ReadyMath TrainerOnline Assessment

and Intervention

Personal

my.hrw.com

MODULE QUIZ

13.1 Calculating Sales and Income Tax1. Marcel bought a new hat for $21.99 and 2 pairs of socks for $3.99

each. What is the total price, including a 7.5% sales tax?

For 2–3, use the tax table shown. Jennifer computed her taxable income as $24,382 and paid $3,115 in federal withholding.

2. How much federal income tax is Jennifer required to pay?

3. Determine whether Jennifer still owes money or will get a refund,

and what amount that is.

13.2 Calculating and Comparing Simple and Compound Interest

4. Two savings accounts each start with a $200 principal and have an interest rate of 5%. One account earns simple interest and the other is compounded annually. Which account will earn more interest over 10 years? How much more?

13.3 Making Purchasing Decisions5. Brenda wants to buy a sweater that is regularly priced at $27.

She can apply one of two coupons, $5 off or 25% off. Which should she use?

6. How can you use your knowledge of taxes and simple and compound interest to help you make informed decisions in the real-world?

ESSENTIAL QUESTION

If line 43 (taxable income is – And you are single

At least But less than Your tax is –

24,250 24,300 3,21624,300 24,350 3,22424,350 24,400 3,231

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ReadyMath TrainerOnline Assessment

and Intervention

Personal

my.hrw.com

MODULE QUIZ

14.1 Personal BudgetsFor 1–3, use the following information on the Plimpton family’s monthly budget.

Their net monthly income is $4,500. They have an emergency fund that is 6% of their monthly budget and they have a savings of 7% per month. Medical costs are $675 per month, housing is $1,485, and transportation costs $450. Food accounts for 17% of the monthly budget and they spend 5% on entertainment. They also spend 7% of the budget on clothing each month.

1. How much does the Plimpton family spend on clothing each month?

2. How much does the Plimpton family spend on entertainment each year?

3. How much more does the Plimpton family spend on food than on savings each month?

4. What percent of the net monthly income goes to housing?

14.2 Planning a Budget 5. Ms. Wofford and her two sons live in Lubbock, Texas, where she makes

$3,200 a month. She is thinking of transferring to Abilene and uses an online family budget estimator to see her potential monthly expenses. Use the table below. Is a transfer to Abilene a good financial move for the Woffords? Explain.

Description Lubbock Monthly Budget Estimate

Abilene Monthly Budget Estimate

Total monthly expenses $2,951 $2,775

Necessary monthly income $3,111 $2,812

14.3 Constructing a Net Worth Statement 6. Calvin lives in a home with a value of $185,000 and has a mortgage

of $145,000. He has a stock portfolio worth $11,700. He owns his car, which is valued at $10,500. He has $15,300 in student loans to repay. He has a credit card balance of $6,228. He also has $3,400 in a bank account. What is Calvin’s net worth?

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1. Sidney bought a backpack for $34.99 and 3 notebooks for $1,89 each. What is the total price, including sales tax?

A. $38.77 C. $41.87

B. $40.66 D. $43.91

Taylor’s gross monthly pay is $2,500. Use this information for 2-4.

2. Taylor pays 15.6% of his monthly income for federal withholding. How much federal withholding does he pay?

A. $32.50 C. $390

B. $375 D. $2,110

3. How much does Taylor pay for Medicare, which is 1.45% of his monthly salary?

A. $30.56 C. $2,140.56

B. $36.25 D. $2,536.25

4. How much does Taylor pay for Social Security, which is 6.2% of his monthly salary?

A. $130.82 C. $2,240.82

B. $155 D. $2,655

5. Wesley can purchase a 6-pound item from several different retailers. Which is the best buy?

A. Buy online for $24 plus pay shipping and handling costs of $.079 per pound.

B. Buy online for $25 plus pay shipping and handling costs of $0.49 per pound.

C. Pay at a local store with a regular price of $32.95 and a $5-off coupon.

D. Pay at a local store with a regular price of $40 on sale for 25% off.

6. Brianna deposits $225 in an account that earns simple interest at a rate of 4%. How much interest does her account earn after 10 years.

A. $9 C. $234

B. $90 D. $495

7. Nadine deposits $300 in an account earning 3% interest compounded annually. How much interest will the account earn after 5 years if he makes no withdrawals?

A. $45 C. $345

B. $47.78 D. $347.78

8. Matthew computed his taxable income as $27,342 and paid $4,127 in federal withholding. Use the tax table to find the amount in dollars Matthew will get as a refund.

9. Which of the following is an example of income?

A. Insurance C. Wages

B. Emergency Savings D. Taxes

10.Which of the following is an example of a variable expense?

A. Weekly Martial Arts Lessons C. Entertainment

B. Rent D. Monthly Bus Pass

12. Jonathan owns a home with a value of $170,000. He owes $4,400 on his car, which is valued at $11,500. He has $9,500 in student loans to repay. He owns $3,300 worth of musical equipment. He has a credit card balance of $2,117, He also has $2,900 in a bank account. What is Jonathan’s net worth?

A. $157,483 C. $171,683

B. $165,883 D. $175,917

11. Which of the following is an example of an asset?

A. Car Loan C. Credit Card Bill

B. Savings Bond D. Rent

13. The Garza family consists of two adults and two children. Their current monthly income is $4,800. The circle graph shows their monthly budget. How much money in dollars do the Garzas spend on housing each month?