Test 5 Unit 7 Flashcards Preview

7th math > Test 5 Unit 7 > Flashcards

Flashcards in Test 5 Unit 7 Deck (32):
1

the interest charged for the use of the installment plan

finance charge

2

a plan used in spending money

budget

3

the number used to identify a check on the deposit slip

transit number

4

an insurance payment

premium

5

a person who makes insurance calculations and predictions

actuary

6

an order for a bank to pay money

check

7

a required payment for the support of the government

tax

8

the amount of money in a bank account

balance

9

form used to put money in a bank account

deposit slip

10

check cashed by the bank

canceled check

11

buying on time

installment plan

12

a person who benefits from an insurance policy

beneficiary

13

Find the simple interest: p = $1,000; r = 10%; t = 1 yr.

1000 x .1 x 1=
$100

14

Find the simple interest: p = $1,500; r = 12%; t = 2 yr.

1500 x .12 x 2 =
$360

15

Find the simple interest: p = $800; r = 15%; t = 6 mo.

800 x .15 x .5 =
$60

16

Find the simple interest: p = $3,600; r = 11%; t = 30 da.

3600 x .11 x .083 (or 1/12) =
$33

17

Budget based on a monthly salary of $2,800:
tithe and offerings - 11%

2800 x .11 =
$308

18

Budget based on a monthly salary of $2,800:
mortgage - 28%

2800 x .28 =
$784

19

Budget based on a monthly salary of $2,800:
utilities - 7%

2800 x .07 =
$196

20

Budget based on a monthly salary of $2,800:
food - 12%

2800 x .12 =
$336

21

Budget based on a monthly salary of $2,800:
medical - 9%

2800 x .09 =
$252

22

Find the total deposit if $567.39 is deposited in checks, $95 in currency, and $.89 in coins.

567.39 + 95 + .89 =
$663.28

23

Find the new balance if $875 is deposited and $316 is withdrawn from a balance of $2,056.

2056 + 875 - 316 =
$2,615

24

A checkbook register began the page with a balance of $600.84. A check was written for $89.50. A deposit was made for $55. Bank charges of $25 were recorded. A check was written for $23, and a check was written for $75. Find the balance after these transactions have been accounted for.

600.84 - 89.5 + 55 - 25 - 23 - 75 =

$443.34

25

Jonathan Sedridge budgeted $40 of his $250 for church activities. What percent of his money did he budget for church activities?

40 divided by 250 = .16

16%

26

Mrs. Patrick bought a vacuum cleaner with a list price of $349. She paid $50 down and the rest in 12 monthly payments of $32 each month. find the amount of interest she had to pay.

12 x 32 = 384. 384 + 50 = 434. 434 - 349 =

$85 interest

27

Find the annual premium for $75,000 in straight life insurance at $18.50 per thousand dollar unit.

18.5 x 75 = $1,387.50

28

Raymond Blount pays $185 each month for health insurance. Fine the amount he pays in one year.

185 x 12 = $2,220

29

Dr. Wilson insured his home at the rate of $.67 per $100 per year. The insurance company valued his home at $120,000. find his cost for one year of homeowner's insurance.

120,000 divided by 100 = 1200. 1200 x .67 =

$804

30

Peter Pepper pays $425 for liability insurance, $216 for collision insurance, and $78 for comprehensive insurance. Find the total cost for his car insurance.

425 + 216 + 78 =

$719

31

Find the sales tax on a purchase of $625 at the sales tax rate of 8%.

625 x .08 =
$50

32

Find the amount of income tax on a taxable income of $35,000 at a tax rate of 18%.

35,000 x .18 =
$6,300