Financial Literacy Semester 1 Final Exam Review

Transcription

1 Financial Literacy Semester 1 Final Exam Review Name: Hour: All work must be shown to receive full credit. Your work must match the answer. SC 1: I can calculate straight-time pay. 1. Find the straight time pay: $10.25 per hour for 31 hours. SC 1: I can calculate overtime pay. 2. Find the overtime pay at the overtime rate of time and a half: $10.50 per hour for 55 hours. Any hours worked over 40 hours is considered overtime. SC 1: I can calculate the hourly rate. 3. Sharise Brodhead folds and glues corrugated cardboard boxes at the rate of $0.65 per box. If she averages 32 boxes an hour, how much is her average hourly pay? SC 1: I can calculate salary per pay period. 4. Julian Hathaway earns $65,000 annually as an administrative assistant. If his company issues biweekly paychecks, how much is each check? SC 2: I can calculate piecework commission. 5. Eddie Foster packs and seals pens at the rate of $0.32 per pack. At the end of his eight-hour shift, Foster has packed and sealed 600 packs of pens. How much did he earn? SC 2: I can calculate straight commission. 6. Walter Slater sells appliances and earns 4.5 percent commission in addition to his salary. Last month he sold $52,000 in appliances. How much was his commission check? SC 2: I can calculate graduated commission. 7. Don sells stereo equipment in an electronics store. He receives 2% commission on his first $5,000 of sales, 4% on the next $7,000, and 6% on sales over $12,000. Don's sales for the past month totaled $18,200. What is his commission for the month? SC 3: I can calculate federal taxes using a table. 8. Melika Yasin's gross pay for this week is $ She is married and claims no allowances. According to the table, what amount will be withheld from Ms. Yasin's pay for Federal Income Tax? SC 3: I can calculate flat state tax. 9. Donna Forrester's gross pay is $88,000 a year. The state income tax rate is 5% of taxable wages. Donna takes a married exemption of $3,000 for herself and her husband. How much is withheld from her gross earnings for state income tax for the year?

2 SC 3: I can calculate graduated state tax. 10. Warren s annual salary is $54,500. His personal exemptions total $1,500. The annual tax withheld is: 2.5% of the 1st $2,000, 5% of the next $2,000, 5.5% of the next $2,000, and 6% over $6,000. How much is deducted annually for state income tax? SC 4: I can calculate Medicare and Social Security tax. 11. Charles Stickley's gross weekly pay is $1015. His earnings to date for this year total $21,045. What amount is deducted weekly for Social Security taxes? SC 5: I can calculate the income withheld for group insurance. 12. Carrie Ambrose has family medical coverage through her employer's group medical plan. The annual cost of Ambrose's coverage is $5,725. If her employer pays 80% of the coverage, how much does Carrie have to pay? SC 6: I can calculate the total checking account deposit. 13. Shannon Kelley makes a deposit in her checking account. She has checks for $ and $ Shannon gets back $50.00 in cash. What is her total deposit? SC 7: I can calculate the balance in a checkbook register. 14. The previous balance in your check register is $ You make a deposit of $ You write a check for $ What is your new balance? SC 8: I can reconcile a checkbook. 15. Your statement balance is $ You have an outstanding check for $85.00 and an outstanding deposit for $ What is your adjusted balance? SC 6: I can write a check. 16. Which of the following is the correct way to write the amount $1,125.45? SC 9: I can calculate simple interest. 17. Francois DuFresne deposits $ in a savings account. The account pays an annual interest rate of 3.5%. He makes no other deposits or withdrawals. After 3 months, the interest is calculated. How much simple interest did his money earn? SC 10-11: I can calculate quarterly compound interest. I can determine the amount in an account at the end of interest period. 18. First Savings pays 6% interest compounded quarterly on regular savings accounts. Angela Polacco deposited $1,200 for 2 years. She made no other deposits or withdrawals. According to the table below, how much interest did Polacco earn during the 2 years? SC 10-11: I can calculate daily compound interest. 19. Suppose you deposit $6,125 in an account that pays 2.5% interest compounded daily. How much interest will you earn in 15 days? SC 12: I can calculate interest compounded continuously. I can determine the amount in an account at the end of interest period. 20. Suppose you deposit $12,325 in an account that pays continuous compound interest at 9%. How much will be in the account at the end of 9 years?

3 SC 13: I can calculate the interest earned in 1 year for savings accounts given the APR. 21. Ray Vaughn invests $5,000 in a 1-year certificate of deposit that earns interest at an annual rate of 2% compounded monthly. How much interest will he earn at the end of one year? SC 13: I can calculate the APY for a certificate of deposit. 22. Tina Mendoza invested $4,000 in a certificate of deposit for 2 years. The certificate earns interest at an annual rate of 6.50% compounded monthly. What is the effective annual yield to the nearest thousandth of a percent? SC 14: I can calculate the annual interest and yield to maturity for a bond. 23. Claire Hofbauer purchased a $3,500 bond at the quoted price of The bond paid interest at a rate of 3.5 percent. Find the yield to maturity to the nearest hundredth of a percent. SC 15: I can calculate the total cost when buying stock. 24. Mary Beth Healey purchased 200 shares of stock at $12.50 per share. Her Internet online broker charged her a $20 commission. What is the total amount that she paid for the stock? SC 15: I can calculate the annual yield of a stock. 25. Geoffrey Richards bought 50 shares of stock at $25 per share. The company paid annual dividends of $0.45 per share. What is the annual yield to the nearest hundredth of a percent? SC 15: I can determine the net loss or profit from selling stocks. 26. Aisha Knox paid a total of $3,500 for 50 shares of stock. He sold the stock for $45.50 a share and paid a sales commission of $ What is the profit or loss from the sale? SC 16: I can calculate sales tax. 27. Toby Decker bought a DVD player for $ What is the sales tax if Decker lives in Kingston, New York, where the state tax is 3 percent and the county tax is 2 percent? SC 16: I can calculate the total purchase price of an item. 28. Ivy Glassman purchases a watch for $ The sales tax rate is 6 percent. What is the total purchase price? SC 17: I can use the unit price to determine the better buy. 29. Jars of apple sauce are sold in four sizes. The price of a 12-ounce jar is $2.37. The price of a 24-ounce jar is $2.49. The price of a 28-ounce jar is $3.79. The price of a 32-ounce jar is $2.99. Based on price alone, which jar is the best buy? SC 18: I can calculate the markdown. 30. Mac purchased a digital camera at a sale price of $ The regular selling price is $ What was the markdown? SC 18: I can calculate the sale price. 31. Jose Martinez wants to purchase a lawn mower that regularly sells for $ This week the lawn mower is on sale for 20 percent off. What is the sale price? SC 19: I can convert between different forms of currency. 32. If a basket of goods costs 2500 euros in Europe and the American dollar exchange rate on the euro is 1.40 per US dollar. What would the same basket of goods cost in the American dollar?

4 SC 20: I can calculate the costs for health care. 33. Joan is single and has a health insurance plan with the benefits listed to the right. Her recent network health care costs include co-payments for 15 physical therapy visits, 8 physician visits, and 4 specialist visits. SC 20: I can calculate health insurance premiums. 34. Derek is 60 years old. He wants to purchase a $300,000, 5-year life insurance policy. The premium per $1,000 is $5.19. What is his annual premium? SC 21: I can calculate the annual premium for term-life insurance. 35. Valerie Kellerman is 35 years old. She wants to purchase a $150,000, 5-year life insurance policy. The premium per $1,000 is $2.27. What is her annual premium? SC 22: I can use tables to compute the annual premium for whole and universal life insurance. 36. Juan is 40 years old and wants to purchase a whole life insurance policy valued at $75,000. What is his annual premium?

5 One thousand one hundred twenty-five and 45/ % % % , loss or ounce Answers