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Consumer Math Exam 3
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Consumer Math Exam 3
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25 Questions

1. You have four credit cards. Each has a balance of $450.00, but their credit limits are $800.00, $1,200.00, $1,300.00, and $1,500.00. Paying off and closing which card would decrease your debt ratio?

2. Credit profile shows _____.

3. FICO stands for ______.

4. FICA is a

5. Closing a credit card usually ____ your debt ratio.

6. Brand named items are _____.

7. A house is used as _____ for a loan.

8. Which of the following is an advantage of using a debit card compared to using a check or credit card?

9. The type of credit card you want to pay in full, on time, every time is ____

10. The better your credit profile is, the _____.

11. Your gross pay is $1,935.00. Your involuntary deductions are FICA (7.65%), federal withholding (13%), and state withholding (9%). How much are you allowed for housing and fixed expenses?

12. You carry a balance of $2,065.00 on a credit card at a 17.25% APR for 5 months. How much is your total payment by the fifth month

13. Principal is _____.

14. you work 40 hours for 50 weeks and are given the option to be paid hourly or to go on salary in which situation will you earn the most

15. When investing in a savings plan, it is better to _____.

16. You have a credit card with a balance of $1,758.64. The interest is 12.75% APR. A late payment fee of $35.00 is added to the principal if you pay after the first month due date of 12/20. You make a payment for $100.00 on 12/20. How much interest did you pay?

17. To calculate a rewards program incentive, you _____.

18. In terms of a loan, contractually means you _____.

19. A rule of thumb refers to _____.

20. If the credit card from the previous question has an interest rate of 14.75% and you do not make a payment the first month on the $1,685.90 balance, how much is the difference between the interest and reward? (Remember, the reward is $33.72.)

21. Store brand soap $2.99 Name brand soap $3.95 Name brand shoes $38.65 Store brand shoes $20.35 Name brand socks (3 pairs/pack) $6.89 Store brand socks (3 pairs/pack) $7.25 Store brand khakis for work $25.94 Name brand khakis for work $34.50 Name brand dress shirt $24.95 Store brand dress shirt $21.65 Using the table, what is the cost of the luxury items?

22. The 'Limited Plan' offers a 15% discount for power usage between 7pm - 9am if most of your usage happens during that time. If not, then you lose your discount and you pay a 20% premium on the usage outside of that time. The cost per kilowatt hour is $0.05432. How much would you have paid in March if you used 450 KWH 7pm - 9am and 465 KWH 9am - 7pm?

23. You should always pay more than the _____.

24. Items that are wants are considered to be _____

25. In order to answer this question, remember you purchased a home for $253,600.00 with a mortgage rate of 3.75% APR. If you pay $1,500.00 toward the first month's payment, how much is applied toward the principal?

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