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PFL Grade 7 - Post Test
Contributed by: Riley
  • 1. Which is a deduction from the wages you receive from a job?
A) an exercise tax
B) a property tax
C) a sales tax
D) an income tax
  • 2. Refer to the handout.
A) $1349.88
B) $168.00
C) $1606.92
D) $1478.40
  • 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) $67.27
B) $56.73
C) $62.00
D) $70.50
  • 4. Refer to the handout.
A) Housing cost, food, clothing and entertainment, gasoline
B) Food, clothing and entertainment, gasoline, and utilities
C) Food, transportation, gas, and child care
D) Housing cost, food, clothing and entertainment, child care
  • 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) "net worth analysis"
B) "pay yourself first."
C) "collateral planning."
D) "living above your means."
  • 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) 3 years
B) 4 years
C) 5 years
D) 2 years
  • 7. Refer to the handout.
A) A-Graph 1
B) D-Graph 4
C) B-Graph 2
D) C-Graph 3
  • 8. Refer to the handout.
A) $29.00
B) $25.00
C) $20.00
D) $17.00
  • 9. Which of the following best describes compounded interest?
A) Compounded interest is paid on the principal and all interest previously earned.
B) Compounded interest is paid on each ATM withdrawal.
C) Compounded interest is only received when you own bonds.
D) Compounded interest is only received when you have multiple accounts.
  • 10. Refer to the handout.
A) $10,095.07
B) -$14,095.07
C) $14,095.07
D) -$10,095.07
  • 11. Refer to the handout.
A) JW Mart
B) Outlet Hats
C) Head Gear
D) Hats, Caps, and More
  • 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) opportunity cost
B) consequence
C) incentive
D) alternative
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