Question

1. Your total restaurant bill is _____. (1 point)
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the items purchased minus sales tax, and plus tip.
the items purchased plus sales tax and tip.
the items purchased minus sales tax, and plus tip.

2. A check is _____. (1 point)
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required to be paid by your bank when presented
a promissory note (I.O.U.)
not able to be forged

3. There are several different ways to pay for items. In most modern economies, which is not a way to pay? (1 point)
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credit cards
bartering
cash

Answer 1

4. Tip is ____. (1 point)
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an additional amount charged by the restaurant similar to sales tax
a discount offered by restaurants
a percentage you may add to a restaurant bill for good service

5. When calculating the power bill, power companies use _____. (1 point)
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kilowatt hours
kilowatt
hours

6. Expenses that are bi-weekly are paid _____. (1 point)
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twice a week
every two months
every two weeks

7. Credit cards are different from debit cards because ____. (1 point)
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debit cards take money directly from your checking account
debit cards may charge interest when used
credit cards do not provide many of the same protections debit cards do

8. _____ require a date, signature, amount, and “pay to the order of.” (1 point)
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Loan documents
Credit cards
Checks

9. You order two drinks for $3.39 each and an entrée for $17.95. If sales tax is 4%, what is your total bill? (1 point)
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You need to add up all of the items for the subtotal, then multiply to find the total with sales tax.

$24.93
$25.72
$25.93

10. You order an appetizer for $9.99, 2 entrées for $7.99 each, and a dessert for $3.69. The sales tax is 6% and you leave a 15% tip based on the bill with sales tax. What is the total cost of your restaurant outing? (1 point)
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You need to add up all of the items for the subtotal, then multiply to find the total with sales tax, and then multiply to find the tip.

$35.91
$22.75
$36.16

11. If you are receiving $57.94 in change, what is the lowest combination of bills and coins that will still give you the correct change? (1 point)
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We are looking for the smallest number of bills and coins.

2 – $20.00 bills, 1 – $10.00 bill, 1 – $5.00 bill, 2 – $1.00 bills, 3 – quarters, 1 – dime, 1 – nickel, and 4 pennies
1 – $50.00 bill, 1 – $5.00 bill, 2 – $1.00 bills, 3 – quarters, 1 – dime, 1 – nickel, and 4 pennies
5 – $10.00 bills, 1 – $5.00 bill, 2 – $1.00 bills, 3 – quarters, 1 – dime, 1 – nickel, and 4 pennies

12. You purchase 8.5 gallons of gasoline at $3.55/gallon. You also buy gum ($0.75) and windshield wiper fluid ($6.97). The state has a food tax of 4% and you give the clerk $20.00 cash and ask for the rest to be charged to your debit card. How much is charged to your debit card? (1 point)
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We need to add up all of the items for a subtotal, but only the gum has sales tax attached to it. Once you have the total, subtract the cash and tell what is left over.

$9.43
$29.71
$17.93

Answer 2

13. If you used 648 KWH and the power company charges 0.05994/KWH with a customer charge of $2.95, how much will you pay? (1 point)
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Multiply the KWH and price per KWH and then add the customer charge.

$41.43
$45.73
$41.79

14. Knowing that you use 255 KWH 7 a.m. – 7 p.m. and 185 KWH 7 p.m. – 7 a.m., answer the following questions using the chart below:
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How much would you have paid on the Constant Usage plan? (1 point) *
Add the KWH together and multiply by the Constant Usage rate.

$21.83
$22.37
$23.43

15. Rent is $1,258. Phone charges last month were $46.88. Groceries cost about $115/2-weeks. What is a good estimate of your monthly expenses? (1 point)
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Round the smallest number to its highest order, then round the rest to the same order. After that, add them together. Notice we are talking about monthly totals and some of the amounts are not given as per month. You will need to estimate what they would be.

$1,535.00
$1,807.00
$1,765.00

16. Bi-weekly mortgage is $676. Monthly phone charges are $44.95. The electric bill last month was $105.88. Groceries cost about $98/week. What is a good estimate of your monthly expenses? (1 point)
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Round the smallest number to its highest order, then round the rest to the same order. After that, add them together. Notice we are talking about monthly totals and some of the amounts are not given as per month. You will need to estimate what they would be.

$927.00
$1,703.00
$1,903.00

17. Your car insurance is paid quarterly (every 4 months). If your payment is $278.56, how much should your estimated monthly expense be? (1 point)
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Round the number and divide it by 4.

$55.00
$70.00
$140.00

18. You have the following expenses. What should your estimated monthly expenses be?
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$1,602.00
$1,768.00
$1,698.00

19. If you place $1,000.00 in a savings account with an interest rate of 5.35%/month, how much should you earn in interest at the end of the month? (1 point)
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You will multiply the amount and the rate together.

$5.25
$52.50
$53.50

20. If you place $2,000.00 in a savings account with an interest rate of 5.5%/month versus an account with a rate of 3.25%/month, how much more interest could you earn in that month using the first account? (1 point)
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You will multiply the amount and the rate together. Once you have done this for both rates, you will subtract the totals.

$25.00 more
$15.00 more
$45.00 more

21. Complete the following transactions and explain how they would appear in your register.
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Be sure you say what the starting balance is, and if you are adding or subtracting the totals. Try to arrange this like the portfolio as much as you can. Do not forget to figure the sales tax on the clothes and to give the ending balance.
22. You place $4,000.00 in a bank account with an interest rate of 3.25% APR and another $2,000.00 in an account with an interest rate of 5.00% APR.
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Answer 3

Anyone Have this?