Financial and Career Literacy Concepts — Test Answers

What is the tax rate for the community in which this purchase was made?

Adrienne has several receipts from recent transactions that she entered in her records. The receipts include an ATM receipt for a 60 point 0 0 dollars withdrawal (plus a 2 point 0 0 dollars transaction fee), a grocery store receipt for 32 point 5 0 dollars , and a 1 dollars comma 200 paycheck deposit slip. When she finishes entering her transactions, Adrienne realizes that her balance is incorrect. Assuming that Adrienne’s beginning account balance was 320 point 0 0 dollars , why is her balance incorrect?

Amala listed her assets and liabilities. Credit Card Balance Car (Paid in full) Jewelry Student Loan Savings Account Stocks $850 $2,200 $125 $2,500 $1,200 $1,500 What is the total of Amala’s liabilities?

Paul wrote a check to the dentist for 345 point 6 9 dollars He’ll use the check register to record his transaction. What will be his new balance? Open image in full-screen view

Glenn and Maggie own a regional chain of juice bars and are looking to expand in the coming year. They already have fifty shops, but they know they will need a loan to reach their goal of one hundred twenty five shops. Which type of banking institution is most suitable for Glenn and Maggie’s business?

Shondra is thinking of making payments for her laptop by setting up automatic withdrawals with the store. What must Shondra consider before she decides to pay with automatic withdrawals?

Dante listed his assets and liabilities on a personal balance sheet. Dante’s Balance Sheet (August 2013) Assets Liabilities cash $900 credit card $4,000 investments $1,100 student loan $1,000 house $150,000 mortgage $100,000 Car $8,000 car loan $5,000 Total Total Which statement is true about the value of Dante’s assets and liabilities?

Which statement describes a disadvantage of Marnie paying a bill by telephone with a credit card or a debit card?

Which payment option provides consistency in on-time bill payment?

Kendrick is planning to buy a house. Which explains why he should establish a positive credit history before buying the house?

Which account has the lowest minimum balance requirement? Bank Account Terms and Conditions A B C D Minimum Balance 500 dollars 250 dollars 300 dollars 100 dollars Interest 0 point 2 percent 0 percent 0 point 0 2 percent 0 percent Overdraft Fees 0 dollars if linked with savings account or 40 dollars per overdraft 35 dollars per overdraft 25 dollars per overdraft 25 dollars per overdraft ATM Usage/Fees 0 dollars for all ATMs 0 dollars for ABC bank ATMs 3 dollars for non-ABC bank ATMs 4 dollars per transaction 3 dollars per transaction Monthly Fee 10 dollars or 0 dollars with direct deposit 0 dollars 0 dollars 0 dollars Annual Fee 0 dollars 10 dollars 0 dollars 12 dollars

Kenya used a debit card to buy a pair of jeans. Which statement is true about her method of payment?

Isabella bought a CD player at the store. She will receive the bill at the end of the month. She plans to pay $30 each month until the bill is paid in full. How did Isabella pay for the CD player?

Beth withdrew 35 dollars from her checking account. In which column should she record the 35 dollars withdrawal? Open image in full-screen view

What is the W-4 form used for?

Kylie has 500 dollars to open a checking account. She wants an account with the lowest fees. She sometimes writes a check for more money than she has in her account. She plans on using only her bank’s ATM to deposit her paychecks and withdraw cash. Bank Account Terms and Conditions Minimum Balance Interest Overdraft Protection ATM Fees Monthly Fee A 500 dollars 0 point 1 percent Yes 0 dollars for all ATMs 0 dollars B 250 dollars 0 percent no 0 dollars for ABC bank ATMs 5 dollars C 50 dollars 0 percent no 2 dollars per transaction 10 dollars or 0 dollars with direct deposit D 100 dollars 0 point 1 percent no 0 dollars per transaction 5 dollars or 0 dollars with direct deposit Which checking account would be best for Kylie?

What is a major difference between retail banks and credit unions?

Gaia’s gross pay per month is $2,895. Her deductions are listed in the table. Deduction Dollar Amount Federal Income Tax $324 State Income Tax $96 Social Security $126 Medicare $39 What is Gaia’s net pay each month?

What provides financial support to workers who are retired or have disabilities?

What common misconceptions about paying taxes exist? Choose four correct answers.