stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Financial Literacy Review Flashcards | StudBud
Explore
/
Financial Literacy Review
Financial Literacy Review
25 terms
·
StudBud Administration
·
475 plays
Imported from external platform
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
A reduced amount or price of an item.
Liability
Simple Interest
Discount (sale)
Fixed
2
$600 is deposited into an account that earns 6% annual simple interest for 15 years. What would be the total?
$54,600
$54,000
$540
$1,140
3
Best Buy is selling a tablet for $350. The sales tax is 8%. What would be the total cost of the tablet?
$378
$350
$322
$28
4
Expenses that VARY month to month.
Principle
Variable
Fixed
Interest
5
Interest paid on the original principal in an account.
Simple Interest
Liability
Asset
Fixed expenses
6
The original amount invested or borrowed.
Interest
Asset
Liability
Principle
7
If Gross income is $265,000 what is Net income if you paid $15,900 Social Security, $28,100 Federal and $1000 Medicare?
$265,000
$45,000
$220,000
$310,000
8
______________ - ______________ = Net Worth
Assets, Liabilities
Fixed, Variable
Worth, Net
Liailities, Assets
9
Emily's Net income is $3,200 each month. What percentage of her income goes to Rent if her rent is $960?
30%
25%
20%
50%
10
Best Buy is selling a tablet for $350. How much would the tablet cost if they offer 20% off?
$420
$315
$280
$70
11
Something you OWE that you have to pay back.
Principle
Assets
Liabilities
Net Worth
12
Something you OWN that has monetary value.
Asset
Liability
Net Worth
Principle
13
$3,000 is deposited into an account that earns 5.5% annual simple interest. How much interest will be earned in 6 years?
$3000
$3,990
$990
$99
14
The following are examples of Assets:
College Savings, Cash, Jewelry
Cash, Credit Card Debt, Savings Account
Savings Account, Student Loan, IOU
Student Loan, Jewelry, Furniture
15
The I in I = prt?
I don't know
Time
Internet
Interest
16
The following are examples of Liabilities:
Cash, Credit Card Debt, Retirement Savings
Credit Card Debt, Student Loan, Home Loan
Value of home, Credit Card Debt, Cash
Car loan, cash, home loan
17
Expenses that DO NOT change month to month.
Assets
Fixed
Net Worth
Variable
18
Calculate the Net Worth if Assets = $113,400 and Liabilities = $21,300
$134,700
$92,100
$21,300
$113,400
19
The P in I = prt?
Time
Interest
Dr. Ruiz
Principle
20
Best Buy is selling a tablet for $350. The sales tax is 8%. How much would the sales tax be?
$2.80
$28
$2800
$280
21
Felix earns $1,400 a month. His cell phone represents 5% of his income. How much is his cell phone cost a month?
$5
$70
Not enough information given to answer.
$140
22
How do you calculate Net Income?
Gross Income - Net Income = Taxes
Assets - Liabilities = Net Worth
Taxes - Gross Income = Net Income
Gross Income - Taxes = Net Income
23
When calculating simple interest, what is the first thing you need to do to the interest rate?
Nothing, just start multiplying
Change years to months
Nothing, just start adding
Change the % to a decimal
24
$600 is deposited into an account that earns 6% annual simple interest for 15 years. What would be the interest?
$540
$54,000
$54,600
$1,140
25
If your annual gross income is $265,000, how much would you pay for Social Security if tax rate was 6%?
$13,250
$21,860
$18,400
$15,900
