Course 2 • Chapter 10 Personal Financial Literacy 115

Program: M. S. Math 2013

Vendor: Six Red Marbles

Component: C10_Assessment

Grade: Course 2PDF

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1. What is the simple interest paid after 2 years on a $900 loan at 16% per year?

7.13(E)

2. Sam earned $340 as a lifeguard last summer. He wants to deposit this money in a savings account that earns 3.15% simple interest. How much money will be in his

account after 5 years? 7.13(E)

For Exercises 3 and 4, determine the final price of each item. 7.13(F)

3. 12% rebate on a $460 music player 4. $75 coupon on a $460 music player

5. Which of the two incentives described in Exercises 3 and 4 is a better incentive to buy

the music player? 7.13(F)

For Exercises 6–9, refer to the table that shows several of Amanda’s assets and liabilities. 7.13(C)

6. Complete the table to record a financial assets and liabilities record.

Assets Value ($) Liabilities Value ($)

7. Determine the total value of assets and liabilities.

8. What is Amanda’s net worth?

9. What would be Amanda’s net worth if she paid off the money she borrowed from her

friends?

10. The final cost of an item was $50. This included a 6% sales tax. What was the price of

the item before tax? 7.13(A)

11. Jon opened a savings account that earned 2% annual interest compounded quarterly. If Jon opened the account with $2,000, how much was in the account at the end of one

year? 7.13(E)

Chapter 10 Test, Form 3A

Item Value ($)car (owned) 12,355.00house (owned) 40,765.00jewelry (paid off) 2,475.00borrowed from friends 1,435.00cash 1,034.00boat pay off 2,248.00

$288

$393.55

$404.80 $385.00

$75 coupon

assets: $56,629; liabilities: $3,683

$52,946

$54,381

$47.17

$2,040.30

car (owned) 12,355.00 boat payoff 2,248.00house (owned) 40,765.00 borrowed from friends 1,435.00jewelry (paid off) 2,475.00cash 1,034.00

109_116_MSM_TX_S_C10_CT_665700.indd 115109_116_MSM_TX_S_C10_CT_665700.indd 115 3/13/13 1:00 PM3/13/13 1:00 PM

Course 2 • Chapter 10 Personal Financial Literacy116

Program: M. S. Math 2013

Vendor: Six Red Marbles

Component: C10_Assessment

Grade: Course 2PDF

NAME ___________________________________________________ DATE ______________________ PERIOD ____________

SCORE _____________Copyright ©

McG

raw-H

ill Education. Permission is granted to reproduce for classroom

use.Chapter 10 Test, Form 3A (continued)

For Exercises 12–15, refer to the circle graph, which shows Cindy’s personal monthly budget. 7.13(B), 7.13(D)

12. What percent of the total budget is for utilities? for gasoline? Round to the nearest tenth.

13. Cindy’s fixed expenses are housing, transportation, college savings, retirement savings, utilities, emergency savings, taxes.What percent of the total budget is for fixed expenses? Round to the nearest percent.

14. Which category has the minimum percentage of her monthly budget and by how

much? Round to the nearest tenth.

15. Determine the average hourly wage for each of two working parents to meet the budget. Assume each parent works 170 hours in one month and is paid at the same hourly rate.

Round to the nearest cent.

16. Juan wants to buy a CD player that costs $225. The sales tax on the purchase is 7.5%. What will be the total cost of the CD player? Round to the nearest cent. 7.13(A)

17. After 8 months, $750 simple interest was owed on a loan of $9,000. What is the annual

interest rate? 7.13(E)

Use a problem-solving model to solve each problem.

18. Stein’s net worth is $5,670.45. His liabilities are $3,426. If he increases his net worth by 8% but keeps his liabilities the same, what will be the new value of his assets? 7.13(C)

19. Adam earned $5,556 in three months but had to pay a total of 12% in taxes. What is his net pay per month? 7.13(A)

20. A running store offers a 15% discount on buying 2 pairs of running shoes. Jane buys two pair of shoes that each cost the same and paid a total bill of $110.50, after the discount. What was the cost of each pair of shoes before the discount? 7.13(F)

21. John’s personal monthly family budget is $4,350 and he spends 5% of his monthly budget on food. If he needs to increase his food budget by $20 per month, by what percentage must he reduce his other expenses to adjust the budget? 7.13(B)

transportation$340

college savings $246

entertainment $60clothing

$56 food$279

taxes$946

housing$778

Cindy’s Personal Monthly Family Budget

emergency savings$220

utilities $105

retirement savings$240

gasoline $170

12.5%

84%

3.1%; 4.9%

clothing; 0.1%

$10.12 per hour

$9,550.09$1,629.76

$65 0.46%

$241.88

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