7 th Grade Math STAAR Review Booklet

Transcription

1 7 th Grade Math STAAR Review Booklet Reporting Category 4 Student Name: Teacher Name: 1

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3 Table of Contents Reporting Category 4 Sales Tax and Income Tax.4-9 Personal Budget Net Worth Statement Family Budget..17 Simple and Compound Interest Monetary Incentives

4 7.13A: calculate the sales tax for a given purchase and calculate income tax for earned wages Sales tax is an amount of money ADDED to the original price of a product or service. Calculate the sales tax for a TV that costs $500. The sales tax rate is 8.25%. 4

5 Practice Problems Cassie wants to buy a pair of shoes for $26.50 and a shirt for $9.50. If the sales tax rate is 8.25%, what will be the amount of sales tax on Cassie s purchase? A. $2.89 B. $2.97 C. $3.06 D. $3.13 5

6 Corey purchased a waterproof camera to use on her trip to Schlitterbahn. The camera Is on sale for $240. If the sales tax rate is 7.5%, what is the total cost of the camera including tax? Record your answer and fill in the bubbles on the grid below. Be sure to use correct place value. 6

7 Income tax is based on the amount of money a person earns for the year. Tax Brackets for the 2016 year A married couple filing jointly on their 2016 taxes will make a combined income of $60,000. Use the chart above to determine the amount of income tax that will be owed to the government. 7

8 Practice Problems Jesse earned a total of $75,000 this year. He lives in the District of Columbia where the local income tax rate is 8.5% for all incomes over $40,000. How much will Jesse pay in income tax? Record your answer and fill in the bubbles on the grid below. Be sure to use correct place value. 8

9 In the state where Caleb lives, there is a state income tax of 6% on all income. If he paid $2850 in state income tax last year, what was Caleb s income? A. $17,100 B. $47,500 C. $54,720 D. $57,000 9

10 7.13B: identify the components of a personal budget, including income, planned savings for college, retirement, and emergencies, taxes, and fixed and variable expenses, and calculate what percentage each category comprises of the total budget Vocabulary Assets Budget Expenses Fixed expenses Income Investment Liability Net income Net worth Savings Taxes Variable expenses Wage 10

11 Determine whether each item is an asset or a liability. Which choice best represents something that is not an asset? a. an art collection b. a student loan c. a stock fund d. a car 11

12 Calculate the percentage for each section of the monthly budget shown below. 12

13 Maria s monthly income is $2,000. The table displays the different categories in Maria s monthly budget and the amount of money she spends in each category. Monthly Budget Which statement is not supported by the information in the table? A. More than 1 2 of Maria s monthly income is spent on rent. B. Maria puts 15% of her monthly income into savings. C. More than 1 4 of Maria s monthly income is spent on utilities, cable, and groceries. D. Maria spends 14% of her monthly income on her cell phone and other expenses. 13

14 7.13C: create and organize a financial assets and liabilities record and construct a net worth statement Jeremy is curious about his financial health, so he compiles a list of all his accounts. Analyze each of Jeremy s accounts. Create a net worth statement to organize his financial information into assets and liabilities. 14

15 Determine Jeremy s net worth. The table lists Emily and Joe s assets and liabilities. What is their net worth? a. $217,720 b. $50,307 c. $485,747 d. $268,027 15

16 The table shows Gillian s net worth. Assets are shown as positive numbers, and liabilities are shown as negative numbers. Gillians s net worth is $90,500. Based on the information in the table, what is the amount of money Gillian owes for student loans? A. $19,950 B. $12,250 C. $16,100 D. $86,650 16

17 7.13D: use a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student s city or another large city nearby A monthly budget with expenses is shown. Which equation can be used to determine y, the minimum amount of money a family must earn to meet the requirements of this budget for one year? A. y = 3, B. y = 3,600 7 C. y = 3,600 4 D. y = 3,

18 7.13E: calculate and compare simple interest and compound interest earnings Simple Interest Simple Interest Is calculated based on the amount of money that is deposited. Simple interest is a proportional relationship between the amount of money earned and the amount of money invested. Example: If you deposit $1,000 at a rate of 5% simple interest, how much interest will you earn after 1 year? 2 years? 18

19 Compound Interest Compound interest is calculated at the end of each period, rather than over the course of the whole amount of time. What do you notice about the relationship shown in the graph above? 19

20 A = the amount of money the person has after n years. This includes the interest earned. P = the amount of money that is initially invested in the account, called the Principal. r = the interest rate written as a decimal. t = the number of years that the money is deposited for. Example: If $100 is deposited at a 5% rate compounded yearly, how much interest would you earn the first year? The second year? 20

21 Use the Venn diagram below to compare simple and compound interest. 21

22 Mr. Juarez opened a savings account with an initial deposit of $560 and will not make any additional deposits or withdrawals. The account earns 1% simple interest. What is the total amount that Mr. Juarez will have in his account at the end of 3 years? A. $ B. $56.00 C. $ D. $ Which best describes a difference between simple interest and compound interest? A. In an account paying simple interest, interest is paid both on the principal and previously earned interest, while in an account paying compound interest, interest is paid only on the principal. B. In an account paying simple interest, interest is paid at the end of each year, while in an account paying compound interest, interest is only paid when the account is closed. C. In an account paying simple interest, all interest earned must be withdrawn at the end of each year, while in an account earning compound interest, the interest that has been earned may remain in the account. D. In an account paying simple interest, interest is paid only on the principal, while in compound interest, interest is paid both on the principal and previously earned interest. 22

23 Alex wants to invest $250 in a savings account The bank is providing him two offers. He plans to invest for 2 years in either a Gold Savings account that offers a 4% annually compounded interest rate or a CD that offers a 4% simple interest rate. How much more interest will be earned if Alex chooses the Gold Savings account? Record your answer and fill in the bubbles on the grid below. Be sure to use correct place value 23

24 7.13F: analyze and compare monetary incentives, including sales, rebates, and coupons Vocabulary: A sale is an event at which products are sold at reduced prices. Sales are typically held to clear outdated inventory. A coupon is a detachable part of a ticket or advertisement that entitles the holder to a discount. Coupons are commonly used to entice people to shop at certain stores. A rebate is a refund of part of the amount paid for an item. Generally, a customer completes and mails a form to a company after a purchase, and a rebate check is mailed to the customer. 24

25 While Emma is shopping with her friend Jacob, they notice a sign in the front of the store. They also notice that the two cashiers are applying the discounts differently. The cashier on their left is taking 20% off the total bill and then subtracting $ The cashier on their right is subtracting $10.00 first and then taking 20% off the total. In order to get a better deal, should Emma and Jacob go to the cashier on the left or the right? Or does it not matter? Show all of your work and explain your reasoning. 25

26 Liz is shopping for a game system. Two competing stores offer deals on the system that she wants to purchase Where should Liz shop? Show all of your work and explain your reasoning. 26

27 A car dealership offers two types of discounts. Discount 1: Tkake 5% off the original price of a car built last year and then receive a $3,500 rebate. Discount 2: Take 10% off the original price of a car build this year and then receive a $1,250 rebate. A customer is deciding between two cars. Car R is built last year and has an original price of $25, 340. Car S was built last year and has an original price of $22, 860. Based on this information, which statement is true? A. The customer would pay $19,324 for Car S. B. The customer would pay $24, 073 for Car R. C. The customer would pay $21, 824 for Car S. D. The customer would pay $23, 107 for Car R. 27

28 Carla bought a new phone at Cheap Cell that had a 15% instant rebate. How much money did Carla save from the rebate? Record your answer and fill in the bubbles on the grid below. Be sure to use correct place value 28