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PFL Grade 7 - Post Test
  • 1. Which is a deduction from the wages you receive from a job?
A) an exercise tax
B) an income tax
C) a sales tax
D) a property tax
  • 2. Refer to the handout.
A) $1349.88
B) $1478.40
C) $168.00
D) $1606.92
  • 3. Amanda purchased a pair of shoes for $32.00 and two blouses for $15.00 each. If sales tax is 8.5%, what was the total amount Amanda paid?
A) $70.50
B) $67.27
C) $56.73
D) $62.00
  • 4. Refer to the handout.
A) Food, clothing and entertainment, gasoline, and utilities
B) Housing cost, food, clothing and entertainment, child care
C) Food, transportation, gas, and child care
D) Housing cost, food, clothing and entertainment, gasoline
  • 5. You decide that you want to save 10 percent on each paycheck. You tell your bank to place 10 percent of each paycheck into your savings account. Which of the following describes this financial strategy?
A) "living above your means."
B) "pay yourself first."
C) "net worth analysis"
D) "collateral planning."
  • 6. Suzy deposits $500 in a savings account with an interest rate of 6% compounded annually. If Suzy does not ake any additional deposits or withdrawls, how long will it take Suzy to earn at least $95?
A) 5 years
B) 3 years
C) 4 years
D) 2 years
  • 7. Refer to the handout.
A) D-Graph 4
B) A-Graph 1
C) B-Graph 2
D) C-Graph 3
  • 8. Refer to the handout.
A) $20.00
B) $17.00
C) $29.00
D) $25.00
  • 9. Which of the following best describes compounded interest?
A) Compounded interest is paid on each ATM withdrawal.
B) Compounded interest is only received when you own bonds.
C) Compounded interest is only received when you have multiple accounts.
D) Compounded interest is paid on the principal and all interest previously earned.
  • 10. Refer to the handout.
A) -$10,095.07
B) $10,095.07
C) -$14,095.07
D) $14,095.07
  • 11. Refer to the handout.
A) Hats, Caps, and More
B) JW Mart
C) Outlet Hats
D) Head Gear
  • 12. Emily was paid $25 for watching her neighbor's 9-year old twins after school for a week. Emily is trying to decide if she use this money to buy a new shirt or to put the money in her college savings account. If she chooses to put the money in the savings, which of the following describes not buying the shirt?
A) consequence
B) opportunity cost
C) alternative
D) incentive
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