Practice Exam Answers

The charts show the effect of an interest rate adjustment on an adjustable-rate mortgage. Before adjustment Component Cost (P) Principal $200,000 (R) Monthly interest rate point 4 percent (n) Total number of monthly payments remaining 360 (M) Monthly payment 1 dollars comma 059 point 8 5 After adjustment Component Cost (P) Principal $187,000 (R) Monthly interest rate point 5 percent (n) Total number of monthly payments remaining 336 (M) Monthly payment 1 dollars comma 162 point 5 6 The change in interest rate shown in the charts resulted in

A tariff is a type of

Which is the best solution for her dilemma? Tamara has a hard time remembering pin numbers for her credit cards, but she wants to keep the information secure.

Which of these is not one of the eight recognized consumer rights?

A factory owner might decide to manufacture shirts in Pakistan instead of the United States because

You have a gross income of $117,151 and are filing your tax return singly. You claim one exemption and can take a deduction of $2,713 for interest on your mortgage, an adjustment of $2,791 for business losses, an adjustment of $1,346 for alimony, a deduction of $2,086 for property taxes, a deduction of $2,376 for contributions to charity, and an adjustment of $1,091 for contributions to your retirement fund. The standard deduction for a single filer is $5,700, and exemptions are each worth $3,650. What is the difference between your adjusted gross income and your taxable income?

Manny makes these purchases at the store: pair of jeans for 32 point 6 5 dollars 3 t-shirts for 14 point 8 9 dollars each pair of sneakers for 39 point 9 9 dollars The store is having a promotional sale where 10 percent is taken off of each customer’s total purchase before tax. The sales tax is 8 percent If Manny paid 114 point 0 3 dollars , then he _____ for his purchase.

Yarin’s gross pay for the year was 3 dollars comma 500 The federal income tax withholding from his pay was 9 percent of his gross pay. Yarin determined the federal income tax he owes is 115 dollars How much of a refund can Yarin expect?