Unit Test — Unit test Answers

Benito’s family is thinking of relocating from Los Angeles to Oakland to save money. They set up a budget comparing the cost of living for both cities. OaklandLos AngelesBudget ItemCostCostHousing$565$1200Food$545$655Health Care$245$495Taxes$450$625Other Necessities$350$495Monthly Total How much money will they save monthly by the move to Oakland?

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

Dima called her friend to tell her that she saved 30% on her new skirt at a discount store. Her friend told her that she could have gotten a better deal at a different store that was advertising a sale of off all clothing. If the original price of Dima’s skirt was $54, how much more could she have saved at the store her friend suggested?

Mikkel pays a 4 percent state income tax on his earnings. If he earns $1,867, how much state income tax can he expect to pay?

The chart describes four situations involving financial responsibility.Financial ResponsibilityPersonFinancial DecisionsHallieHas multiple loans at the same timeHaydenHas more income than the amount of debtAlisonMade payments less than the minimum amount dueJoelMade late payments several times before the bill was paidWhich person is financially responsible?

There are four steps in solving one’s personal financial challenges:1. considering opportunity costs2. assessing risks and returns 3. setting short- and long-term goals4. assessing needs and wantsWhich of these is the correct order of these steps?

George’s parents are going on a cruise and are concerned about paying their bills while they are gone because they will not have the usual means of communication. What is the best payment method for them to use while they are gone?

After he bought a new car, Nelson purchased car insurance. He must pay $75 each month for the plan.Later that month, Nelson caused a car accident when he lost control of his vehicle. He was required to pay the first $500 of his repair costs, and then the insurance company covered the rest.

In American society, which of these is an example of a want?

Which is a long-term consequence of making late payments on your bills?

Georgia’s gross pay was $35,600 this year. She is to pay a federal income tax of 16%. How much should Georgia pay in federal income tax this year? Round to the nearest dollar.

Which is a possible benefit of having a good credit history?

Ted has $55.00 in his pocket. Which purchase will he be able to pay for with cash?

A dishwasher is priced at $475. There are two options offered to reduce the price: either a 15% discount off the price or a rebate of $75. Which is the better choice, and what is the extra amount saved?

When an insurance company needs to provide a payout, the money is removed from

Planning to finance higher education helps people prepare for their financial future because it teaches them about

An entrepreneur keeps backup funds in a savings account so that if their business experiences a loss, they will be able to recuperate. What type of risk management is this an example of?