# Financial Algebra Unit 1 Review

## Quiz by Nicki Ross

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19 questions
• Q1
A budget for a school event allocates \$500 for decorations, which is 25% of the total budget. What is the total budget for the event?
\$10000
\$250
\$2000
\$1000
30s
• Q2
A store is having a sale where all items are 20% off. If an item is originally priced at \$50, how much will it cost after the discount?
\$60
\$10
\$30
\$40
30s
• Q3
A store is offering a 15% discount on all items. If an item is originally priced at \$80, how much will it cost after the discount?
\$68
\$90
\$85
\$75
30s
• Q4
A company's sales tax rate is 7%. If a customer purchases an item for \$50, how much sales tax will they pay?
\$10
\$3.50
\$7
\$0.35
30s
• Q5
A company has a profit margin of 20%. If the company's revenue is \$500,000, what is its profit?
\$250,000
\$50,000
\$20,000
\$100,000
30s
• Q6
A store is having a clearance sale where all items are marked down by 40%. If an item originally costs \$80, how much will it cost after the markdown?
\$32
\$60
\$20
\$48
30s
• Q7
A company gives a sales commission of 5% on each sale made. If a salesperson makes a sale worth \$10,000, how much commission will they earn?
\$100
\$1000
\$500
\$50
30s
• Q8
Which of the following is an example of a real-world financial problem that can be modeled using a linear function?
Determining the value of a car as it depreciates over time
Estimating the future value of a stock market investment
Analyzing the impact of inflation on purchasing power
Calculating compound interest on a savings account
Calculating monthly health care premiums over a year.
30s
• Q9
Which of the following equations represents a linear function?
y = x^2 + 3
y = 4/x
y = sqrt(x) + 2
y = 2x - 1
30s
• Q10
A clothing store is having a sale with a discount of 20% off the original price of all items. If a shirt originally costs \$25, what is the sale price of the shirt?
\$15
\$20
\$22
\$18
30s
• Q11
A customer's phone plan charges a fixed monthly fee of \$50 and an additional \$0.10 per minute for talk time. Which of the following equations represents the total monthly cost, C, in dollars, for x minutes of talk time?
C = 0.10x + 50
C = 50 + 0.10x
C = x/0.10 + 50
C = 50x + 0.10
C = 0.10 + 50x
30s
• Q12
What is the formula for calculating compound interest?
A = P(1 + r/n)^(nt)
A = P * r * t
A = P + (P * r * t)
A = P * (1 + r)^t
30s
• Q13
Which of the following equations represents a linear function?
y = 3x^2 + 2
y = 3x + 2
y = 3/x + 2
y = 2^x + 3
30s
• Q14
Which of the following equations represents an exponential function?
y = 2^x
y = x^2 + 2
y = 3x + 2
y = 3/x + 2
30s
• Q15
Which of the following is a benefit of saving money in a bank account?
Paying fees for keeping your money in the bank.
The possibility of losing your money.