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Financial Literacy Review
What is Net Worth?
What does I stand for in I = Prt?
Financial Literacy Review
28 terms
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Texas 7th grade Math
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
What does I stand for in I = Prt?
rate
Interest
Principal
Income
2
What is Net Worth?
Total Assets
Total assets- Total Liabilities
Total Liabilities
Total Liabilities - Total Assets
3
Shoes are $24.50 and I have a coupon for 15% off. What is the sale price?
$9.50
$20.82
$24.35
$3.68
4
I bought 3 shirts for $5.99 each. I have a rebate for $3 off one. How much do I pay?
$8.97
$17.97
$5.99
$14.97
5
Which of the following is not a liability?
Student Loans
Cash
Car loan
Mortgage
6
Which of the following is not an Asset?
Car
Jewelry
Mortgage
Home
7
What is payroll tax?
taxes deducted from your wages
taxes added to your purchases
taxes added to your wages
taxes deducted from your purchases
8
Round 5.9876 to the nearest hundredth.
5.98
5.988
6.00
5.99
9
If Samuel works 17 hours this week at a rate of $7.25 per hour, what will his gross pay be?
$123.25
$7.25
$17
$72.50
10
What is net income?
$ after deductions
wages
profit earned
$ earned
11
Which of the following is not a deduction found on a paycheck stub?
Sales tax
Social Security
Medicaire
Payroll Tax
12
What does A stand for in the formula for compound interest?
time
Principal
Amount in the account
Assets
13
Pears are $3.99, oil is $0.79, and chips are $1.89. The sales tax is 7.45%. What's the total?
$0.14
$6.81
$.1.93
$6.67
14
What is income?
own
$ in
$ out
owe
15
What is gross pay?
$ before deductions
$ on paycheck
total deducations
$ before sales tax
16
Which of the following is paid for with Sales Tax?
hotels
malls
grocery stores
hospitals
17
What is subtotal?
$ after sales tax
total $
$ before deductions
$ before sales tax
18
A plasma T.V. costs $999. It is on sale for 40% off. What is the total with tax? Tax is 8.25%.
$399.60
$32.97
$648.85
$599.40
19
Which of the following is considered a variable expense?
Food
Car payment
Rent
Car insurance
20
Sandy makes $450 each paycheck. If Medicare is 2%, how much is deducted?
$90
$9
$900
$0.90
21
Socks are $2.99 a pack. I have a $2 off coupon or I can buy one get one free. Best deal for 2?
Buy one get one free
$2 off
22
What is a budget?
a plan for income and expenses
a plan for gross pay and deductions
a plan for assets and liabilities
a plan for sales tax on purchases
23
Dee buys apples, milk, & bread for $9.34. Sales tax is 7%, what is her total?
$9.34
$0.65
$7
$9.99
24
Pants are buy 3, get one free. If each pair costs $27.99, how much is 8 pairs of pants?
$27.99
$223.92
$111.96
$167.94
25
Sue made $780 this week. Social Security is 9% and Medicare is 3%, how much is Medicare tax?
$93.60
$23.40
$70.20
$756.60
26
Net Income = Gross Pay - Deductions
True
False
27
Which of the following is the decimal form of 8.25%?
.0825
.00825
8.25
.825
28
Shampoo is $ 4.98 for 10 oz. or $8.99 for 20 oz. Which is the best deal per ounce?
20 oz. bottle
10 oz. bottle
