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Unit 4 Planning Your Future Review

Last updated about 4 years ago
28 questions
6

Drag the different scenarios to the correct term.

  • Fancy Artwork
  • Car Loan
  • Savings Account
  • Credit Card Debt
  • Car Value
  • Home Loan
  • Cash
  • Assets
  • Liabilities
6

Match the vocabulary words with the correct definition.

  • Gross Income
  • Net Income
  • Salary
  • Income Tax
  • Deductions
  • Amount of money earned BEFORE taxes or deductions are taken out.
  • Amount of money withheld from your income and used by the government
  • Amount of money earned AFTER taxes and deductions have been made.
  • Amount of money earned anually.
  • Amount of money taken out of an income either for taxes or other scenarios
2

Define gross income and net income.

  • the amount of money you get to keep after taxes
  • the amount of money earned before taxes.
  • Gross Income
  • Net Income
1

When you pay income taxes you deduct it from your gross pay.

1

A doctor has an annual income of $152,125. The income tax the doctor has to pay is 6%. What is the amount of income tax in dollars and cents that the doctor has to pay?

1

Type in your answer from question 3 in dollars and cents. Do not use the $ symbol.

1

When you find sales tax, you add it to the price of the item or items purchased.

1

When you shopping sales, you subtract the discount from the price of the item.

1

A backpack costs $75 and is on sale for 25% off. How much is the discount? (Round to nearest cent)
Type in your answer in dollars and cents. Do not use the $ symbol.

2

How much are the reductions taken from Elliot's earnings?

2

How much is Elliot's gross income?

2

How much is Elliot's net income?

1

What is the regular price of the record?

1

What is the sales tax amount in dollars and cents?

1

What is the total cost Sebastian will pay for the record player?

1

Find Mrs. Carrier's Net Income. Show your work.

1

Select your answer for Number 16, the previous question.

6

Decide whether the following items are Fixed or Variable Expenses.

  • Mortgage Payment
  • Utilities Bill (electricity, water, natural gas, etc.)
  • Gas for your car
  • Cousin's birthday present
  • Monthly Car payment
  • Health Insurance
  • groceries
  • Fixed
  • Variable
1

What is the sum of the Assets?

1

What is the sum of the Liabilities?

1

What is the Net worth?

2

1

David has a loan of $25,680. This loan has a simple interest rate of 5% per year. What is the amount of interest that David will be charged on his loan at the end of one year?

1

Type in your answer to the previous question here.

1

2

Using the answer from the previous question, which store has the "better buy"?

1

2

Type your answer to the previous question here.