4 October 2018 Financial Algebra

Announcements Your quiz is next class (Monday) It is 32 questions Entirely multiple choice Wednesday: I probably won’t see you…so I’m going to wish those taking the PSAT/SAT “good luck” Make-ups still need to be in/taken by this date Work submission page will disappear by midnight Friday: Probably an activity schedule…

Chapters 1-4 Test Review Financial Algebra

Question 1 Which of the following is an example of an opportunity cost? Getting a scholarship to college Getting a job Going to work instead of the beach Going to the beach instead of working

Question 1 Which of the following is an example of an opportunity cost? Getting a scholarship to college Getting a job Going to work instead of the beach Going to the beach instead of working

Question 2 Which of the following is an aspect of a personal financial plan? Planning your spending Planning your borrowing Planning your saving All of the above

Question 2 Which of the following is an aspect of a personal financial plan? Planning your spending Planning your borrowing Planning your saving All of the above

Question 3 Lucas just got his first pay check and noticed that he only brought home $115.86 this week. He worked 15 hours and thought that he was making $9.50 an hour. How much did his employer withhold from his paycheck? $26.64 $142.50 $106.36 $17.14

Question 3 Lucas just got his first pay check and noticed that he only brought home $115.86 this week. He worked 15 hours and thought that he was making $9.50 an hour. How much did his employer withhold from his paycheck? $26.64 $142.50 $106.36 $17.14

Question 4 Tiffany is thinking about buying a car and is comparing two vehicles. One gets 15 miles to the gallon (mpg) and the other gets 30 miles to the gallon. Assuming that she drives 6,000 miles a year, how much money would she save by buying the more fuel efficient car if gas is $4 a gallon? $1,600 $800 $200 $2,400

Question 4 Tiffany is thinking about buying a car and is comparing two vehicles. One gets 15 miles to the gallon (mpg) and the other gets 30 miles to the gallon. Assuming that she drives 6,000 miles a year, how much money would she save by buying the more fuel efficient car if gas is $4 a gallon? $1,600 $800 $200 $2,400

Question 5 A(n) _____________ is anything that we owe, like a car loan or a credit card balance. asset liability net worth budget

Question 5 A(n) _____________ is anything that we owe, like a car loan or a credit card balance. asset liability net worth budget

Question 6 Managing risk, retirement planning, and investing are all components of a(n)_________. budget personal balance sheet financial plan cash flow statement

Question 6 Managing risk, retirement planning, and investing are all components of a(n)_________. budget personal balance sheet financial plan cash flow statement

Question 7 You have decided to save 12% of your income over the next year. Assuming that you bring home $367 per week, how much money will you save during that time? (Round to the nearest dollar) $355 $44 $3,058 $2,290

Question 7 You have decided to save 12% of your income over the next year. Assuming that you bring home $367 per week, how much money will you save during that time? (Round to the nearest dollar) $355 $44 $3,058 $2,290

Question 8 Samantha has a car that is worth $12,600. She still owes $5,490 on her car loan. She also has an outstanding balance of $320 on her credit card. What is the total of Samantha’s liabilities? $6,790 $5,490 $5,810 $7,110

Question 8 Samantha has a car that is worth $12,600. She still owes $5,490 on her car loan. She also has an outstanding balance of $320 on her credit card. What is the total of Samantha’s liabilities? $6,790 $5,490 $5,810 $7,110

Question 9 A financial plan should be followed as it is written until the goals set in the plan are achieved be evaluated periodically and revised as needed only be revised when a person’s job changes remain the same unless a person changes financial goals

Question 9 A financial plan should be followed as it is written until the goals set in the plan are achieved be evaluated periodically and revised as needed only be revised when a person’s job changes remain the same unless a person changes financial goals

Question 10 Craig is hoping to buy a PS4 when it is released in November. This is an example of a(n) ______. short-term goal middle-term goal long-term goal forecast

Question 10 Craig is hoping to buy a PS4 when it is released in November. This is an example of a(n) ______. short-term goal middle-term goal long-term goal forecast

Question 11 Faith’s original financial plan required that she save $150 a month for two years in order to have $3,600 for the down payment on a car. However, after a year and a half she has only managed to save $2,400. How much will Faith have to save each month in order to reach her original goal of $3,600? $200 $100 $400 $150

Question 11 Faith’s original financial plan required that she save $150 a month for two years in order to have $3,600 for the down payment on a car. However, after a year and a half she has only managed to save $2,400. How much will Faith have to save each month in order to reach her original goal of $3,600? $200 $100 $400 $150

Question 12 Laquan expects to work about 16 hours a week during the next school year. Assuming that he makes $7.75 an hour and works the entire 36 week school year, what is his forecast for income over the next school year? $124 $6,448 $4,464 $279

Question 12 Laquan expects to work about 16 hours a week during the next school year. Assuming that he makes $7.75 an hour and works the entire 36 week school year, what is his forecast for income over the next school year? $124 $6,448 $4,464 $279

Question 13 __________ are certificates that represent fractional ownership in a company. Stocks Bonds Real estates Mutual funds

Question 13 __________ are certificates that represent fractional ownership in a company. Stocks Bonds Real estates Mutual funds

Question 14 Which of the following is considered a long- term liability? A credit card that is paid off every month A mortgage Money you borrowed from your best friend The scholarship money you received

Question 14 Which of the following is considered a long- term liability? A credit card that is paid off every month A car loan Money you borrowed from your best friend The scholarship money you received

Question 15 Nigel owes 36 shares of Company X stock and 72 shares of Company Y stock. How much is his stock worth if Company X sells for $125 a share and Company Y sells for $17.50 a share? $1,260 $4,500 $9,630 $5,760

Question 15 Nigel owes 36 shares of Company X stock and 72 shares of Company Y stock. How much is his stock worth if Company X sells for $125 a share and Company Y sells for $17.50 a share? $1,260 $4,500 $9,630 $5,760

Question 16 Francita’s car is worth $12,000 and she still owes $9,000 on it. She has $2,125 in her savings account and a speaker system worth $700. How much does she have in liquid assets? $12,700 $5,825 $2,125 $2,825

Question 16 Francita’s car is worth $12,000 and she still owes $9,000 on it. She has $2,125 in her savings account and a speaker system worth $700. How much does she have in liquid assets? $12,700 $5,825 $2,125 $2,825