AnswersPersonal Finance - MathSci Elective half creditCumulative Exam

Cumulative Exam — Cumulative exam Answers

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41
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Julia’s gross pay was $4,500 last year. The federal income tax withholding from her pay was 13% of her gross pay. Julia determined the federal income tax she owes is $495. How much of a refund can Julia expect?

A
$64.35
B
$90.00
C
$430.65
D
$585.00
42
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What is one reason why the government would provide financial assistance to an entrepreneur?

A
to decrease the high rate of failure of new businesses
B
to encourage the invention and development of products
C
to stimulate the economy while decreasing unemployment
D
to limit the amount of personal funds used to start the business
43

An interest in supervising other workers would be useful for someone who wanted to become

A
an office manager or warehouse manager.
B
a freelance writer or graphic designer.
C
a grocery clerk or supermarket cashier.
D
a letter carrier or delivery person.
44

Anthony likes hands-on learning so he is looking for a career with post-secondary training that is more hands on and less classroom based. Based only on this criteria, which career should Anthony choose last?

A
auto technician
B
HVAC (heating, ventilation, air-conditioning) technician
C
marine biologist
D
building construction
45

In which situation would a savings account be the best investment to earn interest?

A
when you need to make frequent payments for bills
B
when you have to pay monthly installments for a loan
C
when you need immediate access to cash
D
when you want to buy a new car in 3 years
46

Public property is land or goods

A
owned by an individual.
B
owned by the government.
C
used for private businesses.
D
used to gain personal wealth.
47

When entrepreneurs develop new products, other companies also experience growth because they

A
immediately copy the successful product.
B
create many companion products.
C
try to develop their own products.
D
attempt to improve the product.
48

Which expenditure will be the same whether you lease or buy a new vehicle?

A
total cost
B
monthly payments
C
gas cost
D
required down payment
49

The chart shows pricing and payment options for two big-ticket items.

Question illustration
A
rent-to-own; installment
B
installment; rent-to-own
C
rent-to-own; rent-to-own
D
save up and pay cash
50

If a computer costs $600.00 and the sales tax rate is 7.5 percent, what is the total cost of the computer?

A
$607.50
B
$615.00
C
$622.50
D
$645.00

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