Personal Finance Test Review 2
Multiple Choice
Identify the choice that best completes the statement or answers the question.
1. Monica Ramirez works at the hospital as a nursing assistant. She works 15 hours per week and earns $8.50
per hour. What is Monica’s straight-time pay for each week?
a. $120.00
c. $127.50
b. $127.00
d. $120.50
2. Jason Ayers works as a lifeguard earning $8.75 an hour for 20 hours per week. What is Jason’s straight-time
pay for the week?
a. $175.00
c. $170.00
b. $165.00
d. $170.50
3. Julie Meier is the manager for the ACE Trucking Company. During December she worked 165 hours and was
paid $27 per hour. What was her straight-time pay for December?
a. $4,400
c. $4,500
b. $4,450
d. $4,455
4. Macie Andersen earns $9.75 an hour working at the local bookstore. Last week she worked 17 hours. This
week she worked 25 hours. What was her straight-time pay for the two weeks?
a. $409.00
c. $404.75
b. $409.50
d. $404.25
5. Phyllis Doran worked at Symmes Medical Center for
hours on Monday and from 8:30 AM until 1:00 PM
on Tuesday. What is the total number of hours she worked?
a. 12
c. 11
b.
d. 13
6. At the local sandwich shop, employees earn double time for any hours worked in addition to their regular
40-hour week. Last week, Cooper Jones worked his regular 40 hours plus 9 hours of overtime. Cooper is paid
$8.50 per hour. What is his total pay for the week?
a. $833.00
c. $416.50
b. $416.75
d. $493.00
7. At the Red Apple Health Food Store, employees earn time and a half for any hours they work in addition to
their regular 35-hour work week. Nicole Logan is paid $8.00 an hour. This week she worked 46.25 hours.
What is her total pay?
a. $355
c. $415
b. $380
d. $370
8. Carlos Garcia works at Dan’s Car Wash. Use his time card, shown below, to find the total number of hours he
worked for the week.
EMPLOYEE TIME
CARD
DATE
IN
OUT
IN
OUT
9/15
8:00 AM
11:00 AM
12:00 PM
4:00 PM
NAME: CARLOS
9/16
8:30 AM
12:00 PM
12:30 PM
4:30 PM
HOURS
GARCIA
DEPT.: SALES
9/17
9/18
9/19
EMPLOYEE
SIGNATURE
a.
8:00 AM
8:30 AM
8:30 AM
12:30 PM
12:30 PM
12:00 PM
1:30 PM
1:00 PM
12:30 PM
4:30 PM
5:00 PM
5:00 PM
TOTAL HOURS
hours
b. 38 hours
c. 32 hours
d. 26 hours
9. Odette Alverez works at the Digitech Warehouse eight hours a day, earning $9.48 an hour. She is asked to
work two additional hours at time and a half to help prepare for an incoming shipment of merchandise. How
much will she earn for these two hours of overtime?
a. $28.00
c. $28.44
b. $28.75
d. $28.74
10. Annie Kramer embroiders baseball caps. She is paid $2.50 for each hat she embroiders. Her production sheet
is shown below. What is her total pay for the week?
DATE
6/14
6/15
6/16
6/17
6/18
CAPS
42
37
0
24
41
a. $360
b. $375
c. $350
d. $345
11. Linda Rove is paid $6.39 for each table she assembles. Last week she assembled the following number of
tables. What was Rove’s pay for the week?
DATE
Monday
Tuesday
Wednesday
Thursday
Friday
a. $460.08
b. $455.09
TABLES
16
12
11
14
19
c. $465.75
d. $475.75
12. George Saylor provides childcare in his home. He charges $5 an hour per child. On Tuesday he cared for
Amy for 3 hours, Itsu for 4 hours, Kaylee for 6 hours, and Jasmine for 4 hours. What was his total pay?
a. $65
c. $45
b. $85
d. $95
13. Anoki Shah washes windows for Sparkle Cleaners. He gets paid $1.39 per window. Last week he cleaned 284
windows. What was his total pay?
a. $383.40
c. $432.00
b. $654.00
d. $394.76
14. Robin Cline is a computer analyst. Her annual salary is $52,789. What is her monthly salary?
a. $3,444.22
c. $4,100.00
b. $4,399.08
d. $4,700.87
15. Franklin Neason earns $5,250 a month as a sales manager. What is his semimonthly salary?
a. $2,365
c. $2,625
b. $10,500
d. $5,250
16. Dr. McCoy earns $51,233 teaching at the university. What is his weekly salary?
a. $985.25
c. $1,970.50
b. $1,024.66
d. $1,970.00
17. Betty Black is an attorney. Her biweekly salary is $6,514. What is Betty’s annual salary?
a. $78,168
c. $105,312
b. $156,336
d. $169,364
18. Briana Driscoll sells real estate. She earns a 6% straight commission on each sale. She recently sold a house
for $355,000. What was her commission?
a. $23,300
c. $20,900
b. $21,300
d. $23,500
19. Marta Perez sells coffee beans to local coffee shops. She earns a 10% straight commission on all sales. In
November, her sales totaled $38,500. What was her commission?
a. $385
c. $38
b. $3,850
d. $3,800
20. Colleen Truman earns a 4.5% commission on all sales. In June, her sales totaled $40,000. How much did she
earn in commission?
a. $18,000
c. $1,080
b. $1,800
d. $14,500
21. Terrence McGraw sells lumber. He earns 4% commission on the first $5,000 in sales, 8% on the next $5,000,
and 12% on sales over $10,000. Last month he sold $18,000 worth of lumber. What was his total
commission?
a. $1,570
c. $1,560
b. $1,750
d. $1,650
22. Cody Summer sells tires for tractor trailers. He earns 4.5% commission on the first $6,000 in sales, 8%
commission on the next $6,000, and 12% commission on sales over $12,000. Last month he sold $18,000
worth of tires. What was his total commission?
a. $1,470
c. $1,540
b. $1,450
d. $1,650
23. At a recent computer convention, Pomie Lau demonstrated new software to potential customers. She was paid
$15 each for the first 10 demonstrations in one day and $17.50 for each demonstration over 10. What was her
commission if Pomie makes 12 demonstrations in one day?
a. $185
c. $165
b. $210
d. $175
24. Some sales positions pay a commission if sales exceed a set quota. Yolanda Gonzalez is paid $1,750 per
month plus a commission of 9.5% on all sales of more than a $25,000 monthly quota. What is Yolanda’s total
pay for a month in which her sales totaled $37,500?
a. $5,625.00
c. $2,973.50
b. $5,265.00
d. $2,937.50
25. A portion of Neka Patel’s time card is shown below. How many hours did he work for the week?
DATE
IN
OUT
IN
12/13
8:00 AM
12:00 PM
12:30 PM
4:30 PM
12/14
12/15
12/16
12/17
8:30 AM
8:35 AM
8:15 AM
8:00 AM
1:30 PM
12:35 PM
12:15 PM
1:00 PM
2:10 PM
1:30 PM
12:45 PM
1:30 PM
5:10 PM
5:30 PM
3:45 PM
5:30 PM
a.
b.
OUT
c. 40 hours
hours
d. 41 hours
hours
26. Sita Rahim keeps records of her expenditures. She wants to know how much she spends each month, on the
average. Her records for three months are shown below. What is her average monthly expenditure?
Month
August
September
October
Expenditure
$3,156.00
2,896.50
2,666.00
a. $2,344.50
b. $2,906.17
c. $3,001.01
d. $3,004.20
27. Harold Chung keeps records of his expenditures. He wants to know how much he spends each month, on the
average. His records for three months are shown below. What is his average monthly expenditure?
Month
September
October
November
Expenditure
$1,988.00
2,234.50
2,099.00
a. $1,999.00
b. $2,107.17
c. $2,234.50
d. $2,300.90
28. Kar and Ching Sho keep records of their expenditures. They want to know how much they spend each month,
on the average. Their records for four months are shown below. What is their average monthly expenditure?
Month
January
February
March
April
a. $3,765.22
b. $3,988.00
Expenditure
$3,356.00
3,988.50
4,010.02
4,765.87
c. $4,001.01
d. $4,030.10
29. Carly and Tom Mason keep records of their expenditures. They want to know how much they spend each
month, on the average. Their records for four months are shown below. What is their average monthly
expenditure?
Month
January
February
March
April
Expenditure
$5,678.54
3,665.77
4,231.98
4,768.99
a. $3,877.99
b. $4,586.32
c. $4,988.01
d. $5,001.01
30. Marilyn and Thomas Meyer keep records of their expenditures. They want to know how much they spend
each month, on the average. Their records for four months are shown below. What is their average monthly
expenditure?
Month
January
February
March
April
Expenditure
$3,878.54
2,465.27
3,232.98
2,768.09
a. $2,887.09
b. $2,980.00
c. $3,086.22
d. $3,777.65
31. ALGEBRA Martha Jackson had a $396.25 average monthly expenditure for clothing during the first quarter
of the year. She spent $401.50 in April and $250.00 in May. How much can Martha spend in June to have the
same average as in the first quarter?
a. $437.25
c. $537.25
b. $450.00
d. $554.25
Figure 3.1. Use this chart with the question(s) about the Thompson family below.
A MONEY MANAGER FOR Thompson
Family
MONTHLY LIVING EXPENSES
Food/Grocery Bill
$232.00
Household Expenses
Electricity
$167.20
Heating Fuel
$ 45.09
Telephone
$ 31.87
Water
$ 13.07
Garbage/Sewer
$ 16.33
Fee
Other
$ _____
TOTAL
$ _____
Transportation
Gasoline/Oil
$ 25.00
Parking
$ _____
Tolls
$ _____
DATE 10/01/-MONTHLY FIXED EXPENSES
Rent/Mortgage Payment
Car Payment
Other Installments
Appliances
Furniture
Regular Savings
Emergency Fund
TOTAL
ANNUAL EXPENSES
Life Insurance
Home Insurance
Car Insurance
Real Estate Taxes
$
$
675.00
178.50
$ ______
$ ______
$
75.00
$
50.00
$
978.50
$
75.00
$ 240.00
$ 475.00
$1,215.00
Commuting
Other
Personal Spending
Clothing
Credit Payments
Newspaper, Gifts
Pocket Money
Entertainment
Movie/Theater
Sporting Events
Recreation
Dining Out
TOTAL
$ _____
$ _____
$
$
$
$
30.00
60.00
25.00
57.00
$
5.00
$ 12.00
$ _____
$ 10.00
$505.00
Car Registration
Pledges/Contributions
Other
TOTAL
MONTHLY SHARE
(Divide by 12)
MONTHLY BALANCE SHEET
Net Income
(Total Budget)
Living Expenses
Fixed Expenses
Annual Expenses
TOTAL MONTHLY EXPENSES
BALANCE
$
26.50
$ 100.00
$ ______
$2,631.50
$ ______
$
$
$
$
$
$
______
505.00
978.50
______
______
______
32. Use Figure 3.1. What is the Thompsons’ monthly expenditure for personal spending?
a. $172.00
c. $245.88
b. $232.00
d. $321.00
33. Use Figure 3.1. What is the Thompsons’ monthly expenditure for household expenses?
a. $273.56
c. $287.33
b. $276.83
d. $333.45
34. Use Figure 3.1. What is the Thompsons’ mortgage payment?
a. $465.00
c. $765.00
b. $675.00
d. $765.50
35. Use Figure 3.1. How much do the Thompsons spend monthly for real estate taxes?
a. $101.25
c. $209.88
b. $125.00
d. $1,215.00
36. Use Figure 3.1. What is the Thompsons’ monthly share of their annual expenses?
a. $219.29
c. $312.45
b. $265.09
d. $410.09
Figure 3.2. The table shows the Webster’s monthly expenses for the first three months of the year. Use
this table for the questions below.
January
Mortgage Loan
Groceries
Electricity
Dentist
Phone/Internet
Gasoline
Water/Sewer
Credit Card
Basketball Game
Gift
Clothing
Car Loan
Car Repair
February
$975.00 Mortgage Loan
275.00
136.50
100.00
45.65
123.40
32.75
80.00
35.00
57.60
189.54
315.50
236.50
Electricity
Restaurants
Movies
Phone/Internet
Groceries
Gasoline
Water/Sewer
Credit Card
Gift
Dry Cleaning
Car Loan
Home Repair
March
$975.00 Mortgage Loan
234.00
120.56
35.00
65.45
301.98
129.05
39.65
100.54
28.97
42.39
315.50
150.00
Electricity
Doctor Copay
Pharmacy
Phone/Internet
Gasoline
Groceries
Basketball Game
Credit Card
Water/Sewer
Clothing
Car Loan
Home Repair
$975.00
301.63
25.00
35.00
58.74
90.87
285.62
35.00
125.00
32.75
190.87
315.50
150.00
Vet Bill
Total
85.00 Donation
$2,687.44 Total
75.00 Fuel Oil
$2,613.09 Total
187.66
$2,808.64
37. Use Figure 3.2. What is the average monthly expenditure for the telephone?
a. $56.12
c. $56.71
b. $56.61
d. $58.13
38. Use Figure 3.2. Transportation costs include car payments and costs for gasoline, repairs, etc. What is the
average monthly expenditure for transportation costs?
a. $508.77
c. $528.45
b. $518.77
d. $582.45
39. Use Figure 3.2. What is the average monthly expenditure for all expenses?
a. $2,703.06
c. $3,009.06
b. $2,908.76
d. $8,109.17
40. Use Figure 3.2. What is the average monthly expenditure for electricity?
a. $136.50
c. $224.04
b. $163.50
d. $242.04
41. The Cohens’ monthly budget allowed them to spend $245.00 for groceries each month. During November
they spent $356.82. How much more or less did they spend than budgeted?
a. $223.64 less
c. $111.82 more
b. $111.82 less
d. $223.64 more
42. The Flynns’ monthly budget allowed them to spend $555 for household expenses. During June and July they
had a room in their home remodeled and spent a total of $2,035 for household expenses. By how much did
they overspend?
a. $675
c. $925
b. $897
d. $1,200
43. The Bose family’s monthly budget allowed them to spend $155 for personal expenses. To prepare for
vacation, their personal spending in June totaled $355. By how much did they overspend?
a. $100
c. $300
b. $200
d. $510
44. The Hongs’ monthly budget allowed them to spend $455 for household expenses. During June they spent
$235 for household expenses. How much less did they spend than budgeted?
a. $220
c. $400
b. $235
d. $455
45. Rafiq Jackson’s monthly budget allows him to spend $175 for groceries. In August he spent $85 and in
September he spent $123. How much more or less did he spend than budgeted?
a. $142 less
c. $152 more
b. $132 less
d. $175 more
46. Norma Richard’s monthly budget allows her to spend $125 for entertainment. In June she spent $185. How
much more or less did she spend than budgeted?
a. $76 less
c. $45 more
b. $60 less
d. $60 more
47. Recently Orlando Jones moved into a new house. Now his expense sheet for transportation to work looks like
this:
Gas/Oil
Parking
Tolls
Commuting
$55.60
76.00
14.00
66.00
Before he moved into the new house, Orlando’s budget for transportation was $165 per month. How much
more or less are Orlando’s expenses now than the $165 budgeted?
a. $46.00 less
c. $36.00 more
b. $45.70 less
d. $46.60 more
48. Bettina Amman is a sales consultant. She travels all over the country selling her company’s products. Her
total monthly expenses for June, July, and August were $4,356.01, $9,011.20, and $8,780.00. What was her
average monthly expenditure?
a. $6,565.00
c. $8,090.25
b. $7,382.40
d. $22,147.21
49. Aneas Arnold sells lighting supplies. She travels all over New England. Her total monthly expenses for
August, September, and October were $2,700, $1,100, and $2,200. What was her average monthly
expenditure?
a. $2,000
c. $3,000
b. $2,200
d. $6,000
50. Betty Glacier is a manufacturer’s representative for a plastics company. She travels all over the country
selling her company’s products. Her total monthly expenses for August, September, and October were
$2,756.11, $7,111.20, and $5,080.70. What was her average monthly expenditure?
a. $3,898.01
c. $4,567.76
b. $3,983.45
d. $4,982.67
51. Ann Day’s monthly budget and actual amount spent for household expenses in June is shown below. How
much more or less did Ann spend than she budgeted?
Household
Electric bill
Telephone bill
Heating fuel
Water bill
Cable TV bill
Amount Budgeted
$45.00
35.00
50.00
24.50
25.00
a. $27.85 less
b. $22.50 less
Actual Amount Spent
$44.00
31.25
25.00
31.75
25.00
c. $22.00 more
d. $35.00 more
52. Bella Sanchez’s budget and expenditure for personal items during the month of July is shown below. How
much less did Bella spend than she budgeted?
Personal
Clothing
Toiletries
Newspapers, gifts
a. $24.50
b. $24.55
Budget
$30.00
60.00
20.00
Expenditure
$32.75
41.00
11.75
c. $32.45
d. $32.55
53. Maya Saharaj keeps records of her expenditures. She wants to know how much she spends each month, on the
average. Here are her records for three months. What is her average monthly expenditure?
Month
August
September
October
Expenditure
$6,700.00
2,825.09
2,274.00
a. $3,434.04
b. $3,890.32
c. $3,905.53
d. $3,933.03
54. Cleveland and Briana Baker keep records of their expenditures. They want to know how much they spend
each month, on average. Here are their records for 4 months. What is their average monthly expenditure?
Month
January
February
March
April
Expenditure
$3,776.77
3,877.32
8,986.43
4,436.98
a. $4,589.98
b. $5,269.38
c. $5,342.98
d. $6,876.88
55. The Cook family bought a new speedboat. How much more or less is the amount they spent than the amount
they budgeted?
Budgeted: $11,654.00
a. $224.99 less
b. $224.87 less
Spent: $11,878.99
c. $224.53 more
d. $224.99 more
Matching
Match the following terms with the descriptions.
a.
b.
c.
d.
hourly rate
double time
straight-time pay
salary
e.
f.
g.
h.
commission
weekly time card
piecework
gross income
____ 56. A fixed amount of money that you earn on a regular basis
____ 57. An overtime pay rate
____ 58. The total amount of money you earn during a pay period
____ 59. A fixed amount of money for every hour that you work
____ 60. An amount of money you are paid for selling a product or service
____ 61. The total amount of money you earn during a pay period at your regular rate
____ 62. When you are paid a specific amount of money for each item of work completed
____ 63. A daily record of when you report to work and when you leave
Match the following terms with the descriptions.
a.
b.
c.
d.
recordkeeping
expenditures
budget sheet
living expenses
e.
f.
g.
h.
fixed expenses
annual expense
expense summary
emergency fund
____ 64. Compares the amount you spend with your budget
____ 65. Regular expenses which do not vary from one month to the next
____ 66. The items you spend your money on
____ 67. A tool to record your expenses
____ 68. Expenses that occur once a year
____ 69. A way to manage your money
____ 70. Routine expenses, including amounts for food, utility bills, and pocket expenses
____ 71. Extra money set aside for unpredictable expenses
Personal Finance Test Review 2
Answer Section
MULTIPLE CHOICE
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
1.1
1.1
1.1
1.1
1.3
1.2
1.2
1.3
1.2
1.4
1.4
1.4
1.4
1.5
1.5
1.5
1.5
1.6
1.6
1.6
1.7
1.7
1.7
1.7
1.3
3.1
3.1
3.1
3.1
3.1
3.1
3.1
3.1
3.1
3.1
3.2
3.1
3.1
3.1
3.1
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
3.3
3.3
3.3
3.3
3.3
3.3
3.3
3.1
3.1
3.1
3.3
3.3
3.1
3.1
3.3
MATCHING
56.
57.
58.
59.
60.
61.
62.
63.
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6
1.1 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6
64.
65.
66.
67.
68.
69.
70.
71.
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
OBJ:
3.1 | 3.2 | 3.3
3.1 | 3.2 | 3.3
3.1 | 3.2 | 3.3
3.1 | 3.2 | 3.3
3.1 | 3.2 | 3.3
3.1 | 3.2 | 3.3
3.1 | 3.2 | 3.3
3.1 | 3.2 | 3.3