Topic Test Answers

Examine the following budget: Monthly Budget Budgeted Amount Actual Amount Income Wages Savings Interest $1150 $25 $900 $25 Expenses Rent Utilities Food Cell Phone Savings for Car $400 $100 $250 $75 $200 $400 $80 $200 $75 $200 Net Income $30 What is the actual net income for the month? What, if any, changes would have improved the budget for the month?

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%

A financial transaction that is added to a ledger balance is called a credit.

Taking successive discounts of 15% off and then 25% off is the same as taking a one time discount of 40%.

Wynona buys some new boots that are priced $85.79. She gets successive discounts of 10% followed by 5% off on the boots. The purchase price of Wynona’s boots is _____ of the original price.

Sofia still lives at home, but helps with the rent paying $200 per month. She has a job that pays about $700 per month after taxes. She has to pay for her own personal items such as clothing and toiletries spending about $120 per month. Going out with friends is important to her, but she also wants to save money to buy her own car. Select the budget that would best help meet her goals.Monthly BudgetBudget ABudget BBudget CBudget DIncome$700$700$700$700Expenses - Rent Personal Items Entertainment Savings$200$120$100$250$200$120$300$50$200$120$200$150$200$120$325$25

An mp3 player is on sale for 30% off the regular price of $39.98. How much is the discount?

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