AnswersPOP Financial Math 2627Smart Shopper

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1
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Using the following prices, calculate the unit price to determine how much it would cost for 7 granola bars and 9 bottles of water.$7.14 for 6 granola bars$8.72 for 8 bottles of water

A
$18.14
B
$18.63
C
$21.41
D
$31.72
2
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A family eats out at a restaurant and the total for their meals is $73.89. They also pay sales tax of 5.8% and leave a tip for their server. If the family leaves a total of $93, which of the following might be a description of the service they received?

A
They left a 10% tip, so the service was probably below average.
B
They left a 15% tip, so the service was probably average.
C
They left a 20% tip, so the service was probably above average.
D
They left a 25% tip, so the service was probably outstanding.
3

The music store is having a 15% off sale on all classical music cds. Lyell has a coupon for 20% off any classical music cd. How much will Lyell save on a classical music cd that has a price of $23.99?

A
$7.20
B
$7.68
C
$8.40
D
$9.60
4

Cassandra is trying to think of a good way to keep her financial records. She makes a lot of purchases, using cash, debit cards, and credit cards about equally. When she gets home every day, she tends to be very tired and doesn’t like to do a lot of organized thinking. She tends to lose individual pieces of paper if she doesn’t file them immediately. What might be a good method for Cassandra to use?

A
Recording all of her daily expenditures in an organizational computer program.
B
Keeping and collecting receipts for everything she buys.
C
Tracking and collecting her bank and credit statements every month.
D
Carrying a notebook and immediately recording all of her transactions in it.
5

The actual income for this month has been reduced by $200. How can this budget be modified so there will be a positive actual net income? Monthly BudgetBudgeted AmountActual AmountIncome Wages$1250$1050Expenses Rent Utilities Food Clothes Cell Phone$450$150$220$200$75$____$____$____$____$____Net Income$155$____

A
This budget can be modified by increasing the amount spent on food and utilities and decreasing the amount spent on clothes and rent, thereby maintaining a positive actual net income.
B
This budget can be modified by reducing the amount spent on rent and utilities, thereby reducing overall expenses to have the maximum amount of money for all other expenses.
C
This budget can be modified by reducing the amount spent on food and clothes, thereby reducing overall expenses to have the maximum amount of money for fixed expenses and maintaining a positive actual net income.
D
This budget cannot be modified.
6

Which of the following statements best gives the reasons that a data usage bill for a smart phone is an essential (variable) expense?

A
It is an obligation to pay, but the spender has some control over its amount.
B
It cannot be eliminated in a later budget, in order to save money.
C
It is expected to be the same amount every month.
D
Bills for services rendered have a higher priority than any other type of expense.
7

Michael needs to pay car insurance premiums of $958 two times per year. He has decided to make deposits from each paycheck to a savings account for “Other Expenses (Predictable)” to cover this expense. How much should Michael deposit from each paycheck if the paycheck is bi-weekly?

A
$80
B
$74
C
$160
D
$37
8

Predict how much money can be saved without having a negative actual net income. Monthly Budget Budgeted Amount Actual Amount Income Wages Savings Interest $1150 $25 $900 $25 Expenses Rent Utilities Food Cell Phone Savings $400 $100 $250 $75 $200 $400 $80 $200 $75 $____ Net Income $150 $____

Question illustration
A
It is not possible to save any money this month without having a negative actual net income.
B
$170 can be saved resulting in an actual net income of $0.
C
$200 can be saved resulting in an actual net income of $150.
D
As long as you are saving money, you will not have a negative actual net income.
9

The Changs updated their bedroom by purchasing a new lamp for $89.95 and a comforter set for $239.99. They paid % sales tax on their purchases. If the Changs paid $351.72 total, determine if they paid the correct amount.

Question illustration
A
The Changs family paid $0.33 too much for their purchases.
B
The Changs family paid $0.99 too much for their purchases.
C
The Changs family paid $5.94 too much for their purchases.
D
The Changs family paid the correct amount for their purchases.
10

Which of the following is most likely used by a seller to target an impulse buyer?

A
contest
B
coupon
C
display
D
rebate
11

On his road trip, Leon stops to refuel and get some snacks. He has the following purchases:12 gallons of gas at $2.89 per gallon2 granola bars for $1.59 each1 apple for $0.892 bottles of vitamin water for $1.39 eachLeon must pay 7.5% sales tax on everything but the gas, which already has tax included in the per gallon price. If Leon paid $44.64, then he _____ for his purchase.

A
did not pay enough
B
paid the correct amount
C
paid $2.60 too much
D
paid $3.11 too much
12

Muriel has kept track of her income and expenses for the week in the spreadsheet below. How much was Muriel’s restaurant bill?

Question illustration
A
$17.66
B
$42.55
C
$6.35
D
$112.55
13

Given the following information, choose the brand that is the better buy.Brand A: $1.25 for 10 ounces Brand B: $1.47 for 12 ounces Brand C: $1.68 for 14 ounces Brand D: $1.84 for 16 ounces

A
Brand A
B
Brand B
C
Brand C
D
Brand D
14

Leiff goes online to buy a new video game. He finds a site that currently has a promotion of 15% off on all orders over $50. Leiff decides to buy his video game, with a price tag of $128, at this site because he knows that he will get the 15% discount when he checks out. Leiff pays 5.3% sales tax on the discounted price and pays a shipping fee of $4.75. What is the total of Leiff’s online purchase?

A
$112.84
B
$114.57
C
$118.82
D
$119.32
15

You have a restaurant bill of $46.32. If you are taxed % and decide to tip your server 20%, how much is your total?

Question illustration
A
$59.75
B
$59.05
C
$58.92
D
$58.87
16

Ben and his housemates signed a lease for an apartment for 12 months for $563 per month of which Ben agreed to pay $215 per month. Which of the following statements best gives the reasons that Ben’s rent payment is an essential (fixed) expense?

A
It cannot be eliminated in a later budget, in order to save money.
B
Living expenses have a higher priority than any other type of expense.
C
The spender controls the amount of the rent by choice of apartment.
D
He agreed to pay the same amount every month.
17

Maya works 16 hours per month at her part-time job earning $6.75 per hour. She earns some additional money house sitting for neighbors and friends. Maya charges $30 per day to house sit if there are no pets. If the house sitting includes pets, then she charges $40 per day. Last month, Maya spent 3 days house sitting with no pets and 5 days house sitting with pets. What is the total amount of earnings Maya had for the month?

A
$270
B
$290
C
$378
D
$398
18

The following list shows the items and prices for a restaurant order. Calculate the total amount if there is a 7% tax and the customer leaves a 20% gratuity.1 appetizer: $7.392 entrees: $16.99 each1 dessert: $5.292 drinks: $2.30 each

A
$65.82
B
$65.10
C
$54.85
D
$40.60
19

Give an example of when an actual net income would result in a negative number.

A
When the budgeted expenses exceed the actual expenses, the result is a negative actual net income.
B
When the actual expenses exceed the actual income, the result would be a negative dollar amount.
C
When the budgeted income is less than the actual income, the result is a negative actual net income.
D
When the actual expenses are less than the actual income, the result is a negative dollar amount.
20

Rounded to the nearest thousandth, what is the decimal equivalent of %?

Question illustration
A
0.067
B
0.068
C
0.677
D
0.678

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