Topic Test — Cumulative exam Answers

The table below shows the earnings, in thousands of dollars, for three different commissioned employees. $2,000 + 3% on all sales7% on all sales5% on the first $40,000 + 8% on anything over $40,000December4.45.65.2January3.53.853.6February4.74.94.4Who had the largest dollar amount in sales for the month of December?

Alexa has finished her culinary training program and is now working full-time as a chef in a hotel resort restaurant. She has tripled her salary from when she was working part-time to pay her expenses through school. How should this increased income affect her budget? Make comparisons with her previous budget and her current budget. Monthly Budget Previous Budget Current Budget Income Wages $800 $2400 Expenses Rent Utilities Groceries Savings Bus Pass $300 $60 $200 $100 $30 $300 $60 $250 $150 $30 Net Income $110 $1610

Which of the following modifications to the list of assets and liabilities below would result in a net worth of $100,000?Recreational Vehicle valued at $110,000.Car valued at $27,000.Medical bills totaling $8,700.Loan balance of $80,000.Savings of $5,000.Retirement fund of $50,000.Credit card balance of $2,300.

Lauryn’s wages were not as much as she had budgeted. How can her budget be modified so there will be a positive actual net income?

Four different stores have the same watch on sale. The original price and discounts offered by each store are listed below. Rank the stores from the cheapest to most expensive sale price of the watch.Store A: price $129.99 and discount of 25%Store B: price $119.99 and discount of 15%Store C: price $115.99 and successive discounts of 5% and 5%Store D: price $109.99 and discount of 10%

Teri goes shopping for some new clothes and then out to lunch with a friend. She spends $32.94 on some shirts, $15.89 for a belt and $19.99 each for two dresses that are on sale. For lunch, Teri has a salad that is $6.95, iced tea for $1.49 and dessert for $3.49. Teri pays 7% sales tax on both her shopping items and lunch. She tips her server 15%. How much has Teri spent all total for the day?

Damian wants to save $7200 to buy a car within the next 2 years. Which budget would help Damian save enough money to buy a car in a timely manner with minimal effect on his other essential expenses? Monthly Budget Budget A Budget B Budget C Budget D Income $1000 $1,000 $1,000 $1,000 Expenses- Rent Utilities Food Bus Pass Car Savings School Savings $300 $75 $150 $25 $350 $100 $300 $75 $150 $25 $250 $200 $300 $75 $75 $0 $300 $250 $300 $75 $150 $25 $100 $350

Which of the following modifications to the list of assets and liabilities below would result in a positive net worth?Home owned $105,000.Mortgage owed $100,000.Car valued at $26,000.Car loan of $22,000.Investment fund of $4,500.Savings of $1,500.Credit card balance of $15,000.

You want to buy a new pair of Kickin’ sneakers and you see the following ads:Store AAll Sneakers 25% Off!Kickin’ Brand priced at $80Store BAll Sneakers 20% Off!Kickin’ Brand priced at $80Coupon for Store AGood for an additional 10% off on any sneaker purchase.Coupon for Store BGood for an additional 15% off on any sneaker purchase.Which store would you go to in order to get the best deal on your sneakers? Explain your reasoning.

Sammy makes $2362/month as a baseball coach. He is making a budget, and has made the following chart in order to divide his monthly paycheck into his accounts: Expense type Frequency Account Monthly amount Items Essential (fixed) Monthly Checking $1292 Rent, car, insurance Essential (variable) Monthly Checking $420 Basic groceries, telephone, electricity, cable TV, batting practice. Non-essential Monthly Cash $260 Snack items, restaurants, gifts, movies. Other (predictable) Annual Emergency savings $130 Health exams, clothing, food, baseball coach magazine. Other (unpredictable) Annual Emergency savings $210 Non-insured healthcare, repairs, and income replacement. Other (long-term) 5 years Vacation savings $50 Vacation. Total $2362 Sammy has included a total row to help make sure that his paycheck can be divided to make deposits into these 4 accounts. If there were any extra, then he would increase one or all of the deposits. If there were not enough, he would decrease one or all of the deposits. Explain how Sammy calculated his total amount deposited.