not enough information given.

Henry is up for retirement after 35 long years at his pharmacy. Before retiring, he would like to know how much he would receive each month from Social Security if he were to retire. During his 35 years, Henry averaged an annual salary of $45,620. Assuming he would recieve 42% of his annual average each year, how much can Henry expect to receive from Social Security on a monthly basis?

How can sales tax alter the size of the tip you leave at a restaurant? a. A tip of a given percentage (such as a 20% tip) will be larger if calculated after tax than if calculated before tax. b. The tip becomes part of the bill as a whole, so you have to increase the sales tax by a corresponding amount. c. You do not have to double-calculate a percentage on any purchases, so you should pay for tax or a tip but not both. d. A standard tip is 15% to 20% of the sales tax.

If Jesse wants to buy a $75,000 10-year term life insurance policy, and the annual premium rate (per $1000 of face value) for his age group is $2.34, how much is Jesse's annual premium?

In addition to general medical services, Holly would like to add dental and vision options to her health care plan. The monthly premium for her medical insurance is $345 of which her employer pays 65%. Her employer also offers to pay 50% of the monthly dental premium of $38 and 75% of the $23 monthly premium for the vision plan that is offered. If Holly opts for both the dental and vision options in addition to her regular health insurance, what will her total monthly premium be?

In order to lower his monthly auto insurance bill, Henry has decided to change his existing policy by increasing the deductible for both collision and comprehensive insurance to the highest amount permitted by his insurance company, AA Auto Insurance. His current monthly auto insurance bill, which includes a $250.00 deductible for collision and a $50.00 deductible for comprehensive, is $43.79. How will Henry's monthly auto insurance bill be affected by the change?

In order to make premiums more affordable for their customers, Leroux Health Insurance is considering some changes to one of the plans they offer. Both the current options and proposed changes are outlined in the charts below. Leroux Health Insurance Plan A Proposed Changes Cost: Monthly Premium: $248.00 $203.00 Annual Deductible: $ 5,500.00 $8,500.00 Co-pays: Brand-name Prescriptions $35.00 $30.00 Generic Prescriptions $15.00 $10.00 Visits: Primary Care Physician: $40.00 $30.00 Specialist: $60.00 $45.00 Urgent Care: $125.00 $90.00 Emergency Room: $325.00 $250.00 If Kevin is currently insured under Leroux for his medical insurance under Plan A, how will the proposed changes affect his health care costs?

Kito makes on online purchase of a guitar case for $39.99, a tuner for $24.99 and picks for $26.99. Taxes are 6% of the total purchase price. Shipping charges are based on the following table: Amount of Purchase Standard Shipping Express Shipping up to $50 $5.10 $7.00 $50 up to $100 $6.35 $8.20 $100 up to $200 $7.80 $11.60 $200 and over $10.50 $16.45 Kito selects express shipping and the company bills his credit card $105.69 for the total of the online purchase. Determine if Kito has been billed correctly for his purchase. a. Kito has been billed correctly. b. Kito has not been charged enough for his purchase. c. Kito has been over charged by $1.85 for his purchase. d. Kito has been over charged by $3.40 for his purchase.

Maggie noticed that her financial record is missing information. She recalls that on October 15th, she purchased gasoline in the amount of $32.51 and on October 16th, she and her friends went out for dinner, where she spent $25.62. Given this information, and the image below, determine her balance as of October 26th. 2007-04-04-00-00_files/i0070000.jpg a. $112.16 b. $62.03 c. $27.62 d. $2.00

Manny has just filled out his deposit ticket for his savings account. He hands it to the teller and the teller hands it back to Manny. The teller explains to Manny that the deposit ticket cannot be accepted in its current form. What must Manny do to the deposit ticket in order for the teller to process the deposit ticket? 2007-04-04-00-00_files/i0050000.jpg a. Manny forgot to sign the deposit ticket for less cash back b. The subtotal is calculated incorrectly c. The total is calculated incorrectly d. Manny forgot to date the deposit ticket

Marco is reconstructing his expenses for the past two weeks. Here are the records of his expenses: Transaction Cost ($) T-shirt 20 Gas 22 Movie 13 Video game 39 Jeans 34 Hat 15 Books 31 Marco's bank statement says that he has an ending balance of $81. What is Marco's starting balance? a. $255 b. $93 c. $174 d. $210

Mario spent a total of $87.33 last week, but did not keep a perfect record of where his money went. Fortunately, Mario does have all but one of his receipts. He enters all of the information he has into his expense spreadsheet as shown below. 2007-03-03-00-00_files/i0110000.jpg How much did Mario spend on golfing? a. $35.20 b. $45.20 c. $47.88 d. $143.96

Mrs. Jones has received her bank statement and is ready to reconcile it with her checkbook register. Fill out the reconciliation worksheet for Mrs. Jones using the data from her bank statement and checkbook register. Assume all transactions on previous pages have already cleared. Great Bank of Home and Work KeepItSimple™ Statement for February 2010 Beginning balance (01/05/2010): $2340.00 Ending balance (02/04/2010): $1864.16 Total of credits: $0.00 Total of debits: $475.84 Date cleared - 01/05/2010 Description - Debit card purchase from XYZ Supermarket and Deli Limited Amount - 145.44 Date cleared - 02/04/2010 Description - Check 1015, Bis Insurance of North America Amount - $320.40 Date cleared - 02/04/2010 Description - Monthly service fee Amount - $10.00 Reconciliation Worksheet Amount 1. Enter the statement closing balance. $ 2. Enter the sum of any outstanding deposits or credits. $ 3. Add lines 1 and 2. $ 4. Enter the sum of any outstanding checks or debits. $ 5. Subtract line 4 from line 3. $ 6. Enter your checkbook balance. $ Note: Lines 5 and 6 should be equal at the end of the reconciliation. Mrs. Jones's checkbook register: Date Num Payee Payment Clr Deposit Balance 1/1/2010 Balance forward 2,340.00 2,340.00 1/5/2010 Debit XYZ Supermarket 145.44 2194.56 2/1/2010 1014 Rent 600.00 1594.56 2/1/2010 1015 Bis Insurance Company 320.40 1274.16 Consider what must be done, if anything, in order to finish the reconciliation process. a. Line 6 is $10.00 higher than line 5; look back at the statement to find the discrepancy. b. Any transaction that appears on the register must still be added to the bank statement. c. Add lines 5 and 6 together. d. The rent of $600 is in your checkbook but not on your bank statement.

On your property tax bill, you see the following table. Destination Share of Your Taxes Roads $241 Schools $896 Public Safety $154 Township $177 What percentage of your taxes went to funding public safety?

One possible solution to a diminishing Social Security payroll is to increase the Social Security tax by 1.89%. How would such an increase effect the tax on an annual salary of $54,000?

Pablo wants to start a savings account and apply for a vehicle loan. He's not sure which bank he should open the savings account with and which bank he should apply for the vehicle loan. He wants the most return on his money in savings, but he doesn't want a high rate on his vehicle loan. Given this information and the tables below, determine with which bank Pablo should open his savings account and with which bank he should apply for a vehicle loan. 2007-04-04-00-00_files/i0100000.jpg2007-04-04-00-00_files/i0100001.jpg a. Bank B for the car loan and Bank B for the savings account b. Bank B for the car loan and Bank C for the savings account c. Bank C for the car loan and Bank A for the savings account d. Bank A for the car loan and Bank C for the savings account

Paul has decided to set up his own recording studio. He needs to purchase four speakers at $435 apiece and two mixers at $772 apiece. He also needs to soundproof a room, which will cost him $838. If Paul has $4,500 in his savings account, how close can he come to setting up his studio? a. Paul can set up his studio and have $378 left over. b. Paul can set up his studio and have $410 left over. c. Paul needs an additional $1,166 to set up his studio. d. Paul needs an additional $296 to set up his studio.

Predict how much money can be saved without having a negative actual net income. Monthly Budget Budgeted Amount Actual Amount Income Wages $1025 $675 Expenses Rent Utilities Food Cell Phone Savings $300 $100 $175 $75 $300 $300 $100 $200 $75 $____ Net Income $75 $____ a. It is not possible to save any money this month without having a negative actual net income. b. $350 can be saved resulting in an actual net income of $0. c. $200 can be saved resulting in an actual net income of $75. d. Because there is a $75 budgeted net income, that $75 can be put towards savings.

Rachel invested $15,000 in a nine-year CD giving 8.5% interest, but needed to withdraw $4,000 after two years. If the CD's penalty for withdrawal was six months' worth of interest on the amount withdrawn, how much money did Rachel have when the CD reached maturity, not including the amount she withdrew? Round answer to the nearest whole dollar. a. $19,925 b. $8,795 c. $19,795 d. $12,965

Rachel just purchased a homeowners insurance policy for her new home that costs $0.43 per $100. Her home is worth $387,500. What is Rachel's annual homeowners insurance premium?

Ruby wants to start her own business taking photographs. She already has her own camera, but needs to purchase lights, a photo printer, and photo paper. If the cost of the photo printer is $251.99, the cost of lighting is $150.00, and the cost for 100 sheets of photo paper is $30.98, determine how much of her savings will be used to start her company, given that she has $840.32 in savings. a. $432.97 b. $840.32 c. $432.62 d. $407.35

Susan is paying $0.30 per $100 on her $483,000 home in homeowners insurance annually. If her annual homeowners insurance premium is divided into twelve equal monthly installments to be included on each of her monthly mortgage payments of $2128.00, what is her total monthly payment

The Long family spent $38.62 for school supplies and $215.78 for new school clothes. They paid 2007-03-04-00-00_files/i0110000.jpg% sales tax on their purchases. If the Long family paid $269.07 total, determine if they paid the correct amount. a. The Long family paid $2.63 too little for their purchases. b. The Long family paid the correct amount for their purchases. c. The Long family paid $1.61 too much for their purchases. d. The Long family paid $2.63 too much for their purchases.

The auto insurance plans available from Fret-No-More Auto Insurance are outlined in the table below. To be considered "full" coverage, an insurance plan must include one level of coverage from each category. What is the annual premium for the cheapest insurance plan available from Fret-No-More that is considered full coverage?

The book store is having a sale where all hardcover books are 20% off. Jamie also has a coupon for 15% off any fiction book. Jamie buys a hardcover fiction book that is priced $32.99. How much will Jamie save by buying the book on sale and using the coupon? a. $10.56 b. $11.55 c. $13.20 d. $19.79

The following list shows the items and prices for a restaurant order. Calculate the total amount if there is 7.5% tax and the customer leaves a 15% gratuity. 1 appetizer: $8.99 2 entrees: $14.99 each 1 entree: $12.99 3 drinks: $1.99 each a. $70.96 b. $71.62 c. $75.31 d. $75.97

The table below lists the insurance options offered by AA Auto Insurance. Calculate the monthly payment for an insurance plan including the following options: Bodily Injury: $50/100,000 Property Damage: $100,000 Collision: $500 deductible Comprehensive: $100 deductible

Tracy was involved in an accident in which the other driver suffered severe injuries. The police determined that the accident was Tracy's fault. Tracy is fully insured through her insurance company. Which of the following components of Tracy's insurance policy will cover the injuries of the other driver?

Using the following prices, calculate the unit price to determine how much it would cost for 7 granola bars and 9 bottles of water. $7.14 for 6 granola bars $8.72 for 8 bottles of water a. $18.14 b. $18.63 c. $21.41 d. $31.72

Using the following prices, calculate the unit price to determine how much it would cost for 7 muffins and 14 juice boxes. $7.74 for 6 muffins $5.52 for 8 juice boxes a. $18.69 b. $19.89 c. $21.91 d. $26.52

What does it mean for a savings account to have a minimum balance? a. If you do not keep at least that much money in the account, you will be assessed fees. b. If the amount of money you have in the account drops below the minimum, the interest rate will increase to replenish your savings to the minimum. c. You must have the minimum amount of money in a separate account before you are allowed to open a savings account. d. You must deposit that much money into the account every month or your account will be closed.

When calculating the successive discounts of 15% and 10% on a $100 item, _____. a. take 10% of $85 b. take 10% of $90 c. take 15% of $85 d. take 25% of $100

Which of the following forms of I.D. is not an acceptable form of I.D. for opening a savings account? a. Library card b. Driver's license c. Passport d. Military I.D. card

Which of the following health care programs will wait to pay their share of medical coverage until after treatment is provided?

Which of the following is not a promotional tactic used by a seller? a. bait and switch b. clearance c. closeout d. liquidation

Which of the following is used by a seller to deceive a buyer? a. bait and switch b. contest c. display d. introductory offer

Which of the following most accurately describes when a debit card transaction takes effect? a. The transaction is completed almost immediately after making the purchase. b. The transaction takes two to three business days to clear. c. All debit card transactions are processed simultaneously at the end of the day. d. Debit card transactions are completed when you pay your monthly debit card bill.

Which of the following statements accurately describes the result of an increasing worker-per-beneficiary ratio in the Social Security system?

Which of the following statements best describes the difference between sales tax and property tax?

Why are the premiums for a PPO health insurance plan generally more expensive than those for an HMO Health Insurance Plan

Why do certificates of deposit tend to offer better interest rates than money market accounts? a. Certificates of deposit involve a longer time commitment than money market accounts, so they carry a greater return. b. Certificates of deposit are only available to the bank's most proven and valuable customers, so the bank can afford to give a greater interest rate on them. c. They do not offer a better interest rate. Money market accounts tend to have the best interest rates of any bank deposit. d. Money market accounts invest your money but sometimes lose some of it, so the lower interest rate pays for the difference.

You own a house and land with an assessed value of $55,580. Every year, you pay a total of $2,834.58 in property taxes. What is your local property tax rate?

you make $443 per week, and have claimed five exemptions. How much money will be withheld from you in a year?

Which of the following is something that will not affect your homeowners insurance premium?

Damian wants to save $7200 to buy a car within the next 2 years. How could a monthly budget be created to help Damian save enough money to buy a car in a timely manner with minimal effect on his other essential expenses?

a. Budget A

Select the budget that would most quickly achieve the financial goal of saving $6000 for college tuition.

a. Budget A

Sofia still lives at home, but helps with the rent paying $200 per month. She has a job that pays about $700 per month after taxes. She has to pay for her own personal items such as clothing and toiletries spending about $120 per month. Going out with friends is important to her, but she also wants to save money to buy her own car. Select the budget that would best help meet her goals.

a. Budget A

Predict how much money can be saved without having a negative actual net income.

a. It is not possible to save any money this month without having a negative actual net income.

Maddox wants to go back to college full-time. His current employer has agreed to reduce his hours from 40 hours to 25 hours while retaining his current rate of pay. Maddox has lived in his own apartment for 1 year and really likes his independence. Which of the following budgets below would fit his new situation?

a. Modified Budget A

What is the actual net income for the month? What, if any, changes could have been made to the actual amounts this month to keep the actual net income at a positive value?

a. The actual net income for the month is -$85. Less money could have been spent on food, recreation and clothes.

Calculate the income needed based on the following budgeted expenses.

a. The income would need to be at least $1000.

A 60 ounce glass bottle of juice sells for $4.20 while a 1.5 liter of the same juice sells in a plastic bottle for $3.06. Compare the unit prices of the juice for the two containers. (1 liter is approximately 34 ounces) a. The juice in the glass bottle is 1 cent cheaper per ounce. b. The juice in the plastic bottle is 1 cent cheaper per ounce. c. The juice in the glass bottle is 10 cents cheaper per ounce. d. The juice in the plastic bottle is 10 cents cheaper per ounce.

A savvy shopper combines a 25% off coupon with the store's existing 25% off sale. Ignoring sales tax, how much of the base price should the shopper expect to pay? a. 75% b. 56.25% c. 50% d. 43.75%

Adam's bank account has a balance of $1213.69 before he starts spending money. He makes the following transactions: Transaction Cost ($) Car payment 260.16 Groceries 97.98 Parking ticket 75.00 DVD box set 115.35 Antique lamp 68.53 Suit 331.84 Adam is considering getting his car a new paint job. Doing so will have a total cost of $264.83. Can Adam afford this? a. Yes, he can make the purchase and still have money left over. b. Yes, but doing so will clear out his account. c. No, purchasing that would overdraw his account. d. No, he is overdrawn already.

Based on his salary, Kevin knows that he will have $336.00 withheld from his paycheck for federal income tax. He would like to have approximately $70.00 withheld for state income tax. Which of the following withholding options should he choose for state income tax?

Below is a graph of the Murphys' annual expenses. How much will the Murphys' pay in state/local taxes if their gross annual household income is $85,420?

Bob just turned 66 years old and is considering retirement. His average annual salary over the last 35 years is $50,760. Assuming that he will recieve 42% of his average annual salary, what will be his annual Social Security benefit?

Christina will be retiring next month from her job after 35 years as a school bus driver. Over the last 35 years, Christina's annual salary averaged $22,040. She expects to receive some money each month from Social Security and plans to take the rest of the money she needs to pay the monthly bills from savings. Each month her bills total to about $1,375. Assuming her annual Social Security benefit will be 42% of her salary average, how much will she need to take from savings each month to help pay the bills?

Consider the following incomplete deposit ticket: 2007-04-04-00-00_files/i0200000.jpg What was the value of the third check Tony deposited? a. $617.60 b. $105.20 c. $31.28 d. $36.76

Consider the following incomplete deposit ticket: 2007-04-04-00-00_files/i0240000.jpg What was Art's total deposit? a. $1,701.23 b. $1,545.83 c. $1,856.63

Determine the total annual FICA tax for an annual salary of $165,000. Use $106,800 for maximum taxable earnings.

Elizabeth has $252.00 in her account on Sunday. Over the next week, she makes the following changes to her balance via deposits and purchases: Day Debit ($) Credit ($) Monday 114.60 150.00 Tuesday 79.68 --- Wednesday 161.39 --- Thursday 57.40 --- Friday 22.85 75.00 Saturday 140.55 --- On what day does Elizabeth first get charged an overdraft fee? a. Wednesday b. Thursday c. Friday d. Saturday

Eva is 29 years old and has 2 children, ages 3 and 5. She makes $48,500 a year. Eva decides to buy a $400,000 10-year term policy and then renew the policy for another ten years afterwards. To renew the policy the insurance company charges an extra 40% to her premium rate. Given the options below, assess whether Eva made a wise decision.

Evelyn spent the day shopping and made the following purchases: Item Cost ($) Camera 66.31 Hat 13.44 Parking 8.00 Planner 9.78 When Evelyn was done, she checked her account balance and found she had a total of $208.16. How much money was in Evelyn's account to begin with? a. $110.63 b. $305.69 c. $315.47 d. $97.53

Gerald would like to add a dental and vision option to the health insurance plan he purchased through his employer. In addition to the 65% of Gerald's $345 monthly health insurance premium, his employer has offered to pay 50% of a $38 monthly dental premium and 75% of a $23 monthly vision premium. If Gerald adds both the dental and vision options to his insurance plan, how much will he pay each month towards health insurance?

Greg invests $2,680 in a CD paying 7.0% interest, and $3,060 in an online savings account paying 4.5% interest. How much more interest will the CD have earned than the savings account after 1 year? a. $25.90 b. $49.90 c. $380.00 d. $499.00

Greg just purchased a house for $450,000. His annual homeowners insurance premium is $0.42 per $100 of value. If his annual premium is divided into equal monthly payments, what will Greg have to pay on a monthly basis to keep his home insured?

If a taxpayer does not have enough taxes withdrawn from her paychecks throughout the year to equal the total tax she is required to pay that year, she will owe the government the remaining balance. On the other hand, if the taxpayer has more money withheld for taxes than she is required to pay that year, she will receive a refund for the difference. Mary has determined that, based on her annual income of $36,000, her federal income tax for the year is $5,424. Mary gets paid on a bi-weekly basis, giving her 26 paychecks throughout the 52 week year. What is the minimum amount Mary must have withheld from each of her 26 bi-weekly paychecks in order to avoid owing the federal government at the end of the year

If a unit price label has a unit price of 21.5 cents per pound, how much is the total price for an 8 pound package? a. $0.37 b. $1.72 c. $2.69 d. $17.20

In an effort to reduce cost on auto insurance, Sophia has lowered each component of her current plan to the cheapest possible option. Sophia's current insurance agency is Fret-No-More Auto Insurance, whose policy options are listed below. The annual premium for Sophia's current policy is $511.31. What decrease in her annual premium will Sophia see after the change?

In auto insurance, a higher deductible means the customer _____.

In many cases, lenders allow homeowners to included their homeowners insurance premium with their monthly mortgage payment. Tim's home is worth $279,500. If his homeowners insurance premium is $0.33 per $100, how much is added to his monthly mortgage payment for insurance?

In which of the following stores would you pay the least amount for an item that is priced $360? Store A: Sale of 10% off and a successive discount of 10% off. Store B: Sale of 15% with no additional discount. Store C: Sale of $35 off and a successive discount of 10% off. a. All of the stores have the same discounted price. b. You can get the lowest price at Store A. c. You can get the lowest price at StoreB. d. You can get the lowest price at Store C.

Irving spent the day shopping and made the following purchases: Item Cost ($) Novel 8.75 Shirt 21.66 Lunch 9.13 Potted plant 16.89 When Irving was done, he checked his account balance and found he had a total of $95.06. How much money was in Irving's account to begin with? a. $56.43 b. $151.49 c. $38.63 d. $142.36

Isabelle has $84.00 in her account on Sunday. Over the next week, she makes the following changes to her balance via deposits and purchases: Day Debit ($) Credit ($) Monday 22.35 --- Tuesday 47.60 10.29 Wednesday 15.44 --- Thursday 11.25 --- Friday 9.78 22.69 Saturday 30.54 18.86 On which day or days does Isabelle get charged an overdraft fee? I. Thursday II. Friday III. Saturday a. I only b. I and III c. II and III d. III only

Julien was involved in an accident in which he merged into another car, damaging the front fender of the other car. Julien is fully insured through his insurance company. Which component of Julien's insurance plan will cover the damage he caused to the other car?

Look at the following financial ledger: 2007-03-03-00-00_files/i0230000.jpg Which items listed on the ledger represent credits? a. Credit bill and craft fair b. Gift and online auction c. Gift and insurance payment d. Online auction and craft fair

Maria, age 28, wants to pay no more than $300 a year in life insurance. What is the face value of the largest 20-year term policy she can buy without spending more than $300 annually?

Mauro just won $1,000,000 from the lottery! Despite his excitement in winning a tremendous amount of money, his brother (who is an accountant) warns him not to spend it all at once and hands him this tax rate schedule for single taxpayers. Taxable Income Federal Tax $0-$7,825 10% of amount $7825.01-$31,850 $725.50 plus 15% of amount over 7,825 $31,850.01-$77,100 $4,386.25 plus 25% of amount over 31,850 $77,100.01-$160,850 $15,698.75 plus 28% of amount over 77,100 $160,850.01-$349,700 $39,148.75 plus 33% of the amount over 160,850 $349,700.01 and up $101,469.25 plus 35% of amount over 349,700 Using this chart, a taxpayer who makes $58,000 annually (line 3) will have to pay $4,386.25 plus 25% of the differene of 58,000 and 31,850 or 4,386.25 + (0.25)(58,000-31,850) = $10,923.75. Before winning the lottery, Mauro's annual income was $34,500. Use the chart to determine Mauro's federal tax before winning the lottery and after winning the lottery. How much extra does he have to pay in federal taxes because he won the lottery?

Megan used a reconciliation worksheet provided by her bank. Line 5 should equal line 6 at the end of the reconciliation, but it does not. Friendly Bank Reconciliation Worksheet Amount 1. Enter the statement closing balance. $ 487 13 2. Enter the sum of any outstanding deposits or credits. $ 186 68 3. Add lines 1 and 2. $ 673 81 4. Enter the sum of any outstanding checks or debits. $ 174 01 5. Subtract line 4 from line 3. $ 499 80 6. Enter your checkbook balance. $ 362 60 Note: Lines 5 and 6 should be equal at the end of the reconciliation. Megan wants to first look for a single transaction that could have caused this problem with reconciliation. What is the amount of the transaction that Megan should look for in order to find a solution to the problem? a. $325.79 b. $137.20 c. $12.67 d. $313.20

Miranda is opening a checking account, but she left her driver's license at home. Which, if any, of the following can she use to open her account anyway? I. Sav-A-Lot Discount Card II. Passport III. Social Security card a. I or II b. II or III c. I, II, or III d. None. You must have a driver's license or other state-issued ID to open an account.

Muriel has kept track of her income and expenses for the week in the spreadsheet below. How much was Muriel's restaurant bill? 2007-03-03-00-00_files/i0150000.jpg a. $17.66 b. $42.55 c. $6.35 d. $112.55

On his way out to meet a friend for lunch, David realized that his financial record was not up to date. He notices that he forgot to record three transactions. The first transaction was on August 2nd in the amount of $12.32, another transaction on that same day in the amount or $52.34, and finally a transaction on August 8th in the amount of $85.35. Determine David's balance carried forward for the 8th of August using the table below and the information provided. 2007-04-04-00-00_files/i0080000.jpg a. $975.32 b. $899.15 c. $1,049.16 d. $848.84

Peter and Marcia, both age 34, can pay $650 a year each on life insurance. About how much is the face value of the largest combination of policies they can buy without spending more than a combined $1,300 annually?

Richard has $652 in his account and is planning a road trip. He looks at how expensive hotels and sightseeing costs are in certain cities, planning accordingly: City Cost ($) Detroit 196.87 Pittsburgh 180.32 St. Paul 102.87 Cincinnati 155.81 Richmond 211.86 When Richard makes the calculations, he finds he does not have enough money to visit each city. What is the cheapest city that Richard can drop to avoid overdrawing his account? a. Richmond b. Detroit c. Pittsburgh d. Cincinnati

Richard's checkbook register as of 02/19: Check # Date Description of Transaction Payment/Debit (-) Fee (-) Deposit/Credit (+) Balance 02/03 Deposit $900.00 $900.00 02/05 Deposit - Paycheck $390.36 $1,290.36 201 02/05 Blue Sky Apartments $455.00 $835.36 202 02/07 Renter's Insurance $125.40 $709.96 203 02/18 Online Clothing Purchase $155.44 $554.52 02/19 Deposit - Paycheck $390.36 $944.88 Enter the following transactions into Richard's checkbook register and state his ending balance: Date Type Description Amount 03/01 Check #204 Blue Sky Apartments $455.00 03/05 DEP Payroll automatic deposit $390.36 03/08 Debit Benny's Hamburgers and Fries $9.20 03/15 Check #205 Car payment $251.59 03/19 DEP Payroll automatic deposit $390.36 a. $715.79 b. $1,009.81 c. $780.72 d. $880.24

Robert and Anne, a married couple filing jointly, have an adjusted gross income of $68,676. They claim two exemptions, and can deduct $3,752 for charitable donations, $3,375 for interest on their mortgage, and $959 from city income tax. If the standard deduction for a married couple filing jointly is $8,350 and exemptions are worth $3,650 apiece, what is their total taxable income?

Rounded to the nearest thousandth, what is the decimal equivalent of 2007-03-04-00-00_files/i0240000.jpg%? a. 0.067 b. 0.068 c. 0.677 d. 0.678

Sally's employer pays for 38% of her annual health insurance premium of $4,350.00. Sally pays the remaining balance by having it deducted in equal amounts from her 26 paychecks throughout the calendar year. How much will Sally have deducted from each paycheck

Sam is thinking of retiring from his job after many years of faithful service. During the last 35 years at his job, his annual salary averages to $37,991. Every month, his bills total $1,755. How much money would Sam need each month to supplement his monthly Social Security benefit (assuming his annual benefit is 42% of his salary average) and still be able to pay his bills

Sarah pays $48.00 each month to keep her house insured. If her house is valued at $223,050, about how much is Sarah paying per $100 in homeowners insurance annually

Say you are grocery shopping and you come across an item for which the unit price is not labeled. How can you find the unit price on your own? a. Look at the nutrition facts on the package and find the percent value of the calories the item contains, then divide the price by that value. b. Find a convenient and reasonable unit of measurement to use, then divide the cost of the package by the number of units chosen in that package. c. Find a different item of comparable type and divide the cost of your item by the cost of the similar item. d. You can't find the unit price without knowing how much the item cost to produce, so you will need to contact the grower or manufacturer.

Select the correct statement and rationale relating the interest rates of online banks to those of traditional banks. a. Online banks offer greater interest rates than traditional banks because they are more risky, b. Online banks offer greater interest rates than traditional banks because they have lower overhead costs. c. Online banks offer lower interest rates than traditional banks because they have not had enough time to establish themselves. d. Online banks offer lower interest rates than traditional banks because that is the cost of convenience.

Social Security and Personal Income tax are called Payroll taxes because _____.

Some online banks offer "online bill pay." What does this mean? a. There is a fee associated with online banking, but the bank will waive that fee as an incentive. b. You can visit your bank account online and electronically transfer funds to pay your bills. c. The bank will automatically pay your internet bill as a reward for banking with them. d. You can use that bank account, and only that bank account, to pay for purchases you make online.

Stacy thinks her employer may not be withholding the correct amount from her paychecks for state income tax. She made arrangements to have 19% of federal income tax withheld for state income tax. On her last paycheck, the federal withholding was $163.88 and her state income tax withholding was $24.58. Which of the following statements is true?

Stephanie has a homeowners insurance policy for her $355,000 home with an annual premium of $0.42 per $100 of value and a deductible of $500. Under this policy, in the event of a major mishap, Stephanie would have a total annual out-of-pocket expense of 2007-06-04-00-00_files/i0240000.jpg. Stephanie would like to lower her premium by increasing her deductible. If Stephanie wants to increase her deductible to $1000, what annual premium would result in an annual out-of-pocket expense that is about the same as her current plan?

Tax returns filed manually have a 20% chance of containing errors, while tax returns filed electronically have a 0.05% chance of containing the same. If 2.7 million tax returns are filed each way, how many more erroneous manually filed returns will there be than erroneous electronically filed returns

Ted is looking over his spending pattern for the past week to try to determine how much money he had on Sunday. This is Ted's spending pattern: Day Debit ($) Credit ($) Monday 112 --- Tuesday 141 18 Wednesday 56 --- Thursday 28 70 Friday 22 42 Saturday 16 88 If the bank charges Ted an overdraft fee of $25 every time he overdraws his account, and Ted overdrew his account on Wednesday but not on Friday, which of the following is a possible amount of money that Ted could have had in his account last Sunday? Assume that the only debits and credits not listed are overdraft fees. a. $300 b. $280 c. $240 d. $200

The following list shows the items and prices for a restaurant order. Calculate the total amount if there is a 7% tax and the customer leaves a 20% gratuity. 1 appetizer: $7.39 2 entrees: $16.99 each 1 dessert: $5.29 2 drinks: $2.30 each a. $65.82 b. $65.10 c. $54.85 d. $40.60

The health care Jimmy's employer offers is a fee-for-service plan in which Jimmy and his family must pay for $12,500 in health related services in a calendar year before the insurance company begins to pay. Jimmy and his family have several health related issues that demand $685.00 each month. If one of Jimmy's children were to become seriously injured at the end of the year, how much would the related health costs need to be in order for the insurance company to assume responsibility?

The music store is having a 15% off sale on all classical music cds. Lyell has a coupon for 20% off any classical music cd. How much will Lyell save on a classical music cd that has a price of $23.99? a. $7.20 b. $7.68 c. $8.40 d. $9.60

Use the conversion that 1 ounce is approximately 28.35 grams to calculate the unit price per ounce for 283.5 grams at $5.48. a. $0.06 b. $0.55 c. $5.48 d. $54.80

Using the following prices, calculate the unit price to determine how much it would cost for 5 containers of yogurt and 3 containers of applesauce. $4.29 for 6 containers of yogurt $3.39 for 8 containers of applesauce a. $4.39 b. $4.85 c. $6.41 d. $7.68

What does it mean for a set of financial records to be comprehensive? a. Comprehensive records are protected against theft and fire. b. The records must contain sufficient information to cover all of your financial plan. c. At least two people must be able to view and assess the records. d. The records must contain every one of your financial files, such as pay stubs and receipts.

What does it mean to be "in the red?" a. You have more credits than debits. b. You have more debits than credits. c. You cannot find your financial records. d. Your financial records are inaccurate.

What is the basic difference between liability insurance and collision insurance?

What is the difference between a co-payment and co-insurance?

What is the difference between a tax credit and a tax deduction?

What kind of taxes are likely to pay for universities and police?

When must you sign a deposit slip? a. You must always sign a deposit slip. b. You only need to sign a deposit slip when receiving cash. c. You only need to sign a deposit slip when using an ATM, rather than depositing at the bank. d. You never need to sign a deposit slip. Your account information is enough.

Which of the following characteristics does apply to Medicare Part A but does not apply to Medicare Part B?

Which of the following is least likely to be kept as part of one's financial records? a. A receipt for a dishwasher. b. A receipt for groceries. c. A receipt for taxes paid. d. A receipt for insurance.

Which of the following statements is not something you should be thinking when considering changes in your auto insurance policy?

While driving recklessly, Thomas lost control of his car and accidentally drove it into the water fountain in his neighbor's front yard. Thomas is fully insured through his insurance company. Which of the following components of his insurance policy will cover the damage he caused to his neighbors fountain

Wyatt uses a notebook for keeping financial records. He has placed dividers in the notebook so that it has different sections. Each divider also has a pocket for keeping receipts or other papers related to the records in each section. Wyatt keeps his notebook in his locker at school. Which of the following things about Wyatt's system of record keeping provides a way to separate his financial details into different categories? a. The fact that financial records are kept in the notebook. b. The fact that the notebook.has section dividers c. The fact that the section dividers have pockets. d. The fact that the notebook is kept in his locker.

You have a restaurant bill of $46.32. If you are taxed 2007-03-04-00-00_files/i0260000.jpg% and decide to tip your server 20%, how much is your total? a. $59.75 b. $59.05 c. $58.92 d. $58.87

You will pay substantially less for life insurance if which of the following factors is true

Zalia meets her friend at the science museum to see a special exhibition. The admission to the museum is $12.50 plus tax. Zalia pays for herself and her friend. They have lunch at the museum's cafe. Zalia has a sandwich for $5.95, an apple for $1.25 and a drink for $1.69. She is charged tax and also tips her server 15%. If tax is 7.25%, how much did Zalia pay all total for her day at the science museum? a. $41.43 b. $37.68 c. $36.35 d. $24.27

jim and Stephanie just got married and are thinking about changing their health care insurance plans to be more affordable. Currently, both Jim and Stephanie are insured through their own employers. Jim's employer pays 42% of his $378 monthly premium. His insurance plan will also pay for 23% of the $345 premium for additional beneficiaries. Stephanie's employer pays 35% of her $298 monthly premium but offers to pay an extra 10% of her premium for each beneficiary Stephanie adds to her plan. Her employer would then pay 30% of the $349 premium for each additional beneficiary.

what is the difference between a co-payment and co-insurance?

Predict how much money can be saved without having a negative actual net income.

b. $170 can be saved resulting in an actual net income of $0.

Tanisha lives with her older sister and helps with the rent by paying $500 per month. Her annual salary as a child care specialist is $14,700 after taxes. Shopping is her favorite pasttime and loves buying new things, but she also wants to save money for her college classes. Select the budget that would best help meet her goals. Table A

b. Budget B

When preparing a monthly budget, describe how net income is calculated.

b. Net income is calculated by taking the income subtotal and subtracting the expenses subtotal.

Which of these is an appropriate attitude to take toward personal budgets?

b. Personal budgets are useful regardless of your financial status and can be used by anyone.

Tristan has found a good job as a bookkeeping clerk after finishing his associates degree at the local community college. He is making a beginning annual salary of $19,760. How can this increased income affect his financial decisions? Compare his previous budget when he worked part time while finishing his degree with his current budget after getting a full time job.

b. Tristan is earning quite a bit more in his full time job. He is spending more on rent, utilities, food, and entertainment, as well as saving $350 each month.

After being involved in a car accident last month, Ralph's insurance company has increased his annual premium by $105.38. Approximately what change will Ralph see on his future monthly statements as a result of the change?

bJulien was involved in an accident in which he merged into another car, damaging the front fender of the other car. Julien is fully insured through his insurance company. Which component of Julien's insurance plan will cover the damage he caused to the other car?

A box of candy weighs 340.23 grams and costs $18.99. If 1 gram is approximately 0.03527 ounces, what is the unit price per ounce of the candy? a. $0.53 b. $0.67 c. $1.58 d. $1.97

A family eats out at a restaurant and the total for their meals is $73.89. They also pay sales tax of 5.8% and leave a tip for their server. If the family leaves a total of $93, which of the following might be a description of the service they received? a. They left a 10% tip, so the service was probably below average. b. They left a 15% tip, so the service was probably average. c. They left a 20% tip, so the service was probably above average. d. They left a 25% tip, so the service was probably outstanding.

A mini laptop computer is on sale for 40% off the regular price of $450. How much is the discount? a. $18 b. $27 c. $180 d. $270

A pharmacist is trying to stock the pharmacy with cheaper alternatives for customers. She will stop carrying the more expensive items. In doing so, she is trying to determine which of the following forms is the most expensive. Tablet form comes in 50 mg tablets and cost $75.00 for a bottle of 100 tablets. Capsule form comes in 75 mg capsules and cost $63.75 for a bottle of 85 capsules Caplet form comes in 100 mg caplets and cost $70.00 for 40 caplets. Based on the given information, which form is the most expensive? a. Tablet form is the most expensive. b. Capsule form is the most expensive. c. Caplet form is the most expensive. d. The forms all have the same unit price

According to the graph below, what percent of the Simpsons' annual expenses is Federal taxes?

Alissa would like to make a deposit into her savings account. She filled out a deposit ticket and handed it to the teller at her bank. The teller apologizes to Alissa and explains that she cannot accept the deposit ticket in its current form. Determine what, if anything, Alissa will have to change in order for her deposit ticket to be accepted. 2007-04-04-00-00_files/i0060000.jpg a. The sub total is calculated incorrectly b. Alissa forgot to sign the deposit ticket for less cash back c. The total is calculated incorrectly d. Alissa forgot to date the deposit ticket

An appliance store is having a liquidation where everything in the store is 70% off the regular price. What is the price of a dishwasher that is regularly $519.89? a. $36.39 b. $70.00 c. $155.97 d. $363.92

An expense is entered as a _____ in a financial ledger. a. balance b. credit c. debit d. savings

Angelo, age 40, is comparing the premium for a $125,000 whole life insurance policy he may take now and the premium for the same policy taken out at age 45. Using the table, find the difference in total premium costs over 20 years for this policy at the two age levels.

Ann needs to have money available to pay an annual renters insurance premium of $224, ten months from now. She has savings of $0 in her current budget, a retirement fund of $4,833, and a reserve fund of $0. Which of the following would NOT be part of her reasonable plan to establish a reserve fund for this expense? a. Reduce a non-essential expense to save money. b. Establish a savings account for Other Expenses. c. Pay the premium right away using the retirement fund investments. d. Divide it into a monthly savings amount, and add the savings to the budget.

Anna has $274.00 in her account on Sunday. Over the next week, she makes the following changes to her balance via deposits and purchases: Day Debit ($) Credit ($) Monday 194.62 35.45 Tuesday --- 11.20 Wednesday 145.86 24.75 Thursday 53.35 33.80 Friday 31.60 45.77 Saturday 12.90 61.63 On which day or days does Anna get charged an overdraft fee? I. Wednesday II. Thursday III. Friday a. I only b. I and II c. II and III d. III only

As a part-time employee, Rachel does not qualify for any benefits from her current employer. Seeing a need for a health care program, Rachel went shopping for health insurance and is trying to decide between two options with a national health insurance provider. The benefits of each option are outlined in the tables below. OPTION 1: Fee-for-service OPTION 2: HMO $225 monthly premium $630 monthly premium $7,500 deductible No annual deductible Co-pays: Co-pays: Name-brand Drugs: $30 Name-brand Drugs: $25 Generic Drugs: $12 Generic Drugs $10 Visits: Visits: Primary Care Physician $30 Primary Care Physician $20 Specialist: $75 Specialist: $62 Urgent Care: $100 Urgent Care: $50 Emergency Room: $250 Emergency Room: $175 The first option is a fee-for-service plan with a $7,500 deductible. Rachel must pay the deductible amount in health-related costs (not including co-pays) before the insurance company will contribute. This plan costs $225.00 per month and requires co-pays for most standard healthcare costs. The second option is an HMO. It is significantly more expensive at $630 per month, but has no annual deductible. The standard co-pays are also less than those in the other option. Rachel is a young lady with very few health care requirements. She anticipates one monthly visit to her primary care physician, and one annual visit to her allergy specialist. She has two generic prescription allergy medicines that need to be filled twice a month. If Rachel is able to stay healthy the entire year and does not accrue any additional health care costs, which of the following statements is true for her situation?

Auto insurance options offered by AA Auto Insurance are outlined in the table below. What monthly payment would you expect for an insurance policy through AA Auto Insurance with the following options? Bodily Injury: $25/50,000 Property Damage: $25,000 Collision: $250 deductible Comprehensive: $100 deductible

Ben and his housemates signed a lease for an apartment for 12 months for $563 per month of which Ben agreed to pay $215 per month. Which of the following statements best gives the reasons that Ben's rent payment is an essential (fixed) expense? a. It cannot be eliminated in a later budget, in order to save money. b. Living expenses have a higher priority than any other type of expense. c. The spender controls the amount of the rent by choice of apartment. d. It is by contract the same amount every month.

Bianca and Dave are a married couple filing a joint tax return. They have a combined gross income of $81,031 and claim four exemptions. They can make an adjustment of $2,914 for business expenses, an adjustment of $1,939 for business losses, a deduction of $4,140 for medical expenses, an adjustment of $4,825 for contributions to their retirement fund, and a deduction of $2,420 for charitable donations. If exemptions are worth $3,650 apiece and the standard deduction for a joint return is $8,350, what is their total taxable income?

Bill has $270.61 in his account before making any transactions. Over the course of a week, Bill makes the following transactions: Transaction Debit ($) Credit ($) Paycheck --- 535.67 Electric bill 112.53 --- Groceries 90.79 --- Savings bond --- 50.00 Car payment 225.65 --- At the end of the week, how much money is in Bill's account? a. $518.10 b. $156.70 c. $427.31 d. $608.89

Bob's employer covers 23% of his family's annual health insurance premium. The balance of the premium is deducted in equal amounts from Bob's paycheck 26 times over the calendar year. If $185.30 is withheld from each of Bob's paychecks, what is his family's annual health insurance premiumBob's employer covers 23% of his family's annual health insurance premium. The balance of the premium is deducted in equal amounts from Bob's paycheck 26 times over the calendar year. If $185.30 is withheld from each of Bob's paychecks, what is his family's annual health insurance premium

Calculate 2007-03-04-00-00_files/i0080000.jpg% tax on $1,540. a. $11.17 b. $109.34 c. $111.65 d. $113.96

Choose the circumstances in which a debit card can be used. I. Point-of-sales transactions II. ATM withdrawals a. I only b. II only c. I and II d. Neither I, nor II

Cindy's apartment complex is offering renters insurance through their insurance company. The insurance company charges an annual premium of $565.00 which can be paid in equal payments throughout the year with her monthly rent. Cindy's monthly rent is currently $789.00. What will Cindy's new rent be if she includes the renters insurance?

Claire purchases a new dress for the prom. The dress is priced $160, but it is on sale for 30% off. Claire's aunt works at the store and can give her an additional 10% off. If the sales tax is 7.5%, how much does Claire pay for the dress? a. $93.24 b. $103.20 c. $108.36 d. $120.40

Clovis wants to make a surprise visit to his uncle who lives out of town. He purchases an airline ticket for $69. There is a 15% sales tax on the price of the airline ticket. In addition he must pay a baggage fee of $20. When he arrives at the airport, Clovis takes a taxi to his uncle's house which is 8 miles from the airport. The taxi fee is $2.50 per mile. If Clovis has spent a total of $123.35 for the airline ticket and taxi, at what percent of his fare did Clovis tip the taxi driver? a. 10% b. 15% c. 20% d. 25%

Consider the following incomplete deposit slip: Description Amount ($) Cash, including coins 15 00 Check 1 62 44 Check 2 27 83 Check 3 45 75 Subtotal ?? ?? Less cash received ?? ?? Total 62 23 How much cash did the person who filled out this deposit slip receive? a. $381.23 b. $451.02 c. $88.79 d. $436.02

Craig is single and lives alone. He earns a respectable salary, but the bulk of his income comes from his property holdings and stock market investments. Craig is well versed in tax law and has many deductions to claim, hoping to pay the smallest amount possible. Recommend the appropriate 1040 form for Craig.

Curtis just recieved a raise at work increasing his salary by $8,500. He knows that an increase in salary will increase the amount of federal income taxes withheld from his paycheck. Which of the following statement best describes the effect his raise will have on state income tax withholdings

DeShawn is 38 years old and is married with 3 children, ages 2, 4, and 6. He makes $45,000 a year and is planning to retire when he turns 60. From the following three options, DeShawn decides to buy the $900,000 20 year term policy. Given DeShawn's scenario, assess whether DeShawn made a wise decision.

Determine the total annual FICA tax for an annual salary of $110,330. Use $106,800 for maximum taxable earnings

Determine what Paul will have to pay on an annual bases for his $449,000 home if his insurance company is charging him $0.41 per $100 of value in his home.

Dominic is looking over his spending pattern for the past week to try to determine how much money he had on Sunday. This is Dominic's spending pattern: Day Debit ($) Credit ($) Monday 158 --- Tuesday 69 44 Wednesday 175 --- Thursday 131 38 Friday --- 53 Saturday 22 14 If the bank charges Dominic an overdraft fee of $25 every time he overdraws his account, and Dominic overdrew his account on Thursday but not on Saturday, which of the following is a possible amount of money that Dominic could have had in his account last Sunday? Assume that the only debits and credits not listed are overdraft fees. a. $500 b. $480 c. $435 d. $400

Given the following information, choose the brand that is the better buy. Brand A: $2.16 for 18 ounces Brand B: $1.50 for 12 ounces Brand C: $2.26 for 20 ounces Brand D: $1.95 for 16 ounces a. Brand A b. Brand B c. Brand C d. Brand D

Glenda makes an online purchase of 4 picture frames for $12.95 each and 4 mats for $5.89 each. The site says that taxes paid by the customer are 6.5% of the total purchase price. Shipping charges are based on the following table: Amount of Purchase Standard Shipping Express Shipping up to $50 $5.10 $7.00 $50 up to $100 $6.35 $8.20 $100 up to $200 $7.80 $11.60 $200 and over $10.50 $16.45 Glenda selects express shipping for her purchase and the company bills her credit card $91.86 for the total of the online purchase. Determine if Glenda has been billed correctly for her purchase. a. Glenda has been billed correctly. b. Glenda has not been charged enough for her purchase. c. Glenda has been over charged by $3.40 for her purchase. d. Glenda has been over charged by $3.80 for her purchase.

Having a savings account can contribute to a person's overall financial well-being. Which one of the following is NOT a benefit of maintaining a savings account? a. A savings account provides security in tough financial times b. With a savings account, you can invest when the opportunity presents itself c. Having a savings account gives individuals the ability to borrow money from members in the community d. A savings account allows an individual to fulfill life long dreams

How is a debit card similar to an ATM card? a. Each is only available to adults 18 and older. b. Any one person can only have one of each at a time. c. Both can be used to withdraw money from ATMs. d. Both can be used to make purchases online.

If 20% of all manually filed returns contain errors, and 0.05% of all electronically filed returns contain errors, how much more likely is a manual filer to make an error than an electronic filer

If a 6.2% Social Security tax is applied to a maximum wage of $106,800, the maximum amount of Social Security tax that could ever be charged in a single year is

If a 6.2% Social Security tax is applied to a maximum wage of $106,800, the maximum amount of Social Security tax that could ever be charged in a single year is:

If your bank charges an out-of-network service fee of $3.00, and you withdraw $20 from each of three out-of-network ATMs, how much money in total will be removed from your account? a. $60 b. $63 c. $69 d. $120

If your state has a property tax rate of 0.056, and you pay $3,164.45 in property taxes every year, what is the assessed value of your property

In a fee-for-service health insurance plan with a $6,500 annual deductible,

In a fee-for-service health insurance plan with a $6,500 annual deductible, _____.

In what way is a debit card similar to a check? a. You must always provide a signature to use either. b. Both always take a few days to clear, so there is some float time until the payment goes through. c. Both pull money directly from a checking or savings account. d. Both charge interest on the purchases you make with them.

Javier's employer pays for 43% of his annual health insurance premium. Javier pays the remaining balance by having it deducted from his paychecks in equal amounts twice a month throughout the year. If $157.38 is deducted from each of Javier's paychecks, what is his total annual premium

Jennifer purchased a house in a brand new development in the outskirts of town. When her house was built, the nearest fire department was nearly 20 miles away. As her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. What effect will the new fire station have on her homeowners insurance premium

Jerry is currently insured through AA Auto Insurance, but would like to lower his auto insurance premium by at least $10 per month. His current insurance plan includes the $50/100,000 limit for bodily injury, $100,000 limit for property damage, a $250 deductible for collision, and a $50 deductible for comprehensive. Which of the following adjustments would allow Jerry to meet his goal?

Kyle uses a spreadsheet to keep track of his spending. This is an example of Kyle's spreadsheet for two months: 2007-03-03-00-00_files/i0160000.jpg Kyle thinks that he could improve this spreadsheet, but he is not sure how. Choose the statement or statements that would help Kyle's spreadsheet become more organized. I. The spreadsheet should contain at least two copies of every entry for backup purposes. II. It is hard to tell the debits from the credits. They should be in different colors, different columns, or otherwise differentiated. III. Having the dates, or at least the months, of each transaction would make things easier to find. a. I and II b. III only c. II and III d. I, II, and III

Leigh is the head of a household and earned $43,763 in taxable income this year. Over the course of the year, her employer withheld a total of $6322 for income tax. Based on the table below, what can Leigh expect when her taxes are due?

Leroux Health Insurance is considering changing the options in one of their health care plans (Plan A) based on customer feedback that prescriptions and regular visits to the doctor are too expensive for the insured individual. How can Leroux reduce the costs of regular health care without driving up the price of their health care plan?

Looking at her paycheck, Rhonda notices that $30.56 was withheld from her last paycheck for state income stax while $122.25 was withheld for federal income tax. She knows that she indicated on her employment paperwork to set her state withholding at 21% of the federal withholding. What should Rhonda be thinking?

Manny makes the following purchases at the store: pair of jeans for $32.65 3 t-shirts for $14.89 each pair of sneakers for $39.99 The store is having a promotional sale where 10% is taken off of each customer's total purchase before tax. The sales tax is 8%. If Manny paid $114.03 , then he _____ for his purchase. a. paid $5.63 too little b. paid $3.28 too little c. paid the correct amount d. paid $8.45 too much

Mike has an adjusted gross income of $85,643. He claims two exemptions and can deduct $896 for state income tax, $2,145 for charitable donations, and $3,473 for medical expenses. If the standard deduction is $5,700 and exemptions are each worth $3,650, what is Mike's total taxable income

Mr. Green orders some cookies from a local youth group. Using his order form shown below, complete the last column to find the total to be paid. Quantity Description Unit Price Total of Line 2 Krispy Kosmos $2.89 $ 1 Chewy Chocos $3.19 $ 1 Gooey Globs 2.99 $ Total $ 5.8% tax $ Total to be paid $ a. $9.60 b. $11.96 c. $12.65 d. $18.90

Mr. Henderson's annual premium of $4,668 is covered entirely by his employer along with 25% of the $9,264 premium for his wife and kids. How much of the Henderson family's annual premium is being paid for by Mr. Henderson's employer?

Mr. and Mrs. Nedage are filing a joint tax return. While listing their deductions, they find that they can deduct $2,150 from medical bills, $826 from state taxes, $3,133 from charitable donations, and $1,331 from interest on their mortgage. The standard deduction for married couples filing jointly is $8,350. How does the standard deduction compare to the Nedages' deductions?

Norm has $15,000 to deposit. His daughter is a junior in high school and plans to go to college. Recommend the best way for Norm to store his money. Note that the interest rates are expressed on an annual basis. a. A four-year CD paying 4.8% interest, with a substantial penalty for early withdrawal b. An online savings account offering 2.3% interest c. A money market account paying 3.5% interest, renewable for three-month commitments d. A checking account with no monthly fees

Orlando invested $16,000 in an eight-year CD bearing 6.5% interest, but needed to withdraw $3,500 after five years. If the CD's penalty for early withdrawal was one year's worth of interest on the amount withdrawn, when the CD reached maturity, how much less money did Orlando earn total than if he had not made his early withdrawal? a. $227.50 b. $682.50 c. $910.00 d. $455.00

Patrick and Susie just welcomed a set of twins to their family and have to decide how to purchase health insurance for the babies. Patrick's employer pays for 100% of his monthly health insurance premium of $378, but will not pay for any of the $280 for each additional beneficiary. Susie's employer, who pays 63% of her $403 monthly premium, offers to pay 32% of the $310 monthly premium for each additional beneficiary. Which would be the most economical way to purchase health insurance for the family

Ralph's current annual income is $32,000. Using the graph shown below, Ralph has calculated that he will have to pay a total of $9,280 in federal taxes this year. Which of the following statements is true?

Rank the 1040 forms in order from simplest to most complex.

Ronald is trying to reconstruct his spending pattern from May. He knows that he had $315 in his account on May 1, but after that, his receipts and balance statements are all scrambled. Here are Ronald's records: Date Transaction Type Amount ($) 5/25 Purchase 66 5/18 Purchase 90 5/30 Purchase 188 5/24 Deposit 151 5/22 Purchase 152 5/8 Deposit 104 5/3 Purchase 175 5/6 Purchase 82 Assuming that this is a complete, if scrambled, record of Ronald's May spending and that any overdraft fees incurred do not affect the running total, how many times did Ronald overdraw his account in May? a. Ronald never overdrew his account. b. Ronald only overdrew his account once. c. Ronald overdrew his account twice. d. Ronald overdrew his account more than twice.

Rudy has been paying an annual homeowners insurance premium of $1,106.30 ($0.37 per $100 of value) since he first purchased his house. For the past six months, Rudy has completed some major improvements to his house to improve its overall value. If Rudy successfully adds $50,000 to the value of his house, what will his new annual homeowners insurance premium be?

Sally has just finished her thirty-fifth year with her company and is getting ready to retire. During her thirty-five years, Sally's average annual salary was $45,603. How much can Sally expect to receive from Social Security annually if she were to retire today? (Assume she will receive 42% of her average annual salary.)

Sam knows that his annual homeowners insurance premium is $0.27 per $100 of value, which usually works out to be $683.10 annually. But Sam is confused by a letter from his insurance company telling him that an increase in the value of his home has led to an increase in his annual homeowners insurance premium. He is now being charged an annual premium of $720.90. Based on the increase in his annual homeowners insurance premium, what was the increase in his home's value? (Note: The cost is still $0.27 per $100, even though the annual premium went up.)

Say that you are about to make a major purchase and would like to save money on sales tax. Which of these is a viable way to reduce the amount you will pay on sales tax? a. Sales tax is a tax like any other, so you can claim additional dependents and get a deduction on it. b. Businesses are allowed to charge a 1% fee for automatically calculating sales tax for you, so you should calculate the sales tax out yourself. c. Sales tax varies by state, so you can travel to a state with a lower tax rate and make your purchase there. d. If you buy an item on credit, the credit bureau must pay the sales tax instead of you, so you should make your purchase using a credit card.

Say you are filing as a single taxpayer. You have a gross income of $61,026 and claim two exemptions. You can make a deduction of $2,871 for interest on your mortgage, a deduction of $2,376 for property tax, an adjustment of $3,206 for business losses, an adjustment of $2,575 for contributions to your retirement plan, a deduction of $2,682 for medical expenses, and an adjustment of $2,440 for business expenses. If exemptions are each worth $3,650 and the standard deduction is $5,700, what is your total taxable income?

Stephen used a reconciliation worksheet, but his checkbook balance does not match the final worksheet balance. Evaluate the following list of possible errors that he has made. Decide which items could potentially correct this problem if found and corrected. Item number Name of potential error Explanation of what to verify I Clearing the checkbook All the transactions on the statement that match transactions in the checkbook should be marked as cleared in the checkbook. II Correcting checkbook omissions All transactions on the statement that were not found in the checkbook should have been entered into the checkbook. III Outstanding credits and debits Verify that the sum of outstanding credits and the sum of outstanding debits are correct. IV Math Verify that all addition and subtraction has been done correctly and there are no transpositions of numbers. V Previous reconciliation Verify that the previous reconciliation was performed correctly, and that all cleared items are marked as such in the checkbook. Choose the option below that correctly describes the items that could have caused this problem with Stephen's reconciliation. a. I, III, IV, and V could cause the problem, but not II. b. I, II, III, and V could cause the problem, but not IV. c. All five of the potential errors could cause this sort of problem. d. I and II could cause the problem since there are no math errors.

Susie is thinking about changing her auto insurance policy at Fret-No-More Auto Insurance. Her current policy includes the following options: $50/100,000 limit for bodily injury, $25,000 limit for property damage, $250 deductible for collision, and $50 deductible for comprehensive. Which of the following changes would increase Susie's limits the most without increasing her monthly premium by more than $5.00

Taking a discount of 50% off followed by a discount of 50% off results in a total discount of _____. a. 25% b. 50% c. 75% d. 100%

Tara and Levi are trying to decide between homeowners insurance policies offered by two different agencies. AAA Insurance has offered to insure their home for an annual premium of $0.38 per $100 with a $500 deductible. Thompson's Insurance has offered to insure the same home for an annual premium of $0.26 per $100 with an deductible of $1,000. Insurance Company Annual Premium (per $100) Deductible AAA Insurance $0.38 $500 Thompson's Insurance $0.26 $1,000 The house Tara and Levi purchased is valued at $425,000. Which of the following statements accurately describes the difference between the two plans?

The chart below summarizes Ralph's annual expenses for the upcoming year. Based on the information in the graph, approximately what percent of his total budget will be for federal taxes?

There are 18 cans of peas in a case. Each can of peas is 12 ounces. If a case of peas costs $14.22, what is the unit price per can of peas? a. $0.07 b. $0.08 c. $0.79 d. $1.19

Theresa has $708 in her account and wishes to throw a party. She plans to include the following: Purchase Cost ($) Decorations 76.92 Catering 150.66 Musicians 242.15 Refreshments 123.36 Venue 260.47 When Theresa makes the calculations, she finds that she cannot afford everything that she would like to have. What is the cheapest aspect of the party that she can eliminate to keep from overdrawing her account? a. Venue b. Musicians c. Catering d. Refreshments

This account offers a good interest rate, but tends to require a certain minimum deposit. Usually, this account becomes mature in a matter of several months. You can withdraw money from this account before it becomes mature without penalty, but there is a limit to how frequently you can withdraw it. a. Savings account b. Online savings account c. Money market account d. Certificate of Deposit

Tom is considering making changes to his policy to make insurance more affordable. Which of the following statements is not something Tom should consider when making changes to his policy?

What can you do when the unit prices for two comparable items are listed using different units of measure? a. The secondary units don't affect the cost. As long as both prices are in dollars or cents, you can compare the two. b. The unit prices are based on the cost of the whole package, so divide each base cost by each unit price to get comparable units. c. Use conversion rates to change one unit into the other unit, so that both prices are listed using like units. d. Unit prices are ratios, so you can add the two prices together and divide by the smaller unit price to get a usable number.

What is the standard deduction used for?

When shopping for life insurance, the best strategy is to:

Which is a step in the process of calculating successive discounts of 8% and 10% on a $50 item? a. take 2% of $50 b. take 8% of $46 c. take 10% of $46 d. take 18% of $50

Which method or methods listed below describe a solid system for keeping financial records? I. Making a mental note of all purchases made during the week. II. Recording money spent in a hand-held notebook. III. Organizing receipts and transactions on a computer. a. I only b. II only c. II and III d. I, II, and III

Which of the following does an appropriately cautious reading of a receipt entail? I. Making sure that the items charged are the same as the items received. II. Asking for a second copy for your records. III. Checking to see if all of the discounts were applied properly. a. I only b. II and III c. I and III d. I, II, and III

Which of the following is a cost homeowners insurance does not protect

Which of the following is an example of a wealth tax?

Which of the following is most likely used by a seller to target an impulse buyer? a. contest b. coupon c. display d. rebate

Which of the following is something that will not affect your homeowners insurance premium?

Which of the following is something you would not expect to see withheld from your paycheck?

Which of the following must be present for a check to be legitimate? I. Your signature II. A memo or note III. The payee a. I and II b. III only c. I and III d. I, II, and III

Which of the following statements best describes the difference between a health maintenance organization (HMO) and a preferred provider organization (PPO)?

Which of these can be listed as benefits of filing your tax return online? I. Allows you to claim a larger number of deductions II. Allows for faster receipt of any refunds due III. Allows for greater accuracy when filing

Wilma buys a new game that is priced $43.89. She gets successive discounts of 15% followed by 5% off on the game. The purchase price of Wilma's game is _____ of the original price. a. 79.5% b. 80% c. 80.75% d. 82%

You have $3,750 to deposit. If you deposit the money in a savings account at your local bank, you will earn 1.75% annual interest and will be able to make ATM withdrawals at your bank's ATMs. If you deposit the money in an online savings account, you will earn 3.25% interest, but you will be charged $4 every time you make an ATM withdrawal. Assuming that your ATM withdrawals do not reduce the amount of interest you earn, roughly how often must you make an ATM withdrawal for the local savings account to be a better deal than the online savings account? a. Thirteen times per year b. Once per month c. Every three weeks d. Every two months

You have a gross income of $117,151 and are filing your tax return singly. You claim one exemption and can take a deduction of $2,713 for interest on your mortgage, an adjustment of $2,791 for business losses, an adjustment of $1,346 for alimony, a deduction of $2,086 for property taxes, a deduction of $2,376 for contributions to charity, and an adjustment of $1,091 for contributions to your retirement fund. The standard deduction for a single filer is $5,700, and exemptions are each worth $3,650. What is the difference between your adjusted gross income and your taxable income?

You have a home with a market value of $144,700, which has an assessment value of 72% of that amount. Your city has a property tax rate of 0.039. You know that 65% of your property tax dollars go to public schools. To the nearest dollar, how much of your taxes went to funding schools

You have decided both to open a savings account and to purchase a vehicle. You would like a savings account with the highest interest rate and a vehicle loan with a low interest rate. You currently have a checking account at Bank A. From the banks listed below, determine with which bank you should open a savings account and at which bank should you apply for your vehicle loan. 2007-04-04-00-00_files/i0090000.jpg2007-04-04-00-00_files/i0090001.jpg a. Bank A for the car loan and Bank B for the savings account b. Bank C for the car loan and Bank C for the savings account c. Bank B for the car loan and Bank A for the savings account d. Bank B for the car loan and Bank B for the savings account

chris is calculating his deductions for his tax return. He is filing singly. He can claim $1,813 from property taxes, $1,513 from medical expenses, and $761 from state income tax. The standard deduction for a single filer is $5,700. How does the standard deduction compare to Chris's deductions?

consider the following incomplete deposit slip: Description Amount ($) Cash, including coins 15 00 Check 1 62 44 Check 2 27 83 Check 3 45 75 Subtotal ?? ?? Less cash received ?? ?? Total 62 23 How much cash did the person who filled out this deposit slip receive? a. $381.23 b. $451.02 c. $88.79 d. $436.02

how is email a useful component of online banking? I. Email alerts can be used to warn you before you overdraw your account. II. You can have your bank statements emailed to you, getting them to you faster. III. Only emailed bank statements can be used to support electronically-filed tax returns. a. I only b. II only c. I and II only d. I, II, and III

ken, a single taxpayer, has a gross income of $79,685. He claims one exemption and can take a deduction of $1,257 for medical expenses, a deduction of $2,181 for interest on his mortgage, an adjustment of $800 for alimony, a deduction of $1,419 for property taxes, an adjustment of $1,722 for business expenses, and an adjustment of $2,511 for contributions to his retirement fund. The standard deduction for a single filer is $5,700, and exemptions are worth $3,650 apiece. Using the table below, how much does Ken owe in income tax?

sue's bank account has a balance of $899.83 before she starts spending money. She makes the following transactions: Transaction Cost ($) Rent 353.76 Video game 32.79 Bike maintenance 60.26 Jacket 55.62 Rug 80.40 Night out 35.77 Sue is considering splitting the cost of a new TV with her roommate. Her share would be $305.22. Can Sue afford this? a. Yes, she can make the purchase and have money left over. b. Yes, but doing so will clear out her account. c. No, making that purchase will overdraw her account. d. No, she is overdrawn already.

what is a "balance brought forward?" a. The amount of money you transfer from another checking account b. The amount of money you will owe in the future c. The amount of money you have from the previous statement period d. The amount of money you used to open your account

Alexa has finished her culinary training program and is now working full-time as a chef in a hotel resort restaurant. She has tripled her salary from when she was working part-time to pay her expenses through school. How should this increased income affect her budget? Make comparisons with her previous budget and her current budget.

c. Alexa is earning quite a bit more money than she was previously. This would be a good time for her to re-evaluate her budget. Part of the extra money she is making could be put in her savings account.

Sienna wants to set up a special fund so she can save to buy presents for her friends and family throughout the year. If her gift purchases last year totaled $580, estimate how much she should save each month to have approximately the same amount available for gifts next year?

c. Approximately $48 .

The actual income for this month has been reduced by $200. How can this budget be modified so there will be a positive actual net income?

c. The actual income for this month has been reduced by $200. How can this budget be modified so there will be a positive actual net income?

0.05% of all tax returns filed electronically contain errors, but 20% of all tax returns filed manually contain errors. If 3.3 million tax returns are filed each way, how many more manually filed returns containing errors will there be than electronically filed returns containing errors?

Abby lives in a state in which the state income tax rate is equal to 5.38% of federal taxable income. Abby's federal income tax is equal to 19.6% of her federal taxable income. If Abby owes $8,880.17 in federal income tax, how much does she owe in state income tax?

Analyze the following budget, with an income of $750, to determine how much can be spent on food for the month. Month________ Budgeted Amount Food $___ Personal Items $20 Cell Phone $75 Entertainment $85 Car Expenses - Gas, Insurance $260 College Savings $250 a. No more than $70 can be spent on food. b. No more than $75 can be spent on food. c. No more than $80 can be spent on food. d. No more than $60 can be spent on food.

Andrew is insured by Leroux Health Insurance under Plan A. The plan includes a $248.00 monthly premium with a $5,500.00 annual deductible (not including co-pays). Andrew is severely asthmatic. He visits his primary care physician twice a month and his asthma specialist once a month. He has two separate generic inhalers that need to be refilled on a weekly basis. To make matters worse, Andrew has recently been diagnosed with appendicitis and is scheduled to have his appendix removed in the morning. The procedure will cost about $1,500. Considering his frequent doctor visits, many prescription refills, and his appendix removal in addition to his monthly premium, how much will Andrew pay in health care related fees this year? Leroux Health Insurance Plan A Cost: Monthly Premium: $248.00 Annual Deductible: $5,500.00 Co-pays: Brand-name Prescriptions $35.00 Generic Prescriptions $15.00 Visits: Primary Care Physician: $40.00 Specialist: $60.00 Urgent Care: $125.00 Emergency Room: $325.00

Antonio is ready to move out of his parent's house and live on his own. He found a great apartment that has all utilities included. His job as an assistant plumber requires him to have a car, but his hours are flexible enough to give him time on the weekends to have fun with his friends. What is the best way Antonio's budget can be modified to help him save enough for the $200 down payment and make the $500 monthly rental payment? Monthly Budget Old Budget New Budget Income Wages $1500 $1500 Expenses Food Cell Phone Savings Entertainment Car Expenses . $250 $175 $200 $200 $300 . $____ $____ $____ $____ $____ Net Income $375 $____ a. Antonio could keep his budget the same and hope he gets a raise at work. b. Antonio could reduce his monthly entertainment expenses by $100 to help pay the monthly rent. He could take $200 out of savings once for the deposit. c. Antonio could live at his parent's house for one more month and save his net income. After one month of living at home, he would have enough additional money for the deposit and one year's rent at the apartment. d. Antonio could reduce his monthly entertainment expenses by $75 and his food expenses by $50 to pay the monthly rent. He could take $200 out of savings once for the deposit.

Arthur's yearly taxable income totals $116,600, and he pays $30,910.66 in federal income tax every year. Approximately what is Arthur's net federal income tax ra

Because Bernard has some health issues, he must pay 15% more for life insurance. About how much more annually will a $115,000 10-year term insurance at age 35 cost Bernard than someone of the same age without health issues?

Because of an accident Royce was involved in, his insurance company has increased his annual premium for auto insurance by 5.2%. His original policy was set up using the premiums listed below. What is his new annual premium after the increase for the accident?

Below is the information from a brochure for Fret-No-More Auto Insurance outlining the insurance coverage options they offer. To be considered "full" coverage, an insurance plan must include one level of coverage from each category. What is the annual premium for the full-coverage insurance plan with the highest coverage limits and the lowest deductibles available from Fret-No-More?

Billy's employer pays for 65% of his annual health insurance premium. Billy has the rest deducted in equal amounts from his paycheck. If Billy has $105.73 withheld from his paychecks twice each month, how much does his employer contribute towards his health insurance on an annual basis?

Bob's bank charges him a $3.15 service fee every time he uses an out-of-network ATM. If Bob uses an out-of-network ATM an average of three times every two weeks, how much will he pay in service fees over the course of a year? a. $327.60 b. $109.20 c. $491.40 d. $245.70

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $125,000. Use $106,800 for maximum taxable earnings.

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $235,430. Use $106,800 for maximum taxable earnings.

Cassandra is trying to think of a good way to keep her financial records. She makes a lot of purchases, using cash, debit cards, and credit cards about equally. When she gets home every day, she tends to be very tired and doesn't like to do a lot of organized thinking. She tends to lose individual pieces of paper if she doesn't file them immediately. What might be a good method for Cassandra to use? a. Recording all of her daily expenditures in an organizational computer program. b. Keeping and collecting receipts for everything she buys. c. Tracking and collecting her bank and credit statements every month. d. Carrying a notebook and immediately recording all of her transactions in it.

Cesar's annual homeowners insurance premium is $972.80. If his home is valued at $253,000, roughly how much is Cesar paying for homeowners insurance?

Colin wants to set up an aquarium.. He already has a tank, but needs to purchase fish, filters, and plants. If the cost of the fish is $84.79, the filters usually cost $60.45 but Colin finds them on sale for $44.75, and the cost of the plants is $18.66, determine how much of Colin's $488.85 savings will be used to set up his aquarium. a. $289.81 b. $163.90 c. $340.65 d. $148.20

Consider the following incomplete deposit ticket: 2007-04-04-00-00_files/i0250000.jpg Which of the following are possible amounts for the third check and the cash that Cindy deposited? a. no cash and a $303.68 check b. $140.50 in cash and a $267.14 check c. $99.32 in cash and a $155.55 check d. $122.04 in cash and a $205.64 check

Determine the total annual FICA tax for an annual salary of $38,480.

Doug is filing singly. His net taxable income is $80,575. Every week, $304 is withheld from his earnings for income tax. Based on the table below, what can Doug expect when his taxes are due?

Faye's bank charges her a $2.25 service fee every time she uses an out-of-network ATM. If Faye uses an out-of-network ATM twice a week, how much money does she pay in service fees every year? a. $240.25 b. $225.00 c. $200.75 d. $234.00

For each of the following wages, determine the Social Security tax that would be withheld. Use $106,800 for maximum taxable earnings. i. $23,660 ii. $89,000 iii. $166,090 a. i. $146.69 ii. $551.80 iii. $1,029.76 b. i. $1,466.92 ii. $5,518.00 iii. $10,297.58 c. i. $146.69 ii. $551.80 iii. $662.16 d. i. $1,466.92 ii. $5,518.00 iii. $6,621.60

For the past 16 months, Susie has been paying $126.50 each month to her insurance company. After causing an accident last month, her insurance company notified her that her monthly payment will be increased by $21.25. What increase in her annual premium did Susie's insurance company apply as a result of the accident?

For which of the following would not expect to pay an excise tax?

Four different stores have the same digital camera on sale. The original price and discounts offered by each store are listed below. Rank the stores from the cheapest to most expensive sale price of the camera. Store A: price $99.99 and discount of 15% Store B: price $95.99 and discount of 12% Store C: price $90.99 and discount of 10% Store D: price $89.99 and successive discounts of 5% and 5% a. A, B, C. D b. A, B, D, C c. D, A, B, C d. D, C, B, A

Gareth is single and has a net taxable income of $54,446. Over the year, his employer has collected $9,100 in withheld payroll tax. Based on the table below, what should Gareth expect when his taxes are due?

Given the following prices and unit conversions, rank the brands from lowest to highest unit price. Brand A: $1.48 for 2.5 pounds Brand B: $1.30 for 907.18 grams; 1 pound is approximately 453.59 grams Brand C: $1.55 for 50 ounces; 1 pound is equal to 16 ounces a. Brand A, Brand B, Brand C b. Brand A, Brand C, Brand B c. Brand B, Brand A, Brand C d. Brand C, Brand A, Brand B

Harry and Helen are married, filing jointly. Their combined taxable income is $65,922. Every week, a total of $187 is withheld from their pay. Based on the table below, what can Harry and Helen expect when their taxes are due?

Ian invests $13,670 in a savings account at his local bank which gives 1.9% simple annual interest. He also invests $6,040 in an online savings account which gives 4.5% simple annual interest. After nine years, which one will have earned more interest, and how much more interest will it have earned, to the nearest dollar? a. The local account will have earned $7,521 more interest. b. The local account will have earned $3,199 more interest. c. The online account will have earned $3,090 more interest. d. The online account will have earned $109 more interest.

Jason keeps a record of his transactions in a notebook. Looking over his records for the past two weeks, Jason finds that his bank statement does not match his notebook, and he actually has less money than he thought he did. These are the relevant entries in Jason's notebook: Transaction Debit ($) Credit ($) Beginning Balance 578.65 Rent 275.60 --- Paycheck --- 363.20 Charitable donation 20.00 --- Keyboard 63.29 --- Refund on purchase --- 21.19 Groceries 44.08 --- Microwave 68.74 --- Ending Balance 491.33 However, Jason's bank statement says that his ending balance is $473.33. Which of the following is a possible explanation for the discrepancy? a. Jason actually made two $20 charitable donations but forgot to write one of them down. b. Jason listed the refund as a credit, but it should be a debit. c. Jason listed the groceries out of habit, but he did not actually purchase them this week. d. Jason transposed the digits on the microwave's price, which actually cost $86.74.

Jennifer is excited to be retiring after 35 years of service as a high school English teacher. Over the past 35 years, Jennifer's average annual salary was $26,443. How much can Jennifer expect to receive on a monthly basis from Social Security, assuming she will receive 42% of her average annually?

Kevin, while calculating his tax adjustments, notes that he can make adjustments of $3,435 for contributions to his retirement plan, $3,393 for business losses, and $1,128 for business expenses. If Kevin's gross income is $45,942, what is his adjusted gross income?

Kim has worked in the tech industry for some time and would like to start consulting. In opening her new business, she will need equipment. She needs to purchase 3 laptops, 2 desktop computers, and a fax machine. Each laptop costs $546.78, each desktop computer costs $1,255.99, and the cost of the fax machine is $125.99. She currently has $3,500 in her savings account. Determine if Kim has enough in her savings account to cover the expenses of her new company, and if she doesn't have enough, determine the amount needed to cover the cost. a. Kim can cover the cost with $315.25 left over. b. Kim can cover the cost with $477.68 left over. c. After expenses, Kim will need an additional $1,478.52 to start her company. d. After expenses, Kim will need an additional $778.31 to start her company.

Kurtis had purchased a renters insurance policy for his new apartment at an annual premium of $588.00. The items covered in the policy included a bicycle kept locked to the railing in front of the apartment. When the bicycle was stolen, the insurance company covered the replacement cost of the bicycle, but told Kurtis that, because of the loss, his premium would increase by 35% if he wished to continue with the policy. What would Kurtis' new annual premium be if he chose to keep the policy.

Liam uses checks and a debit card, but does not always write all the transactions in his checkbook register. He has lost track of his checkbook balance. Liam looks up the "available balance" using online banking, and writes it on the next line as his new checkbook balance available to spend. What is wrong with Liam's method? a. Liam's method fails to consider whether he has written any outstanding checks. b. The reconciliation worksheet will not work properly using Liam's adjusted checkbook balance. c. Liam could have unexpected non-sufficient funds fees due on any checks that have not yet cleared the bank. d. All of the above.

Matthew bought 4 new compact discs at $16.99 each and a carrying case for $35.89. He paid 2007-03-04-00-00_files/i0250000.jpg% sales tax on his purchases. If Matthew paid $112.42 total, determine if he paid the correct amount. a. Matthew paid $0.15 too little for his purchases. b. Matthew paid $0.16 too much for his purchases. c. Matthew paid $0.05 too much for his purchases. d. Matthew paid the correct amount for his purchases.

Maya works 16 hours per month at her part-time job earning $6.75 per hour. She earns some additional money house sitting for neighbors and friends. Maya charges $30 per day to house sit if there are no pets. If the house sitting includes pets, then she charges $40 per day. Last month, Maya spent 3 days house sitting with no pets and 5 days house sitting with pets. What is the total amount of earnings Maya had for the month? a. $270 b. $290 c. $378 d. $398

Melinda kept a record of her spending for the week. She spent $25 to put gas in the car, bought a new shirt for a total of $22.38, played putt-putt golf with some friends that cost $6.95 and paid $38.71 for a few groceries. What was the total of Melinda's expenses for the week? a. $68.24 b. $86.09 c. $91.94 d. $93.04

Most U.S. workers and their families receive their health care plan through their employer because _____?

Nastasha has a gross income of $66,429. She can make adjustments of $14,490 for business losses, $3,584 for business expenses, and $4,813 for contributions to her retirement plan. What is Nastasha's adjusted gross income?

Ned's truck was caught in a hailstorm that left his truck body damaged and his paint job ruined. Ned is fully insured through his insurance company. Which of the following components of Ned's insurance policy will take care of the damage done to Ned's truck during the hailstorm?

Nellie is buying bird seed to put in her bird feeders. She uses about 10 pounds of bird seed each week, but has room to store any extra that she purchases.The bird seed comes in 3 different sizes as given below: 3.5 pounds for $2.52 7.5 pounds for $5.40 11 pounds for $7.92 Nellie is trying to be a smart shopper and get the best deal on the bird seed. Which size bag of bird seed should Nellie buy? a. Nellie should buy the 3.5 pound bags because they have the cheapest unit price b. Nellie should buy the 7.5 pound bags because they have the cheapest unit price c. Nellie should buy the 11 pound bags because they have the cheapest unit price. d. Nellie should buy any size she wishes because they all have the same unit price..

Ozzie has a coupon for 5% off any purchase in his favorite bakery. When Ozzie stops to buy some cookies, he discovers that all cookies are on sale for 15% off the regular price. The cookies are regularly $5.89 per dozen. If Ozzie uses his coupon and pays 7% sales tax, how much does he pay for two dozen cookies? a. $9.42 b. $9.51 c. $10.08 d. $10.18

Ralph wants to purchase a renters insurance policy for his new apartment. His insurance company charges an annual premium of 16.53% of the approximate value of the items he owns and is keeping in his apartment. Below is a list of items Ralph made of the items he has in his apartment that he would like to be insured with his policy. What will Ralph's annual renters insurance premium be?

Rate the following bank accounts from most to least liquid: CD, savings account, checking account, money market account. a. CD, savings account, checking account, money market account b. Savings account, checking account, CD, money market account c. CD, money market account, savings account, checking account d. Checking account, savings account, money market account, CD

Roberta's monthly bank statement says that she has a balance of 386.29, but Roberta's check register says that her balance is 370.77. Which of the following are still outstanding? I. A $78.17 check to the electric company II. A $16.15 deposit from Roberta's roommate III. A $22.67 check to the grocery store IV. A $62.65 deposit from Roberta's tax return a. I and II b. II and III c. II and IV d. I and IV

Sandy and Alex are married, with no dependents. They wish to file a joint tax return. Both of them work, but their combined salaries only put them at a slightly above-average income. They would also like to deduct interest paid on their student loans. Recommend an appropriate 1040 form for Sandy and Alex to fill out.

Sandy is trying to reconstruct her spending pattern from July. She knows that she had $277 in her account on July 1, but after that, her receipts and balance statements are all scrambled. Here are Sandy's records: Date Transaction Type Amount ($) 7/26 Purchase 86 7/25 Deposit 76 7/4 Purchase 137 7/6 Deposit 90 7/10 Purchase 131 7/9 Purchase 145 7/15 Deposit 152 7/19 Purchase 137 Assuming that this is a complete, if scrambled, record of Sandy's July spending and that any overdraft fees incurred do not affect the running total, how many times did Sandy overdraw her account in July? a. Sandy never overdrew her account. b. Sandy only overdrew her account once. c. Sandy overdrew her account twice. d. Sandy overdrew her account more than twice.

The Changs updated their bedroom by purchasing a new lamp for $89.95 and a comforter set for $239.99. They paid 2007-03-04-00-00_files/i0120000.jpg% sales tax on their purchases. If the Changs paid $351.72 total, determine if they paid the correct amount. a. The Changs family paid $0.33 too much for their purchases. b. The Changs family paid $0.99 too much for their purchases. c. The Changs family paid $5.94 too much for their purchases. d. The Changs family paid the correct amount for their purchases.

The stores below each have the same snowboard for an original price of $189.59. At which store can you get the snowboard for the lowest price? Store A: Sale of 30% off and a successive discount of 10% off. Store B: Sale of 20% off and a successive discount of 20% off. Store C: Sale of 40% off. a. All of the stores have the same discounted price. b. You can get the lowest price at Store A. c. You can get the lowest price at StoreB. d. You can get the lowest price at Store C.

Tina lives in a state that charges her 4.5% state income tax on her federal taxable income. If her federal taxable income is $61,600, how much does Tina pay in stat

Tracy goes on a 3 day and night school band trip. There is no cost for travel and each band member only pays half the cost of the hotel room. However, each person is responsible for the cost of their own meals. His portion of the hotel bill is $49 per night and Tracy leaves a 10% tip for the maid service. Before tax, Tracy spends $32 per day on eating out plus 15% of this amount in tips. If Tracy spends a total of $280.74 on the band trip, what percent tax was Tracy charged on his food? a. 6% b. 7% c. 8% d. 9%

Wendy is calculating her tax deductions. She finds that she can deduct $5,522 from medical expenses, $7,240 from charitable donations, and $2,126 from property taxes. What is Wendy's total deduction

What does PIN stand for? a. Principal Investment Number b. Permission Initiating Number c. Percent Increase Number d. Personal Identification Number

What is no-fault insurance?

What is the defining feature of a progressive tax?

Which of the following acronyms does not represent a managed care plan

Which of the following is not a reason young drivers have higher auto insurance premiums than older drivers?

Which of the following is not considered one of the four basic types of auto insurance?

Which of the following is not something that you could do with a normal checking account? a. Deposit cash into your account. b. Demand in writing that money be paid to another person from your account. c. Give permission to a merchant to demand money from your account. d. Make purchases or get cash now, and pay back the bank in monthly payments.

Which of the following is something that should not be a consideration when choosing a health care plan?

Which of the following items are elements of a monthly checking account statement? I. A period (beginning date and ending date) II. A beginning balance and ending balance. III. A detailed list of debits and credits during the period. a. I and II b. I and III c. II and III d. I, II and III

Which of the following should not be used as a guideline for making a purchase? a. You budgeted for it. b. You can afford it. c. You need it. d. You want it.

Which of the following statements explains the relationship between Social Security and Medicare taxes?

Which of the following will not help Robert lower his homeowners insurance premium?

gareth is single and has a net taxable income of $54,446. Over the year, his employer has collected $9,100 in withheld payroll tax. Based on the table below, what should Gareth expect when his taxes are due

d. Antonio could reduce his monthly entertainment expenses by $75 and his food expenses by $50 to pay the monthly rent. He could take $200 out of savings once for the deposit.

What is the actual net income for the month? What, if any, changes could have been made to the actual amounts this month to keep the actual net income at a positive value?

d. Both a and c

Alejandro lives in a small apartment, within walking distance to school. He takes the bus to work where he makes $10 per hour after taxes and works 30 hours per week. He wants to save money to buy a $6000 car within the next 2 years. How could a monthly budget be created to help Alejandro meet his financial goals? Select the best option.

d. Budget D

Lauryn's wages were not as much as she had budgeted. How can her budget be modified so there will be a positive actual net income?

d. Do all of the above.

Analyze the following budget, with an income of $750, to determine how much can be spent on food for the month.

d. No more than $60 can be spent on food.

What is one difference between yearly and monthly budgets?

d. There is more uncertainty as you plan further ahead, so a yearly budget needs more room to account for unplanned expenses than a monthly budget does.

Which of the following is most likely used by a seller to target an impulse buyer?

display

Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After fifteen years, who has the greater total amount of money, and how much greater is it?

lewis has $174 more than mary

Ricardo is treating his employees and makes the following purchases at the store: 2 packages of bagels at $3.49 each 2 containers of cream cheese at $2.89 each 3 dozen doughnuts at $5.39 each 4 bottles of juice at $3.49 each Ricardo has a business account which saves him 5% on all purchases at this store. The discount is applied before tax. He is charged sales tax of 7%. If Ricardo paid $45.89, then he _____ for his purchase.

paid $2.29 too much

paid $2.60 too much

Rose and Dennis each open a savings account at the same time. Rose invests $2,600 in an account yielding 4.1% simple interest, and Dennis invests $2200 in an account yielding 5.7% simple interest. After nine years, who has the greater total amount of money, and how much greater is it?

rose has $230.80 more than dennis

fdic

the FDIC or Federal Deposit Insurance Corporation supervises state-chartered banks that are not members of the Federal Reserve System (Fed), and insures deposits at banks and savings and loans.

FED

the Fed or Federal Reserve System supervises state-chartered banks that are members of the Federal Reserve System.

occ

the OCC or Office of the Comptroller of the Currency charters and supervises national banks. If the word 'national' appears in the name of a bank, or the initials "NA' follow its name, the OCC oversees its operations.

Which of the following government agencies does not regulate banking or financial markets?

the fcc

Choose the proper rationale. "In the compound interest equation, time (the variable t) has the biggest effect on the outcome because..."

Budgeting and Wise Spending

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