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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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1
Determine the minimum household budget
$5600
$5000
$5770
$4500
2
How do you find Net Worth?
Assets - Liabilities
Social Security - Federal Income
Liabilities - Assets
Income Tax - Salary
3
If the total monthly budget is $5500, What would Dad's hourly wage be if he worked 125 Hours?
$33
$55
$47
$44
4
$590 is deposited into a savings account that earns 4.25% simple interest for 3 years ( I=Prt )
$76.85
$67.89
$45.67
$75.23
5
6.2% Social Security tax - What is the amount of Social Security that will be taken out?
$475.90
$134.78
$119.92
$120.25
6
What is Emil's Net Worth?
$567
-- $431
-- $567
$431
7
19% Federal Withholding income tax - What is the Withholding Income Tax?
$123.76
$450.00
$367.50
$275.50
8
What is the formula for Simple Interest?
I = Prt
I = trf
A = P(1+r)
9
What is 4% of $8.00?
$12
$3.20
$0.56
$0.32
10
6% sales tax on a $45.25 sports radio - What is the Sales Tax?
$1.45
$3.42
$27.15
$2.72
11
What is the total price of a computer that is $980 with a sales tax of 8%?
$74.40
$988.00
$1067.98
$1058.40
12
What is Blake's Net Pay after Medicare, Social Security, and Income Tax is taken out?
$2376.09
$1418.75
$1265.98
$7854.76
13
What happens with your Federal Withholding Income Tax and your Gross Income?
Income tax gets divided by gross wages
income tax gets added to gross wages
Income Tax is taken out of gross wages
14
What do you do with your sales tax amount to find your total price?
Subtract
Divide
Multiply
Add
