fixed expenses

Jehan koro Name _____________________________________________________________ Consumer Math A ASSESSMENT Quiz Credit Score: Credit 1 Quiz On Your Own 1. List Tracy’s fixed expenses. Find the total. (4 points) Tracy’s Expense Record Rent $700 Total is: 1,455.08 Groceries $245.17 Utilities $102.26 Car Loan $210 Car Insurance $105 Car Gasoline $92.65 Expense Cost Rent (shared apartment) $700 Groceries $245.17 Personal Care $90.25 Clothing 2. List Tracy’s variable expenses. Find the total. (4 points) Total: 300.79 Clothing $80.12 Personal Care $90.25 Recreation $70.32 Gifts $60.10 Recreation (movies, gym, etc.) Gifts $80.12 $70.32 $60.10 Utilities (water, electricity, etc.) $102.26 Car Insurance $105 Car Loan Car Gasoline $210 $92.65 3. Tracy’s net income is $1,950.83 a month. Is this enough to cover her expenses? If so, how much does she have to put into her saving’s each month? (4 points) She spend 1,755.87 She has to save about 194.96 each month Consumer Math A Credit 1 Quiz Page |1 4. Tracy’s car broke down and the mechanic told her it’s going to be $700 to get her car out of the shop. She has enough money in her savings account to cover this expense, but she is determined to replenish her savings by cutting other expenses and creating a monthly repayment fund. In the table below, decide which expenses Tracy can cut each month and how much you recommend she reduces those expenses to. After, determine how many months it will take for Tracy to replenish the $700 in her savings account. List of Expenses That Tracy Can Reduce For Her Monthly Repayment Fund Amount You Recommend She Reduces Expenses To $245.17 to $200 Groceries $90.25 to $50.25 Personal Care Savings Per Month By Reducing Expenses $45.17 $40 Gifts $60.10 to $30.10 $30 Clothing $80.12 to $40.12 $40 $155.17 a. Total savings per month: $__________ (4 points) 5 months b. Number of months needed to replenish $700 in savings (you may use a calculator): __________ (4 points) 5. Tracy has two roommates and they all split the cost of rent and utilities equally. If they invite one more roommate to live with them and share those expenses with, how much will Tracy’s monthly expenses decrease? Show your calculations clearly. (4 points) if she invite one more roommate her rent will be $525 in month , so she will save around $125 Consumer Math A Credit 1 Quiz Page |2 6. Christopher and his wife went to the supermarket on an empty stomach, and now they’re at the checkout stand wondering if they have enough cash to cover all the groceries in their cart. They have $70 to spend on groceries. Using your rounding skills, estimate how much their cart full of groceries cost, and if they have enough to cover it. If not, choose what groceries they’ll need to put back to be within their budget. You must fill in your rounded estimate for each grocery item in the right column, before computing the total estimate. (5 points) Shopping Cart Items Item Cost Bread $3.89 Milk $3.99 Spaghetti Butter Yogurt Eggs Chicken Turkey Burgers Peanut Butter Apples Grapes Bananas Carrots Broccoli Potatoes Orange Juice Iced Tea Chocolate Candy Total Estimate Consumer Math A Credit 1 Quiz Rounded Estimate $2.15 $2.79 $4.89 $4.09 $7.79 $5.15 $4.99 $4.25 $3.79 $3.25 $2.25 $2.89 $3.10 $3.99 $2.89 $4.89 Page |3 7. Ricky is trying to create an accurate monthly expense record and budget for some of his variable expenses, with his grocery and recreation costs in particular. Take a look at what Ricky spent on groceries and recreation each of the last six months, and calculate the mean for each, so he knows how best to budget for the upcoming months. Do not round/estimate here. You may use a calculator. Grocery Costs (Last 6 months) Recreation Costs (Last 6 months) $182.45 $90.30 $181.97 $170.75 $125.50 $178.76 $101.35 $190.33 $95.26 $201.20 $82.75 $168.30 $75.50 a. Monthly mean for groceries to budget: $__________ (3 points) 1,091.79 6 = $181.97 $95.11 b. Monthly mean for recreation to budget: $__________ (3 points) 570.66 6 = $95.11 Quiz Consumer Math A Credit 1 Quiz 70 ×2 Total = 70 Page |4 Jehan Koro Name _____________________________________________________________ Consumer Math A Credit Score: Credit 2 Quiz Earning a Paycheck (Part 1) ASSESSMENT Quiz  Complete the following problems. Show all your work, and communicate your reasoning as clearly as possible. No calculator allowed. The table to the right lists the current average hourly wages for six different jobs. 1. Alicia works 40 hours per week as a dental assistant. a. What is her monthly income? (Assume 4 weeks in a month.) (2 points) $2,788.8 Job Secretary/ Administrative Assistant Dental Assistant Medical Assistant Delivery Van Driver Bus Driver b. What is her yearly income? (2 points) Cosmetologist Hourly Wage $18.63 $17.43 $15.01 $16.28 $15.48 $13.36 $145,017.6 c. Alicia’s monthly living expenses are $1,920 per month. Does she make enough income to cover her monthly living expenses? You must subtract the 25% in taxes she pays on her income. If her income does cover her expenses, how much does she have leftover to put away in savings each month? Show your calculations. (2 points) Consumer Math A Credit 2 Quiz Page |1 2. Freddy works 40 hours per week as a cosmetologist. After paying his 25% in taxes, what is the most Freddy can afford for his living expenses per month? (3 points) 3. Bartenders and waiters earn a lower hourly wage than many other hourly jobs but make up for it with tips. a. Mike is a bartender that makes $10.88 an hour, but during his normal 10-hour shift, he makes an average of $175 in tips. What does Mike make per hour when you combine his hourly wage and tips? (2 points) b. Tina is a waitress that makes $10.40 per hour, but an average 8-hour shift for her brings in an additional $85 in tips. How much does Tina make per hour as a waitress? (2 points) c. Tina’s current living expenses are $2,200 per month. After subtracting the 25% she pays in taxes on her income, how many hours does she need to work each week to be able to afford her living expenses? (2 points) Consumer Math A Credit 2 Quiz Page |2 4. Raul is a medical assistant making an hourly wage of $15 per hour. He wants to save extra money for Christmas presents this year so he decides to work overtime for one week. His boss pays him time and a half for overtime hours. During that week, Raul worked 40 regular hours and 15 overtime hours. How much did Raul make that week, before taxes? (3 points) 5. Felicia also wants to save up extra money for Christmas presents, and she’s lucky enough to have a boss that pays her double time for overtime hours. Her normal hourly wage is $13 per hour as a cosmetologist. Last week she worked 40 regular hours and 12 overtime hours. How much did she make last week? (3 points) Consumer Math A Credit 2 Quiz Page |3 6. The table to the right lists the current average annual salaries in California for six different salaried jobs. a. Tommy is a video game designer making $84,000 per year. How much does he make per month, after you subtract the 25% he pays in taxes? (2 points) Job Average Annual Salary Video Game Designer $85,240 Teacher $84,889 Fashion Designer Registered Nurse Veterinarian Engineer $63,670 $71,200 $102,940 $72,750 b. Shelly is a veterinarian making currently making $105,000 per year. Her monthly living expenses, including her student loan payments, are $3,100 per month. After subtracting 25% for taxes, how much is she able to put into her savings account each month? (2 points) c. Shelly needs to save $40,000 so she’ll have the down payment for a new house. Using your answer from part b., determine how many months it will take for her to have $40,000 in her savings account. (2 points) Consumer Math A Credit 2 Quiz Page |4 7. Being a real estate agent can be a lucrative career choice if you’re willing to put in the hours. Most real estate agents are paid on commissions and do not receive a salary. The average commission for an agent is 3% of the sale price of the house. a. In 2016, Rita helped 5 different buyers find new homes. The sale prices of these 5 homes were as shown in the table to the right. Sale prices $510,000 $625,000 $450,000 $780,000 $650,000 b. Last year, Marsha helped 5 different sellers sell their homes. The sale prices of these 5 homes were as shown in the table to the right. Sale Prices $1,600,000 $2,100,000 $2,500,000 $1,400,000 $$3,200,000 If Rita made a 3% commission on each house, how much did she make for the entire year, before taxes? You may use a calculator. (4 points) If Marsha made a 3% commission on each house, how much did she make for the entire year, before taxes? You may use a calculator. (4 points) Quiz Consumer Math A Credit 2 Quiz 70 ×2 Total = 70 Page |5 Name _____________________________________________________________ Consumer Math A Credit Score: Credit 3 Quiz Earning a Paycheck (Part 2) ASSESSMENT Quiz  Complete the following problems. Show all your work, and communicate your reasoning as clearly as possible. No calculator allowed. Laura Jimenez is a hair stylist at Rita’s Hair Salon in Los Angeles. Review her paystub/earnings statement below and answer the questions that follow. 1. For the two-week period of 9/10/17–9/23/17, what is her gross pay? (2 points) Consumer Math A Credit 3 Quiz Page |1 2. List the deductions and amounts of each deduction that were withheld for this two-week paycheck. (2 points) 3. What percent of her gross pay was withheld for Federal Income Tax? You may use a calculator. (2 points) 4. What percent of her gross pay was withheld for Social Security? You may use a calculator. (2 points) 5. What is Laura’s net pay for this pay period? (2 points) Consumer Math A Credit 3 Quiz Page |2 6. What are the purposes of the Social Security, Medicare, and SDI (Disability) taxes withheld from Laura’s paycheck? Make sure to list the purpose of each tax separately. You only need to write 12 sentences for each. (2 points each, 6 total) 7. When Laura files her tax return for the year 2017, she qualifies for a $6,350 exemption on her federal taxes because she is single. a. If Laura made a gross income of $32,400 for 2017, what will her new taxable income be according to the IRS? Use Table 1 on the next page to help you. (2 points) b. What is your best estimate of how much this $6,350 exemption will get her in a refund check from the IRS in April/May of 2018? Assume she pays a federal tax rate of 15%. (2 points) 8. Laura’s overall monthly living expenses are $1,600. How much money does she have at the end of the month to put into savings? (2 points) Consumer Math A Credit 3 Quiz Page |3 9. Christine’s gross monthly salary at her job is $5,250. She has the following deductions from her paycheck. What is Christine’s net take-home pay per month? You may use a calculator. (3 points) Christine’s Deductions 25% withheld for Federal income tax 9.3% withheld for California state income tax 6.2% withheld for Social Security tax 1.45% withheld for Medicare tax 0.9% withheld for SDI – Disability insurance 5% goes into her retirement 401K account $150 goes to health insurance/dental for her family Table 1 Take a look at the Federal Taxable Income Bracket and Rates for 2017. 10. What percent rate and actual amount would you pay in federal taxes if you make a gross salary of $75,000 per year? (2 points) 11. What percent rate and actual amount do you pay in federal taxes if you make a gross salary of $250,000 per year? (2 points) Consumer Math A Credit 3 Quiz Page |4 12. An important debate regarding taxes is that people with higher incomes should not pay a higher percentage in taxes since they would already be paying more in taxes even if everyone had the same flat tax percentage. Do you agree or disagree with a graduated income tax, where the more you make, the higher percentage you pay as well? Why or why not? (3 points) 13. Lydia just got a new job as a teacher and has to decide now between an HMO plan like Kaiser for her health insurance or a more traditional PPO plan. What is one advantage of an HMO over a traditional plan? What is one disadvantage? (3 points) Quiz ×2 70 Consumer Math A Credit 3 Quiz Total = 70 Page |5
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