Topic Test Answers

Using the following prices, calculate the unit price to determine how much it would cost for 7 granola bars and 9 bottles of water.$7.14 for 6 granola bars$8.72 for 8 bottles of watera.$18.14b.$18.63c.$21.41d.$31.72

Mr. Thom makes $25,900/year salary as a document processor. He has made the following chart in order to divide his weekly paycheck into his accounts: Expense type Account Weekly deposits Essential (Fixed) 1st Checking account $219 Essential (Variable) 1st Checking account $115 Non-essential 2nd Checking account $40 Other (Unexpected) Emergency savings account $20 Other (Predictable) Education investment fund $10 Other (Predictable) Retirement investment fund $40 Other (Predictable) Emergency savings account $15 Total paycheck $498 Unfortunately, he has made a mistake in adding the numbers and has not allocated all of the paycheck. If he deposits the difference into the two emergency savings accounts, how much total per week can he then put towards emergency savings? a. $40 b. $60 c. $74 d. $55 Please select the best answer from the choices provided

The music store is having a 15% off sale on all classical music cds. Lyell has a coupon for 20% off any classical music cd. How much will Lyell save on a classical music cd that has a price of $23.99?a.$7.20b.$7.68c.$8.40d.$9.60

Cassandra is trying to think of a good way to keep her financial records. She makes a lot of purchases, using cash, debit cards, and credit cards about equally. When she gets home every day, she tends to be very tired and doesn’t like to do a lot of organized thinking. She tends to lose individual pieces of paper if she doesn’t file them immediately. What might be a good method for Cassandra to use?a.Recording all of her daily expenditures in an organizational computer program.b.Keeping and collecting receipts for everything she buys.c.Tracking and collecting her bank and credit statements every month.d.Carrying a notebook and immediately recording all of her transactions in it.

The actual income for this month has been reduced by $200. How can this budget be modified so there will be a positive actual net income? Monthly BudgetBudgeted AmountActual AmountIncome Wages$1250$1050Expenses Rent Utilities Food Clothes Cell Phone$450$150$220$200$75$____$____$____$____$____Net Income$155$____a.This budget can be modified by increasing the amount spent on food and utilities and decreasing the amount spent on clothes and rent, thereby maintaining a positive actual net income.b.This budget can be modified by reducing the amount spent on rent and utilities, thereby reducing overall expenses to have the maximum amount of money for all other expenses.c.This budget can be modified by reducing the amount spent on food and clothes, thereby reducing overall expenses to have the maximum amount of money for fixed expenses and maintaining a positive actual net income.d.This budget cannot be modified.

Which of the following statements best gives the reasons that a data usage bill for a smart phone is an essential (variable) expense? a. It is an obligation to pay, but the spender has some control over its amount. b. It cannot be eliminated in a later budget, in order to save money. c. It is expected to be the same amount every month. d. Bills for services rendered have a higher priority than any other type of expense. Please select the best answer from the choices provided

Michael needs to pay car insurance premiums of $958 two times per year. He has decided to make deposits from each paycheck to a savings account for “Other Expenses (Predictable)” to cover this expense. How much should Michael deposit from each paycheck if the paycheck is bi-weekly?a.$80b.$74c.$160d.$37

Zalia meets her friend at the science museum to see a special exhibition. The admission to the museum is $12.50 per person plus tax. Zalia pays for herself and her friend. They have lunch at the museum’s cafe. Zalia has a sandwich for $5.95, an apple for $1.25 and a drink for $1.69. She is charged tax and also tips her server 15%. If tax is 7.25%, how much did Zalia pay all total for her day at the science museum? a. $41.43 b. $37.68 c. $36.35 d. $24.27 Please select the best answer from the choices provided

The Changs updated their bedroom by purchasing a new lamp for $89.95 and a comforter set for $239.99. They paid % sales tax on their purchases. If the Changs paid $351.72 total, determine if they paid the correct amount.a.The Changs family paid $0.33 too much for their purchases.b.The Changs family paid $0.99 too much for their purchases.c.The Changs family paid $5.94 too much for their purchases.d.The Changs family paid the correct amount for their purchases.

Which of the following is most likely used by a seller to target an impulse buyer? a. contest b. coupon c. display d. rebate Please select the best answer from the choices provided

On his road trip, Leon stops to refuel and get some snacks. He has the following purchases:12 gallons of gas at $2.89 per gallon2 granola bars for $1.59 each1 apple for $0.892 bottles of vitamin water for $1.39 eachLeon must pay 7.5% sales tax on everything but the gas, which already has tax included in the per gallon price. If Leon paid $44.64, then he _____ for his purchase.a.did not pay enoughb.paid the correct amountc.paid $2.60 too muchd.paid $3.11 too much

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Given the following information, choose the brand that is the better buy.Brand A: $1.25 for 10 ounces Brand B: $1.47 for 12 ounces Brand C: $1.68 for 14 ounces Brand D: $1.84 for 16 ouncesa.Brand Ab.Brand Bc.Brand Cd.Brand D

Leiff goes online to buy a new video game. He finds a site that currently has a promotion of 15% off on all orders over $50. Leiff decides to buy his video game, with a price tag of $128, at this site because he knows that he will get the 15% discount when he checks out. Leiff pays 5.3% sales tax on the discounted price and pays a shipping fee of $4.75. What is the total of Leiff’s online purchase?a.$112.84b.$114.57c.$118.82d.$119.32

Predict how much money can be saved without having a negative actual net income. Monthly Budget Budgeted Amount Actual Amount Income Wages Savings Interest $1150 $25 $900 $25 Expenses Rent Utilities Food Cell Phone Savings $400 $100 $250 $75 $200 $400 $80 $200 $75 $____ Net Income $150 $____ a. It is not possible to save any money this month without having a negative actual net income. b. $170 can be saved resulting in an actual net income of $0. c. $200 can be saved resulting in an actual net income of $150. d. As long as you are saving money, you will not have a negative actual net income. Please select the best answer from the choices provided

Ben and his housemates signed a lease for an apartment for 12 months for $563 per month of which Ben agreed to pay $215 per month. Which of the following statements best gives the reasons that Ben’s rent payment is an essential (fixed) expense? a. It cannot be eliminated in a later budget, in order to save money. b. Living expenses have a higher priority than any other type of expense. c. The spender controls the amount of the rent by choice of apartment. d. He agreed to pay the same amount every month. Please select the best answer from the choices provided

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The following list shows the items and prices for a restaurant order. Calculate the total amount if there is a 7% tax and the customer leaves a 20% gratuity.1 appetizer: $7.392 entrees: $16.99 each1 dessert: $5.292 drinks: $2.30 each a.$65.82b.$65.10c.$54.85d.$40.60

Give an example of when an actual net income would result in a negative number. a.When the budgeted expenses exceed the actual expenses, the result is a negative actual net income.b.When the actual expenses exceed the actual income, the result would be a negative dollar amount.c.When the budgeted income is less than the actual income, the result is a negative actual net income.d.When the actual expenses are less than the actual income, the result is a negative dollar amount.

Rounded to the nearest thousandth, what is the decimal equivalent of %?a.0.067b.0.068c.0.677d.0.678