Consumer Math Working With Numbers In Real Life STUDY GUIDE 1 2 FIRST COAST ACADEMY Important — Read Me First! Consumer Math offers a fresh and interesting approach to real world everyday math. It’s pre- sented in a workbook format, designed for home study. Every adult needs to know basic eve- ryday math. You must know how to manage your financial affairs efficiently to maintain a rea- sonable quality of life. This subject is designed in an easy to understand format, offering everything from a review of basic math skills to owning a home. It’s a straightforward, sensible resource for the math prob- lems every person encounters in life and at work. How this program works You will receive a workbook and a Study Guide. The study instructions and exams for the workbook are contained in this study guide. You will send in a separate answer sheet for each exam. DO NOT send in your answer sheets separately. Wait until you are done with the complete book and send in ALL the answer sheets together. These instructions apply to the “Consumer Math” workbook How to use the “Consumer Math” workbook You will study lessons that review basic skills and other lessons that will help you use what you are learning. Chapters ONE and TWO contain lessons on the basic skills of computation needed by every consumer. The balance of the chapters provide lessons on how to actually solve everyday mathematical problems you will face as a consumer in the real world. Once this book is completed, you will have additional confidence in yourself knowing you are better equipped to manage your financial affairs. Rev. 03/01/2004 3 A Pretext and Mastery Test • First you will take the self revealing PRETEST exam starting on page 6 in your workbook. You will not send in this exam as it will not be graded. In fact it’s answers are found at the back of the book on page 182. This PRETEST is will serve as a guide for you to use to determine how much you already know and what you will need to learn. Be sure to take this PRETEST as it will tell you what material you may already know and what material you haven’t yet mastered. • At the end of this book, the Mastery Test will tell you what material you have learned and what you may need to review further. Unit Reviews This book is divided into seven Units. Each Unit concludes with a Unit Review that provides you with an opportunity to demonstrate your understanding of the skills and concepts pre- sented in that particular Unit. The seven Units are: 1. Reviewing Basic Skills (1) 2. Reviewing Basic Skills (2) 3. Earning Money 4. Handling Money 5. Driving A Car 6. Owning A Home 7. Paying Taxes Problem Solving Strategies In real life we need to understand how to how to solve financial problems. A problem-solving strategy is an effective plan for solving a problem. All Units have two lessons on problem solv- ing strategies. By the time you have completed this book you will have learned fourteen differ- ent problem-solving strategies. Calculator Applications Calculators can help you with problems that involve lengthy and complicated computations. Each unit contains an application lesson that shows you how to use your calculator as an aid to help you when such problems occur in everyday life. Exam Answers and Some Solutions • The answers to all of the problems listed in this book are provided in the back of the book. This allows you to check your work after it is completed. • Solutions, or step-by-step explanations, are provided for selected problems, These take you through the steps used to solve the problems. Graded Exams You will have 4 graded exams covering this book. 1. Exam 1—Covers Units 3,4 3. Exam 3—Covers Unit 6 2. Exam 2—Covers Unit 5 4. Workbook Final Exam—Covers entire book 4 As a student of First Coast Academy High School, you have the support of your teacher. Refer to your Student Catalog for information on how to contact your teacher and the different op- tions available for you for assistance. Refer to page 181 in the workbook for the help table, “Where To Go For Help.” This is a special table listing the problems in the Mastery Test and the pages on which the corresponding skills and concepts are taught and practiced. If you missed one or more problems on your Mastery Test, find the page number(s) that corre- spond to the number of each problem missed. Then turn to these pages, review the teaching, and practice the skills by doing one or more of the problems. Then correct the problems that you missed on this test. HOLD ALL EXAM ANSWER SHEETS UNTIL YOU HAVE COMPLETED CONSUMER MATH, THEN SEND THEM ALL IN TOGETHER. 5 First Coast Academy Exam A nswer Sheet Lesson Name Math Book Name Consumer Math Exam Number 1____ Note: Fill in the lesson information as noted by the up arrows - The above is a SAMPLE - It will vary. Write in the correct lesson information. Please Print—Fill in complete information Students Name ___________________________________ Student Number _________________ Address _______________________________________ City _____________________________ state _____________________ Zip ____________________ Phone ________________________ Check here if address above has changed Instructions On How To Complete An Answer Sheet This is a sample answer sheet. Be sure to fill out ALL information before submitting to FCA Write in your answer on the line pro- Generally, you won’t use all the answer vided. It will be A, B, C, OR D, as spaces provided. The number of questions shown below in our sample. on each exam varies. 1 __A___ 16 _____ 31 _____ 46 _____ 2 __B___ 17 _____ 32 _____ 47 _____ 3 __B___ 18 _____ 33 _____ 48 _____ 4 __A___ 19 _____ 34 _____ 49 _____ 5 __C___ 20 _____ 35 _____ 50 _____ 15 __D___ 21 _____ 36 _____ 51 _____ EXAMINATION CERTIFICATION By signing this form, I guarantee that I have completed the following exam without the help or assis- tance from anyone other than my First Coast Academy instructor. Be sure to sign and date your exam Signature _________________________________________________________ Date _______________________ 6 EXAM 1 Consumer Math Earning Money Units 3-4 Exam / 60 Questions You’ve learned you are the employee who earns wages and your employer is the person or company you work for who pays you a wage for work you have performed. The following questions are multiple choice. Each question has three answer choices. Select the correct one and write the letter of your answer on a separate answer sheet. Figuring Hourly Wages 1. Billy is a carpenter who earns $15 per hour. He works 8 hours per day, Monday through Friday. How much does Billy earn in one week? a. $450 b. $550 c. $600 2. Mack’s hourly wage is raised from $12.10 per hour to $13.35 per hour. He works 40 hours per week. How much more does he earn per week at this new rate? a. $50 b. $45 c. $52 3. Carol is an installer for the local cable TV company. She earns $14.20 per hour. How much does she earn in 38.5 hours? a. $536.70 b. $546.70 c. $529.13 4. Michael works in a machine shop. He receives $418.40 a week for 40 hours of work. Find his hourly wage. a. $12.16 b. $18.40 c. $ 10.46 7 EARNING MONEY Hourly Wages: Overtime Evonne earns $10.50 per hour for a 40 hour work week. She earns time and a half (1 1/2 times the nor- mal $10.50 per hour rate) for all hours worked over 40 hours. Answer the following three questions based on Evonne’s information. 5. This week Evonne worked 50 hours, 10 hours overtime. Find her hourly wage for overtime. a. $ 15.25 per hour b. $ 15.75 per hour c. $ 16.25 per hour 6. How much was Evonne’s total paycheck for the 50 hours worked? a. $550.00 b. $651.75 c. $577.50 7. What was Evonne’s total overtime earnings? a. $157.50 b. $105.00 c. $125.50 Exam continued on next page 8 EARNING MONEY Wages and Tips Most waiters, taxi drivers, hair stylists, delivery drivers, bellhops and other service employees earn tips in addition to their hourly wage, which can be very low. By law, employees that earn tips regularly in their job must report the amount of tips to the employer. This is necessary because employees are required to pay taxes on this income as well as regular wages. Read the question, select the write answer and write the letter for the correct answer on your separate answer sheet. Solve the following problems: 8. A hair stylist at Pierre's hair salon earns $6.80 9. Jerry is a parking lot attendant. He earns $2.50 per hour plus tips. The stylist works 40 hours per hour plus tips of about $8 per hour. About per week with tips of about $240 per week. how much does he earn in a 40-hour week? Find the total weekly earnings. a. $493.00 a. $420.00 b. $512.00 b. $398.50 c. $625.00 c. $530.00 10. Helen is a waitress in Mama Mia’s Cafe. She 11. Barbara works as a hairstylist. She works five earns $32 per day in wages, and her tips aver- 8-hour days per week, earning $4.50 per hour age $3 per table.