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# FM exam review

1. Angelina has a 20%25 off coupon to use on a shirt that cost \$10.00. Calculate the sale price.
\$400 a month, \$25 a month, e-learning ,
2. Salena wants to save \$2400 over the next 2 years to pay for a trip to Mexico to visit family. How much will she need to save each month in order to reach her goal? (Remember, there are 12 months in a year.
\$1000, \$100, ,
3. If a customer pays all of her bills on time, then she will have a # credit score.
Need, Want, ,
4. What is the only payment method that does not charge interest or fees?
fixed expense, variable expense, ,
5. Medicaid is a # health insurance program to help people who cannot afford health care costs.
Use percentages to see how much of the total income should be set aside for each expense. , Create a spending chart for special events like birthdays and holidays., ,
6. A fixed amount of money paid to a worker for each item satisfactorily produced or assembled or each action satisfactorily completed is a #.
\$160, \$320 language , build your own quiz ,
7. Pay for work beyond 40 hours in a work week is called # pay.
credit unions, payday loans, ,
8. The amount Travis spends in gas every month changes based on gas prices and how much he drives. This would make gas an example of a:
Checking Account, Savings Account, ,
9. Insurance is a financial agreement between a person and an insurance company to financially protect the person from # events.
Subtract deposits made since the statement., Add outstanding deposits and subtract outstanding checks written since statement., ,
10. Which of the following is NOT one of the five major types of insurance?
commercial , , ,
11. Sara earns \$10.00 an hour. She worked 40 hours during this pay period. Her gross pay was \$400.00. She had the following deductions taken from her pay stub (\$60.00 in Federal Income Tax, \$28.00 in State Income Tax, \$30.60 in FICA). Sara’s net pay is #?
credit , , ,
12. Alexis bought a new skirt and blouse with a purchase price of \$100.00. Calculate 6.75%25 sales tax for her purchase.
overtime , , ,
13. Jerry’s gross pay for this pay period was \$525.00. He had the following deductions taken from his pay check ( Federal Income Tax \$78.75, State Income Tax \$36.75, FICA \$40.16). What is his net pay?
\$64.00 , , ,
14. When you get a job, you will be required to complete a # form. This form is usually completed on your first day of work or at an employee training prior to starting work.
\$281.40, , ,
15. Housing is an example of a(n):
FICA , , ,
16. Eric buys a copy of his favorite video game for \$25.70. You give the clerk \$30. How much change will you receive?
requires, results , ,
17. Which financial institution usually has the highest interest rates?
Dependent, , ,
18. The federal program that assists older Americans with insurance and income is called #.
W-4, , stimulate your students ,
19. A deductible is the amount you have to pay out-of-pocket for expenses before the insurance company will cover the remaining costs.
unexpected, , ,
20. Pam is ready to reconcile her bank statement with her check register. What should she do? a. Subtract deposits made since the statement. b. Add outstanding deposits and subtract outstanding checks written since statement.
government, , ,
21. A # bank is a for profit financial institution that is run by share holders.
phone, , ,
22. Auto insurance is required by law if you drive.
higher, , ,
23. Which answer below is an example of earned income?
TRUE, FALSE, ,
24. An example of a short term goal is:
TRUE, FALSE, ,
25. Bill is a construction worker who has to have back surgery. He will be out of work for 3 months. His disability insurance policy will pay him 60%25 of his salary for the entire time he is out of work. If his salary is \$3000 per month how much money will he receive from his insurance company for the three months he will be out of work?
TRUE, FALSE, ,
26. Which of the following is NOT an example of an unexpected event?
\$36, \$360, \$3600,
27. Taxes are fees that the government # people to pay in order to live and work in their state and the USA.
overtime, hourly wage, piece rate pay, production,
28. Mark assembles widgets at a factory. He makes \$.10 for each widget that he correctly assembles. The production rate is 80 widgets an hour. What is Mark%27s gross pay for an 8 hour shift if he meets this production rate #?
5 widgets per hour, 50 widgets per hour, 500 widgets per hour,
29. Which method of bill payment is programmed to pay the same amount to your lender each month on the same date?
\$444.25, \$525.00, \$369.34,
30. Which of the following is one of the steps in creating a budget?
Money from your grandparents for your birthday., Interest earned on a savings account., Money earned from working at the mall.,
31. Which item listed below is not funded by taxes in your community?
police station, public library, fast food restaurant,
32. Jen makes widgets at a factory. If she can make 400 widgets in 8 hours, what is her hourly production rate?
\$4.20, \$42.00, \$4.30, \$43.00,
33. Nellie earns \$10.00 per hour. During this pay period she worked 36 hours. How much was her gross pay?
\$.675, \$10, \$6.75,
34. Life insurance will help cover funeral costs when a person dies.
\$10, \$30, \$90,
35. What is the payment method that lets you buy now and make payments later?
\$2.00, \$12.00, \$8.00,
36. Bob was in a car accident. The damages to his car totaled \$6,000, but he only had to pay \$1,500 because his insurance company covered the rest. How much money did Bob not have to pay because he had auto insurance?
\$15.00, \$18.75 ESL , \$56.25,
37. A # is a person who relies on another person, usually a family member, for financial support.
Health, Life, Earthquake, Disability,
38. John wants to budget 20%25 of his income for savings. If he makes about \$1,600 each month, how much of his budget will be savings?
hail storm, car accident, trip to Florida,
39. Tommy has a basic account that allows him to deposit and withdraw money, write checks, and receive a monthly statement with no service charge if he maintains a minimum balance of \$250. What type of account is this?
\$9,000, \$1,800, \$5,400,
40. Your paycheck will be smaller this month due to an accident that kept you out of work for a week. As soon as you realize your bill payment will be late, you should contact your lender by # immediately.
\$4,500, \$7,500 class website , \$6,000,
41. Books are on sale for \$30 for 3 books. Calculate the unit price.
Debit Card, Currency educational games , Credit Card,
42. Victor wants to save \$100 over the next 4 months for a lift ticket to go skiing. How much should he save each month in order to meet his goal?
Check, Debit Card, Currency, Credit card,
43. A # union is a nonprofit financial institution that is run by its members.
Check in the mail, Cash (in person), Automatic Draft,