1. 4 October 2018
Financial Algebra

2. 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…

3. Chapters 1-4 Test Review
Financial Algebra

4. 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

5. 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

6. 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

7. 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

8. Question 3
Lucas just got his first pay check and noticed that he only brought home $ 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

9. Question 3
Lucas just got his first pay check and noticed that he only brought home $ 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

10. 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

11. 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

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

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

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

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

16. 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

17. 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

18. 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

19. 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

20. 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

21. 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

22. 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

23. 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

24. 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

25. 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

26. 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

27. 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

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

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

30. 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

31. 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

32. 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

33. 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

34. 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

35. 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