Final Exam:

LT: I can retain information and demonstrate acquired knowledge over the semester

Name_______________jacob wolfe ______________________

I can figure basic budgeting for a realistic salary

Conditions you have received a salary of 2000 a week(gross)

1.How much is that Gross a month____8k____________

2.A year_____96k________

Assume the following conditions:

3. 10% of you money goes to State tax_________9600___________

4. 15% of your money goes to Federal tax___1440__________
5. 3% of your money goes to Health care 2880
6. 3% of your money goes to Social Security_____2880_____
7. 3% of your money goes to disability__2880__________
8. 25% goes to rent_____24000_______
9. 12% goes to transportation_____11520____________
10. 10% goes to food_____9600_____________

11. That leaves what percentage to cover utilities, food and entertainment?
19%
12. How much money is that leftover ?
18240
13. What kind of considerations can help a person budget a salary like this? What could you
do to make more money available for the bottom end?
You could make more money available by spending less on food
14. Do you feel this is a realistic budget plan why or why not?
No i do not i understand why someone would spend 22% of 96000 just on food and
transportation

15. What’s the cheapest form of transport

Car
Bus
Bike
Walking
Which one would you choose and why?

Walking bc its free

Simple interest problems

16. Heiner wants to buy a truck for 10,000 at 5% interest for 5 years how much is the total

It would be 12,500

17. Natalia buys a dog for 1000 dollars and finances it for 6 months(hint .5 yrs) at 2.5 %
interest how much did she pay for the dog in total?

1250 1150

18. Iris buys a couch for 1500 dollars that she finances for two years at 10% what was just the
finance( interest) payments for the couch

1800

Sale questions
19. A tire company has a sale for tires that normally cost 600 dollars for 45% off what is the
cost of the tire?

330

20. Bed Bath and Beyond is having a sale all bedspreads are 20% off the lowest priced
bedspread is 50 dollars what would you have to pay to get that bedspread?

40

21. Your bill comes to 25 dollars at a restaurant if you leave a 20% tip how much would you
leave the waitress in total

30

Cooking problems
22. A recipe calls for the following to make 15 servings you have 50 people coming over what
do you need to buy in order to serve all of them?

6 cups of flour
6 cups of nuts
8 and half sticks of butter
15 teaspoons of vanilla

Cooking conversion chart

3 teaspoons = 1 tablespoon.
1-1/2 teaspoons = 1/2 tablespoon.
4 tablespoons = 1/4 cup.
8 tablespoons = 1/2 cup.
16 tablespoons = 1 cup.
1 cup = 1/2 pint.
2 cups = 1 pint.
4 cups = 1 quart

23.A recipe calls for 2 quarts of water , you only have 1 cup measuring cups, How many cups
would that be?
8
24.A recipe calls for a half cup of sugar how many tablespoons is that?
8
25.Coffee requires two tablespoons for each cup of coffee , you only have teaspoons How many
teaspoons per cup of coffee

26.How should you dress for an interview and what time should you show up

5 minuets early and formal

27.What do you see in your check ? Net or gross pay (circle one)

Net

28.The boss asks you to work overtime but you have plans to go out with friends, what is the
responsible thing to do.

Work overtime

29.The amount you borrow on a loan (circle one)

1. Interest
2. Rate
3. Principle

30.One thing not required by law in order to drive is

1. A car
2. Insurance
3. Drivers license
4. A registration

31.In order to get a house to own you must secure a

1. Lease
2. Mortgage
3. Buyer plan

32.There are two types of federal student loans secured and unsecured T or F

33.Grants/scholarships must be paid back after school is finished T or F

34.When you start a job you must fill out a 1040EZ before you start T or F

35.A w-4 is used to say how many deductions get taken out of your paycheck T or F
36.You receive a w-2 at the end of the year in order to do your taxes T or F