Ms. Archer's math Class



Personal Financial Literacy

Unit Test: A

1. Which situation describes the use of a debit card?

A Nina bought an item and paid for it at the end of the month.

B Nina mailed payment for an item and the store deposited the payment into its checking account.

C After entering a PIN to complete a purchase, the amount was deducted from Nina’s account.

D Nina deposited money into her savings account.

2. Seth’s bank charges $5 a month to maintain a checking account and $0.50 for each check Seth writes. Last month, Seth paid a total of $6.50 in checking account fees. How many checks did he write?

A 1 C 3

B 2 D 4

3. Patty has a checking account at a local bank. The monthly checking fee is $10, including any checks she writes. Nonbank ATM withdrawals cost $2.

At the beginning of the month, Patty’s checking account balance is $700. She deposited $300 from her job and withdrew $20 in cash from a nonbank ATM. She wrote a check for $100 to a local charity. What is her checking account balance at the end of the month?

A $958 C $728

B $868 D $658

4. Which of the following can have a negative effect on your credit score?

A getting a new job

B making late payments

C paying credit card balances on time

D having low debts

5. Myra has been at her job for 3 months. She earns $2,500 per month. She has made 3 late payments on her student loan and 2 late payments on her credit card. Which of the following is most likely her credit score?

A 800 C 690

B 750 D 580

6. Joaquin is going to a college where the cost for one year is $11,000. He has a scholarship worth $5,000. He earns $200 a week at his job. How many weeks does he need to work to pay for 50% of the remaining amount?

A 15 C 25

B 20 D 30

7. Michelle is attending a university where tuition for one year costs $17,000. She has a scholarship worth $5,000 per year. She earns $2,000 per year at her part-time job. She plans to take out a loan to cover the remaining tuition costs. If she completes college in 4 years, how much money will Michelle need to borrow?

A $20,000 C $40,000

B $30,000 D $50,000

8. Henry has an annual salary of $35,000. He works 35 hours a week, 50 weeks a year. How much does Henry earn per hour?

A $10 C $17

B $15 D $20

9. The annual median income for a registered nurse is $65,000. The annual median income for a registered dietitian is $54,000. Over 20 years, how much more than a registered dietitian can a registered nurse earn?

A $11,000 C $220,000

B $44,000 D $350,000

Personal Financial Literacy

10. Dennis bought a new sweater. He paid for the purchase at the end of the month, after receiving a monthly bill. Did he use a debit card or a credit card?

11. Bianca’s bank charges $2 for nonbank ATM withdrawals and a fee of $3 per month for a debit card. Last month, Bianca paid $9 in ATM and debit card fees. How many nonbank ATM withdrawals did she make?

12. Max has a checking account at a local bank. The monthly checking fee is $10, including any checks he writes. Nonbank ATM withdrawals cost $1.50. At the beginning of the month, Max’s account has a balance of $1,300.00. He withdrew $100 using a nonbank ATM. He wrote a check for $500. What is Max’s balance at the end of the month?

13. Tara spends more than 30% of her income on debt repayment. Is that likely to have a positive or negative effect on her credit score?

14. Oliver has an annual salary of $40,000. He works 40 hours a week, 50 weeks a year. How much money does Oliver earn per hour?

15. Allison earns $5,000 per month. She has been at her job for 5 years. She has never missed a payment on her credit card. Chris earns $1,500 per month. He has made 5 late payments on his credit card. He has car and student loan debts totaling $500 per month. Who is more likely to have a credit score of 750?

16. David is attending a university where the tuition for one year is $12,000. He has a $2,000 grant and earns $250 a week at a work-study job. How many weeks does David need to work to pay for 25% of the remaining costs?

17. Lucia is going to a college where one year of tuition costs $9,000. She received a one-time grant of $2,000. She earns $1,000 per year at her job. She plans to take out a loan to cover the remaining tuition costs. If she completes college in

5 years, how much money will Lucia need to borrow to pay for college?

18. The annual median income for an electrical engineer is $90,000. The annual median income for a civil engineer is $82,000. Over 30 years, how much more than a civil engineer can an electrical engineer earn?

5. [pic]

6. [pic]

7. Answers will vary. Sample answer: The data is numerical and can be separated into intervals.

UNIT 7 Personal Financial Literacy

Unit 7 Test: A

1. C

2. C

3. B

4. B

5. D

6. A

7. C

8. D

9. C

10. credit card

11. 3 withdrawals

12. $688.50

13. negative

14. $20

15. Allison

16. 10 weeks

17. $38,000

18. $240,000

Unit 7 Test: B

1. C

2. D

3. B

4. B

5. D

6. A

7. D

8. D

9. C

10. credit card

11. 3 withdrawals

12. $750.50

13. negative

14. $21.35

15. Allison

16. 20 weeks

17. $40,500

18. $194,700

Unit 7 Test: C

1. A

2. D

3. B

4. B

5. C

6. A

7. C

8. C

9. Dennis

10. [pic];[pic]

11. $9,849.75

12. Negative; A high debt-to-income ratio may indicate that you have borrowed too much to be able to pay debts on time.

13. Allison; She has a higher income with a steadier job history than Chris. She has also paid her credit card bills on time.

14. 34 weeks

15. $46,575

16. $0.26

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UNIT

7

UNIT

7

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