Unit 1 Financial Literacy (Math)

You purchased 6 items at the 2-Dollar Store costing $1.98, $.59, $2.99, $.99, $2.49, and $.49. What is the mean price of your purchased items?

$1.59

Job A -Sales- offers a base salary of $1,000 per week plus 3% commission on all sales above $3000. Job B -Sales- offers a base salary of $1,100 per week plus 2.5% commission on all sales above $3000. The total sales for the week equal $25,000. How much more does Job A pay than Job B?

$10

BeanPod Groceries will deliver. The delivery fee is $9.95 for a minimum order of $60, which drops to $6.95 for orders of $100 or more. Your order comes to $99.48. If you add a last-minute item costing $1.99 what will your final bill be? * 0/2

$108.42

Your regular hourly rate is $7.75 per hour. On Sundays, your employer pays time and a half. Calculate your hourly rate for Sundays.

$11.63

Based on your knowledge of taxes, you estimate that your net pay will be 66% of your gross pay. You think you will need $250 per week after taxes to get by. What annual gross salary will you need?

$19,696.97

Your local Pizza restaurant offers free delivery with an expected 15% tip for the delivery person. Your pizza will cost 15.95 + 7% sales tax. What is your total cost?

$19.63

You moved within a short walking distance to work and you no longer need to spend the $20 per week budgeted for bus fare. Considering this, what is your new weekly budget surplus if your previous surplus was $175? *

$195

Our car has a 15-gallon gas tank. A lower grade of gasoline costs $2.96 per gallon. The premium grade gasoline costs $3.15 per gallon. There are three gallons left in your gas tank. What is the difference in the cost of filling your tank between the two grades of gasoline?

$2.28

Total Replacement insurance coverage against breakage or loss is of a new laptop computer is $19 per month increasing by 5% per year. What is the cost per month in two years? *

$20.95

You earn $420 per week. You pay social security taxes of 7.65%, federal taxes of 22%, and state taxes of 5.95%. What is your take home pay?

$270.48

An item has a price tag of $35 and another tag that says, "20% Off." What is the sale price?

$28

You find a job that pays $11.25 per hour. You plan to work a 40 hour week. What will your weekly gross pay be?

$450

In a Budget Plan, Fixed Expenses were $475. They have gone up 5%. What will the updated Total Fixed Expenses be? *

$498.75

A storm in Texas has shut down several oil refineries creating a national shortage of gasoline. Sunoco has announced that they will have to raise the price of gasoline by 12%. Gasoline is currently $3.05 per gallon. You buy 15 gallons per week. How much will your gas bill increase per week?

$5.49

You are shopping online for a new TV. The one you want costs $2,500. You live in New York where the state sales tax rate is 8.49%. Your sister lives a short distance over the border in CT where the state sales tax rate is 6.35%. If you have the TV shipped to her and you pick it up. How much will you save? *

$53.50

The average smoker typically pays 15% higher life insurance costs than the average non-smoker. If the monthly cost to a non-smoker is $500 dollars per month, how much would the average smoker pay per month for the same life insurance policy?

$575.00

You live in a state with a sales tax of 5%. You buy a car for $15,000. What is the sales tax?

$750

The average adult working male spends approximately $60 per week on a moderate cost healthy diet plan. The average cost for 3 fast food meals per day is approximately $20. On average, what can you save per week with the healthy diet plan? *

$80.00

Assuming you sleep eight hours per day, how many hours do you have left for other activities during the week?

112 hours

You are trying to calculate the quickest route to drive to work. Your job is 7.5 miles from home. One option is to take the back roads to work. That route is calculated for driving at an average speed of 30 miles per hour. How long will it take you to get to work this way?

15 minutes

Your laptop died and you need a new one for work NOW! The one you need will cost $500. You do not have the cash in your checking account, so you decide to borrow the money from your savings account. You have $9,000 in your savings account gaining 3% interest per year. If you don't replace the $500 in the savings account, how long will it take before the balance again reaches $9,000? *

2 years

You have planned activities of 30 minutes, 15 minutes, 1.5 hours, and .75 hours. How many total hours of activity do you have planned?

3

A store offers 3 for the price of 2. What is the implied discount?

33%

You are trying to increase your monthly savings to buy a used car. Your boss allows you to work one hour of overtime at time-and-half 5 days per week. Your regular wage is $12.00 per hour. You want to save $3,000 for your car. Approximately how many weeks must you work with the extra hour per day to reach your goal? *

34

You exercise for 30 minutes, twice each day. What approximate percentage of your day is spent on exercise?

4%

You have one hour for lunch. You want to go to your favorite sub shop, which is 18 minutes from your job. You called; the average wait time today is 20 minutes. How much time should you budget for your lunch trip? (Ignore time to eat) *

56 minutes

The Bureau of Labor and Statistics (2018) reports that the average earner with a high school diploma will earn about $35,000 per year, an earner with a bachelor's degree will earn about $59,000 per year. The average salary of the high school graduate is what percent of the college graduate? *

59.3%

If you work an 8 hour shift on each weekend day and take two weeks off during the year, how many hours will you work in a year?

800

1.45 hours equals how many minutes? *

87 minutes

You take the bus to work and need to arrive by 9:00 AM. The trip takes 25 minutes. It takes you 10 minutes to get to the bus stop from home and 10 minutes to get to work from the bus stop. If busses leave the bus stop at the following times, which is the last bus you can take to get to work on time?

8:20am

You are saving $30 each month. You have a goal to accumulate $700 in savings. How long will it take you?

About two years

Employer A is offering you a position for $35,000 per year. Employer B is offering the same job for $18.00 per hour. Assuming both jobs require a 40-hour work week for 52 weeks, which job pays more?

B

Bank "A" is offering 2% interest and a $100 debit card on a newly opened savings account with a minimum balance of $1,000 for one year. Bank "B" is offering 5% interest and a $50 debit card on a newly opened savings account with a minimum balance of $1,000 for one year. Assuming you deposit $1,000, which has the better return (interest plus card value) FOR THE FIRST MONTH? *

BANK A

You can buy an item for $20 at a store within walking distance. You can buy the same item online for $12 with $10 for shipping. Which is the better deal?

Buying at the local store

Job A pays $13.00 per hour. Job B pays $11.00 per hour but has health benefits. Health insurance costs $3,400 per year. You expect to work 2,000 hours during the year. Ignoring taxes, which job will leave you with more money at the end of the year?

Job A

You opened a U.S. Bank's Standard Savings account in January of this year with a 3% annual interest rate but there is a monthly maintenance fee of $4, which you can get waived if you keep a $300 minimum daily balance. If you can only keep up a $250 minimum balance, are you making money or losing money in the account? * 2/2

Losing money

You set your entertainment budget to $100 per month. Eating out costs $35, movies cost $15, and concerts cost $60. Can you eat out, go to a movie, and go to a concert in the same month, while staying within your budget?

No

Your job pays you $1,600 per month. All taxes combined reduce your pay by 25%. Your current expenses are $1,200 per month. You want to join a health club for $75 per month. Can you afford it?

No

Job A is within walking distance from your apartment. The weekly net or take-home pay is $290. Job B pays $325 weekly in net pay and requires you to take the bus from your apartment. A full fare bus pass will cost $140 per month. Which job is the best option, financially? (Assume 4 weeks per month.) *

They are the same

Your schedule leaves you 45 minutes to get to work. You can travel the whole way by bus which averages 22 mph. Work is 11 miles away. Will you make it on time?

Yes