MODELS 1

Math Models with Applications Diagnostic Test 1 (Math Models with Applications



Question Number 1	Points: 1.00/1.00
Question Text
Which of the following is another term for a checking account?
Your Answer
A. A demand deposit
Question Number 2	Points: 1.00/1.00
Question Text
Use the compound interest formula, A = P times the quantity of 1 + r over n where the quantity is to the n t power., to find the following amount of money after the given amount of time:
Blake opens a savings account in a bank with the annual interest rate of 2.7%. If he deposits $3,500.00 in a savings account, and the interest is compounded annually, how much will he have in the account after 3 years?

Your Answer
B. $3,791.22
Question Number 3	Points: 1.00/1.00
Question Text
What is 18% of 42?
Your Answer
C. 7.56
Question Number 4	Points: 1.00/1.00
Question Text
Fringe benefits for a week are B = F + S + H + V, where F = FICA, S = 401K savings, H = Health insurance, and V = Vacation pay. If F = $224, S = $250, H = $18, and V = $21.50, what is B?
Your Answer
B. $513.50
Question Number 5	Points: 1.00/1.00
Question Text
Use the compound interest formula, A = P times the quantity of 1 + r over n where the quantity is to the n t power. , to find the following amount of money after the given amount of time:

Alexia has $4864.77 in her money market account currently. If the annual interest rate is 3.9%, and the interest is compounded twice per year, how much money will be in her account after 2 years?

Your Answer
C. $5,255.47
Question Number 6	Points: 1.00/1.00
Question Text
If David’s salary is $29,512. What is a 6% match? (What is 6% of the salary?)
Your Answer
B. $1,770.72
Question Number 7	Points: 1.00/1.00
Question Text
W = HR + 1.5VR + B + T, H = 0, B = $300, T = $43.40; find W.
Your Answer
D. $343.40
Question Number 8	Points: 1.00/1.00
Question Text
If Jamaal’s final dealer price for the car he wants is $13,070 and he pays $1,000, what is the most he will have to finance with interest?
Your Answer
A. $12,070
Question Number 9	Points: 1.00/1.00
Question Text
Opal West has made a claim for an injury of a visiting ten-year-old who broke a toe in the family swimming pool. The pool has a rough finish on the side that caused the child to jamb and break the middle toe on the left foot.
The entire bill was $1,785.42, plus a 6.635% tax. How much is the tax on the bill?
Your Answer
A. $118.46
Question Number 10	Points: 1.00/1.00
Question Text
Referring to the equation for earnings on a checking account (I = rB – sx – f, where), if r = 0.0075, B = $1,000, s = 0, f = $2.00; then what is the customer earnings for the month if her minimum balance is $1,000?
Your Answer
B. $5.50
Question Number 11	Points: 1.00/1.00
Question Text
Who has the right to levy taxes on the income of individuals and businesses by the ruling of the 16th Amendment of the Constitution that was signed into law in 1913?
Your Answer
A. Congress
Question Number 12	Points: 1.00/1.00
Question Text
If you get a $50.00 raise in pay per month and your taxes also increase about $50.00 per month, how would you probably feel?
Your Answer
C. Resentful because it seems unfair
Question Number 13	Points: 0.00/1.00
Question Text
If Mabelle Descartes takes out a loan for $4,500 with monthly payments of $264.08 for 18 months and a 7% annual interest rate, what is the total cost of the loan? Hint: Use the monthly payment and the number of months.
Your Answer
C. $5,725.92
Question Number 14	Points: 1.00/1.00
Question Text
Evaluate H·R + 0.5·V·R, if H = 40, V = 5, and R = $4.35.
Your Answer
B. $184.88
Question Number 15	Points: 0.00/1.00
Question Text
If you make an insurance claim and your insurance company will pay everything after the initial $500 of the expense, what is the insurance jargon term for this $500?
Your Answer
B. Down payment
Question Number 16	Points: 1.00/1.00
Question Text
What will M be in the equation M = S – P, where M is the dealer markup, S is the sticker price, and P is the dealer price? S = $27,293 and P = $21,119.
Your Answer
C. $6,174
Question Number 17	Points: 0.00/1.00
Question Text
In the table, what value goes in e) as the total of the policy premium?
1998 compact
sports	$6,000 value
2003 minivan	$23,000 value
Liability:	1998 sports limits	Premiums	2003 minivan limits	Premiums
Bodily injury	$50,000	$57.50	$50,000	$59.10
each person		each person
$100,000		$100,000
each occurrence		each occurrence
Property damage	$50,000	$49.50	$50,000	$45.90
each occurrence		each occurrence
Medical payments	$5,000	$18.20	$5,000	$18.20
Comprehensive
actual cash value		$38.90	actual cash value	$42.30
Less $250
deductible		Less $250
deductible
$85.60	actual cash value	$90.80
Less $250
deductible		Less $250
deductible
Additional Coverages:
Towing and labor		$2.00
Loss of use
$50 per day	/$1000 max	$20.00	$50 per day	$1000 max	$20.00
TOTAL a)		TOTAL b)
Uninsured motorist
bodily injury	$76.10
Total each vehicle:
1998 sports	c)
2003 mvan	d)
Total six-month premium
for all vehicles	e)
Your Answer
C. $725.40
Question Number 18	Points: 0.00/1.00
Question Text
The beginning balance of a credit card account is $500. The monthly interest rate is 0.012. If a payment of $100 is made on the first day of the month, what is the ending balance?
Your Answer
D. $506.00
Question Number 19	Points: 1.00/1.00
Question Text
Jake Sanchez’s wall is cracked from top to bottom. It is a result of nearby demolitions work. After being assured that the damage is covered, Jake decides to replace the wall.
His insurance requires a $250 deductible but will cover the rest of the cost of $3,425.75. How much will the insurance company pay Jake?
Your Answer
C. $3,175.75
Question Number 20	Points: 0.00/1.00
Question Text
In the table, what value goes in slot b)
1998 compact
sports	$6,000 value
2003 minivan	$23,000 value
Liability:	1998 sports limits	Premiums	2003 minivan limits	Premiums
Bodily injury	$50,000	$57.50	$50,000	$59.10
each person		each person
$100,000		$100,000
each occurrence		each occurrence
Property damage	$50,000	$49.50	$50,000	$45.90
each occurrence		each occurrence
Medical payments	$5,000	$18.20	$5,000	$18.20
Comprehensive
actual cash value		$38.90	actual cash value	$42.30
Less $250
deductible		Less $250
deductible
$85.60	actual cash value	$90.80
Less $250
deductible		Less $250
deductible
Additional Coverages:
Towing and labor		$2.00
Loss of use
$50 per day	/$1000 max	$20.00	$50 per day	$1000 max	$20.00
TOTAL a)		TOTAL b)
Uninsured motorist
bodily injury	$76.10
Total each vehicle:
1998 sports	c)
2003 mvan	d)
Total six-month premium
for all vehicles	e)
Your Answer
B. $282.14
Question Number 21	Points: 1.00/1.00
Question Text
Find the rate of change represented by the graph.

graph of a line passing through points 0 comma 300 and 4 comma 0
Your Answer
A. –75; value drops $75 every year.
Question Number 22	Points: 0.00/1.00
Question Text
What needs to be done if you are living in a state of credit overload?
Your Answer
B. Don’t pay your income taxes since it is against the law to charge taxes on income
Question Number 23	Points: 1.00/1.00
Question Text
Find the slope of the line that contains the following pair of points. (-4, -5), (-9, 1)
Your Answer
A. -6/5
Question Number 24	Points: 1.00/1.00
Question Text
Examining Danny Otero’s graph of earnings for one day, what would you say is his basic hourly earnings? Hint: Use the first line segment and calculate dollars per hour.
2 part graph showing that if Danny works 0 hours, he makes $0, and that if he works 8 hours, he makes $95. If he works 12 hours, he makes $166.25.
Your Answer
D. $11.88 dollars per hour
Question Number 25	Points: 1.00/1.00
Question Text
What can an item or service be called that requires monetary payment?
Your Answer
B. Expense
Question Number 26	Points: 1.00/1.00
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What is the term for the amount of value that you have in a property that you are purchasing or already own?
Your Answer
B. Equity
Question Number 27	Points: 0.00/1.00
Question Text
What type of credit card is MasterCard or American Express?
Your Answer
C. Primary sales credit card
Question Number 28	Points: 1.00/1.00
Question Text
Using the formula S = P(1 + r)t, where P is the original principal, r is the annual interest rate, and t is the number of years, what is the Investment Savings, S for P = $4,500, r = 8.8%, and t = 3 years?
Your Answer
B. $5,795.61
Question Number 29	Points: 0.00/1.00
Question Text
Find the slope of the line.

graph of a line passing through points negative 6 comma 0 and 0 comma 3
Your Answer
B. -1/2
Question Number 30	Points: 1.00/1.00
Question Text
What is the latest trend in submitting income tax return forms?
Your Answer
A. Electronic filing
Question Number 31	Points: 1.00/1.00
Question Text
What is one of the biggest dangers in using a credit card?
Your Answer
C. Overspending and not paying it off each month
Question Number 32	Points: 1.00/1.00
Question Text
What can cause an increase in insurance premiums?
Your Answer
C. Having an accident
Question Number 33	Points: 0.00/1.00
Question Text
If you overpay your taxes during the year, when do you get the money back?
Your Answer
D. You must call the IRS and ask them to mail your refund.
Question Number 34	Points: 1.00/1.00
Question Text
What is the name for utter business ruin or failure?
Your Answer
A. Bankruptcy
Question Number 35	Points: 0.00/1.00
Question Text
If your total monthly credit expense is greater than 20% of your total monthly budget, then you are living in what?
Your Answer
C. Debt
Question Number 36	Points: 0.00/1.00
Question Text
If the annual interest rate is r, then the monthly interest rate is what?
Your Answer
A. 12r
Question Number 37	Points: 1.00/1.00
Question Text
A landlord and tenant rental agreement should include all but which of the following?
Your Answer
D. Job titles of the involved parties
Question Number 38	Points: 1.00/1.00
Question Text
When considering taking out a loan, as an educated adult, you need to do what?
Your Answer
D. Verify all the calculations for your loan
Question Number 39	Points: 1.00/1.00
Question Text
Your late grandmother leaves you $5,000 in a mutual fund account that earns 4% interest. What is the amount of savings that you have in the account at the end of the second year?
Your Answer
C. $5,408
Question Number 40	Points: 1.00/1.00
Question Text
What type of credit card is Visa or Discovery?
Your Answer
B. Full-purpose credit card
Question Number 41	Points: 0.00/1.00
Question Text
Use the simple interest formula, I = prt, to find the simple interest:

Julia invested $4,000.00 in a mutual fund with the simple interest rate of 3.5% per year. How much interest would she earn after 2 years?


Your Answer
C. $2,800
Question Number 42	Points: 1.00/1.00
Question Text
If the bank deposits $400.00 into your account by accident, your home check register balance would be lower than the bank’s record by how much?
Your Answer
D. $400.00
Question Number 43	Points: 1.00/1.00
Question Text
Your rich uncle leaves you $5,000 in a mutual fund account that earns 4% interest. What is the amount of savings that you have in the account at the end of the first year?
Your Answer
C. $5,200
Question Number 44	Points: 0.00/1.00
Question Text
To borrow $2,500 at 10% annual interest for two years, what would be the approximate monthly interest rate?
Your Answer
B. 0.0833
Question Number 45	Points: 0.00/1.00
Question Text
Evaluate H·R + 0.5·V·R, if H = 40, V = 3, and R = $5.50.
Your Answer
C. $220.50