Topic Test Answers

Theresa is buying a condo that costs $127,500. She has $8,300 in savings and earns $3,200 a month. Theresa would like to spend no more than 20% of her income on her mortgage payment. Which loan option would you recommend to Theresa?

Constructed ResponseThe question below refers to the selection “She Walks in Beauty.”

What is opportunity cost?

Answer the following question in 3-4 complete sentences. Examine the two fashion advertisements above. The advertisement on the left is from the 1920s, and is for a jewelry company. The advertisement on the right is from the 1950s, and portrays the famous model Dovima in an evening dress designed by Christian Dior. Which do you find most persuasive? List at least 2 reasons.

Which iteration must have an expression that has a true or false value?

Mauro just won $1,000,000 from the lottery! Despite his excitement in winning a tremendous amount of money, his brother (who is an accountant) warns him not to spend it all at once and hands him this tax rate schedule for single taxpayers. Taxable Income Federal Tax $0 - $7,825 10% of amount $7,825.01 - $31,850 $725.50 plus 15% of amount over $7,825 $31,850.01 - $77,100 $4,386.25 plus 25% of amount over $31,850 $77,100.01 - $160,850 $15,698.75 plus 28% of amount over $77,100 $160,850.01 - $349,700 $39,148.75 plus 33% of the amount over $160,850 $349,700.01 and up $101,469.25 plus 35% of amount over $349,700 Using this chart, a taxpayer who makes $58,000 annually (line 3) will have to pay $4,386.25 plus 25% of the difference of 58,000 and 31,850 or 4,386.25 + (0.25)(58,000-31,850) = $10,923.75. Before winning the lottery, Mauro’s annual income was $34,500. Use the chart to determine Mauro’s federal tax before winning the lottery and after winning the lottery. How much extra does he have to pay in federal taxes because he won the lottery?

When you are considering changing careers, it is important to manage the process to achieve your desired outcome.

The Davis family purchased a house last year. They put $20,000 towards a down payment and took out a $265,000 mortgage. Because it was a new home, all the repairs and maintenance were covered under the builder’s warranty, but the Davises want to budget this coming year for unexpected expenses. When estimating costs for home repair and maintenance, a good estimate is to budget 1% of the purchase price of a house. What would be a good yearly estimate of repairs and maintenance for the Davis family’s home?

The following question is based on your reading of “The Ramayana.” In The Ramayana, Sita had to prove her virtue by going into the fire. Do young women have to prove themselves today? How so?

Jamal has owned his home for about 5 years. His refrigerator needs to be replaced and Jamal is thinking about buying an Energy Star-labeled model that will save money on his utility bills. The model he is looking at costs $598 and advertises a cost of only 12 cents per day. Jamal has calculated that he spends about $132 per year on his old refrigerator. How long would it take for the new refrigerator to pay for itself in lower utility costs? Round to the nearest whole year.

To close on a home purchase you only need to pay the down payment and realtor fees.

Which passage from “Ode to the West Wind” best illustrates the ultimate request the speaker has for the wind? Explain.a. “Be through my lips to unawakened earth / The trumpet of a prophecy!”b. “Oh, lift me as a wave, a leaf, a cloud!”c. “I would ne’er have striven / As thus with thee in prayer in my sore need.”d. “If I were a dead leaf thou mightest bear”

Money held by the lender to pay homeowners insurance and property taxes is put in a fund called _____.

Describe what a loan discount point is and what effect it has on a home loan.

Which is a conditional statement?

Answer the following question in 1-2 complete sentences. What is a storyboard? What is its purpose? Optional Activity: Below is an example of a storyboard without pictures (large blue boxes) or descriptions (small white boxes). Create your own storyboard by printing this out, or recreating it on paper using a pen/pencil. Try to make you own storyboard. Remember that it does not have to be perfect because the idea is to just make an outline of rough sketches and brief descriptions.

Ralph’s annual income is about $32,000. Based on his expenses illustrated in the graph below, roughly how much should Ralph expect to pay in taxes this year?

What is an inappropriate place to do research for a new job?

Mandy has an annual salary of $37,580. Each month she has a car payment of $265 and a student loan of $120. If she applies for a home loan, how likely is it Mandy will be approved based on her debt-to-income ratio?