Home Ownership — Cumulative exam Answers

Dominic is looking over his spending pattern for the past week to try to determine how much money he had on Sunday. This is Dominic’s spending pattern:DayDebit ($)Credit ($)Monday158---Tuesday6944Wednesday175---Thursday13138Friday---53Saturday2214If the bank charges Dominic an overdraft fee of $25 every time he overdraws his account, and Dominic overdrew his account on Thursday but not on Saturday, which of the following is a possible amount of money that Dominic could have had in his account last Sunday? Assume that the only debits and credits not listed are overdraft fees.

Luis has a biweekly gross pay of $770 and claims 2 federal withholding allowances. Luis has all of the following deductions from his gross pay: federal tax from the following table Social Security tax that is 6.2% of his gross pay Medicare tax that is 1.45% of his gross pay state tax that is 19% of his federal tax Determine how Luis’ net pay will be affected if he increases his federal withholding allowances from 2 to 3.

Elly buys 75 shares of stock in a mutual fund for a total investment of $450. She sells 50 shares of her stock for total proceeds of $400. Determine if Elly made a profit or loss, and how much per share.

Kito makes on online purchase of a guitar case for $39.99, a tuner for $24.99 and picks for $26.99. Taxes are 6% of the total purchase price. Shipping charges are based on the following table:Amount of PurchaseStandard ShippingExpress Shippingup to $50$5.10$7.00$50 up to $100$6.35$8.20$100 up to $200$7.80$11.60$200 and over$10.50$16.45Kito selects express shipping and the company bills his credit card $105.69 for the total of the online purchase. Determine if Kito has been billed correctly for his purchase.

Ken, a single taxpayer, has a gross income of $79,685. He claims one exemption and can take a deduction of $1,257 for medical expenses, a deduction of $2,181 for interest on his mortgage, an adjustment of $800 for alimony, a deduction of $1,419 for property taxes, an adjustment of $1,722 for business expenses, and an adjustment of $2,511 for contributions to his retirement fund. The standard deduction for a single filer is $5,700, and exemptions are worth $3,650 apiece. Using the table below, how much does Ken owe in income tax?

You earn $1,166 gross taxable income every week, and have claimed no exemptions. Assuming that you have no other sources of income, what is the amount of income tax withheld each week?

In which of the following stores would you pay the least amount for an item that is priced $360?Store A: Sale of 10% off and a successive discount of 10% off.Store B: Sale of 15% with no additional discount.Store C: Sale of $35 off and a successive discount of 10% off.

James has a job with a current salary of $42,000. He wants to earn a college degree that will take him 2 years to complete and it will cost $28,000 per year. He will go to school full time and will not be able to work. Upon graduation, James' new salary will be $56,000 per year. How many years will it take James to recover his investment?

Kyle uses a spreadsheet to keep track of his spending. This is an example of Kyle’s spreadsheet for two months: Kyle thinks that he could improve this spreadsheet, but he is not sure how. Choose the statement or statements that would help Kyle’s spreadsheet become more organized. I. The spreadsheet should contain at least two copies of every entry for backup purposes. II. It is hard to tell the debits from the credits. They should be in different colors, different columns, or otherwise differentiated. III. Having the dates, or at least the months, of each transaction would make things easier to find.

Tara and Levi are trying to decide between homeowners insurance policies offered by two different agencies. AAA Insurance has offered to insure their home for an annual premium of $0.38 per $100 with a $500 deductible. Thompson’s Insurance has offered to insure the same home for an annual premium of $0.26 per $100 with an deductible of $1,000.Insurance CompanyAnnual Premium (per $100)DeductibleAAA Insurance$0.38 $500 Thompson's Insurance$0.26 $1,000 The house Tara and Levi purchased is valued at $425,000. Which of the following statements accurately describes the difference between the two plans?

Gerald would like to add a dental and vision option to the health insurance plan he purchased through his employer. In addition to the 65% of Gerald’s $345 monthly health insurance premium, his employer has offered to pay 50% of a $38 monthly dental premium and 75% of a $23 monthly vision premium. If Gerald adds both the dental and vision options to his insurance plan, how much will he pay each month towards health insurance?Soopergood InsuranceOptionMonthly PremiumEmployer ContributionHealth Insurance$345 65%Dental$38 50%Vision$23 75%

Rogério, a graphic artist, after paying all the expenses in his monthly budget, has a monthly net cash flow of $248. He has decided to add monthly savings to his budget in order to cover his health insurance co-pays and other expenses that come at odd times as listed below:Predictable ExpenseAmountMedical exams, lab co-pays, health insurance co-pays$640 every yearAuto maintenance$35 per quarterAuto registration$225 per yearIf Rogério leaves the cash flow in the checking account for all needs that arise, he runs the risk of not having the money for these very important future expenses. He has decided to make an automatic monthly transfer from his checking account to his savings accounts to cover these other predictable expenses.How can he divide these future expenses into a monthly deposit that can be added to his monthly budget. How much will be left over each month that can be deposited into a general emergency fund?

Zalia meets her friend at the science museum to see a special exhibition. The admission to the museum is $12.50 per person plus tax. Zalia pays for herself and her friend. They have lunch at the museum’s cafe. Zalia has a sandwich for $5.95, an apple for $1.25 and a drink for $1.69. She is charged tax and also tips her server 15%. If tax is 7.25%, how much did Zalia pay all total for her day at the science museum?

Which of the following companies offers the greatest total employment compensation? Company ACompany BCompany CCompany DGross Pay$37,600$36,800$38,100$39,000Paid insurance$2,800$2,400$2,100$1,800Paid time off$3,100$3,600$2,900$2,500Job expenses$1,200$600$300$800

Susie is thinking about changing her auto insurance policy at Fret-No-More Auto Insurance. Her current policy includes the following options: $50/100,000 limit for bodily injury, $25,000 limit for property damage, $250 deductible for collision, and $50 deductible for comprehensive. Which of the following changes would increase Susie’s limits the most without increasing her monthly premium by more than $5.00? Fret-No-More Auto Insurance Type of Insurance Coverage Coverage Limits Annual Premiums Bodily Injury $25/50,000 $21.35 $50/100,000 $32.78 $100/300,000 $42.10 Property Damage $25,000 $115.50 $50,000 $142.44 $100,000 $193.78 Collision $100 deductible $490.25 $250 deductible $343.33 $500 deductible $248.08 Comprehensive $50 deductible $105.79 $100 deductible $88.23

Clovis wants to make a surprise visit to his uncle who lives out of town. He purchases an airline ticket for $69. There is a 15% sales tax on the price of the airline ticket. In addition he must pay a baggage fee of $20. When he arrives at the airport, Clovis takes a taxi to his uncle's house which is 8 miles from the airport. The taxi fee is $2.50 per mile. If Clovis has spent a total of $123.35 for the airline ticket and taxi, at what percent of his fare did Clovis tip the taxi driver?

Mika wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years. If he buys now, he could put $0 down, but he must pay closing costs of $7,100. His monthly mortgage payment will be $675. Mika decides to rent instead of buy because it is the cheapest option over the first 3 years. His move-in costs are one month's rent and a $750 security deposit, and he would still need to pay his first month's rent on top of these move-in costs. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?

Consider today’s stock listing for Rayje Clothiers, shown below.52 wk High52 wk LowSymbolDiv.CloseNet Change225.80169.96RAJ25.10200.4313.74Today, you sold the 459 shares of Rayje Clothiers that you purchased yesterday. How much profit did you make?

George tallies up the transactions in his check register and comes up with a total balance of $221.57, but his bank statement says that his balance is $203.73. Which of the following are still outstanding?I. A $20.25 check to the floristII. A $14.29 check to the dry cleanersIII. A $38.09 check depositIV. A $19.05 money order deposit

A lender estimates the closing costs on a home loan will be 3% of the loan amount of $180,000. The actual closing costs are listed below. Closing Cost Charge Loan origination $345 Title insurance $600 Attorney's fees $1,350 Appraisal $480 Inspection $550 Recording fees $175 Escrow $1,900 Evaluate the lender's good faith estimate.