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Consumer Math Project --- Worth a Test Grade DUE: ____________________
It is important that you read and follow the directions carefully. Your grade will be based on the rubric which includes not only correct calculations, but showing work and other information as requested. You will need access to the internet. If you do not have access, it is your responsibility to come and talk to me to make other arrangements. You can display your work and answers in any format as long as it is easy for me to follow. You can print out these sheets and just fill them in. You can make a poster, report, or do it on the computer. Just make sure you label the calculations so I know what they go with. Organization and neatness count!
Grading RubricTotal points Earned Comments
Calculations: work is shown and are correct
30
All questions are answered
25
Work is easy to follow, neat, and labeled
20
Completed register for checking account
12.5
Completed register for savings account
12.5
ScenarioYou will be recording 2 months of income and expenses, February and March for both a checking account and a savings account. This will show your knowledge of proportions, unit rates, sales tax, tip, discount, markup, simple interest, percent of change, and maintaining your bank balance. This is about everything we have learned in unit 5. Because you are going to college, your parents are paying your rent, utilities, food, car insurance and other big bills. You do have a part-time job and are expected to cover some of your expenses as given in the instructions.
The calendars give you the dates that income and expenses happen. Use these dates for filling out your bank account register. The register must include the date, transaction description, credit/debit, and current balance. You can use a standard check register, Excel spreadsheet, or handwritten register.
You are asked to calculate some amounts and figure out other information throughout these instructions.
Beginning Information:You begin the month with $64.27 in your checking account and $1200.00 in your savings account.
Job:Your job pays you $9.25/hrYou work 15 hours/week
Between income taxes and other deductions, your company takes 15% for income tax, 6.2% of Social Security, and 1.45% for Medicare, out of your paycheck before they deposit your take home pay into your bank account every Friday beginning February 5th.
How much do you take home (earn) each week? ______________________
Savings: It is important to pay yourself first in the form of putting money into your savings account. Each paycheck, deposit 10% of your take home pay into your savings account.
Amount deposited every week into savings: __________________How much will then go into your checking account: ______________** Deduct savings amount from take home pay before recording pay deposit into your checking account!
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Monthly Expenses:
Gas (for your car):On February 6th, you had to fill up your tank. You bought 12.2 gallons for $1.87/gallon.
How much did you spend on gas? _________________________
On February 17th, you had to fill up your tank. You bought 14.5 gallons for $1.80/gallon.
How much did you spend on gas? _________________________
What was the percent of change, to the nearest tenth, for price of gas from the 6 th until the 17th? _______________
In March you filled up twice. On March 3rd you spent $25.00 and on March 22nd you spent $21.47.
If you bought 13 gallons for $25.00, how much did you pay per gallon? _____________________
The second time you bought 11.5 gallons for a total of 24.5 gallons in the second month. You drove 539 miles on the 24.5 gallons.
How many miles per gallon did you get? __________________
Make sure your record your gas purchases on you bank register.
Cell phone:You have to get a new cell phone and plan and have a choice of two plans and will chose the cheaper plan. Both plans require a 24 month contract so calculate total cost of both plans for 24 months.
Verizon AT&TUnlimited Talk and Text and 3 GB data /monthPurchase iPhone 5s through monthly payments
Unlimited Talk and Text and 2 GB data/monthPurchase iPhone 5s upfront
$30 one-time activation fee $45 one-time activation fee$499.99 Cost of iPhone 5s
$45/mo plan fee$20/mo line fee$18.74/mo phone payment
$70/mo plan and line fee
Plan cost for 24 months (don’t forget 6% sales tax to total plan cost):
Plan cost for 24 months (don’t forget 6% sales tax to total plan cost):
Which company are you going with? ________________________
What is your monthly cell phone bill? ________________________________Cost of phone, line, and plan plus 6% sales tax. Do NOT include the activation fee in this amount.
Record the activation fee on February 1st.
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Eating dinner out:You go out to eat with your friends on February 16th and you final bill is below. You had the steak, one of the frozen lemonades, and one of the Triple Chocolate Meltdown. Your waiter was great so you want to leave an 18% tip.
What is your portion of the bill? _______________________
Good Eats RestaurantCoke 0.99Frozen Lemonade 2 @ 2.79 5.587 ounce Sirloin Steak 14.49Fiesta Lime Chicken 12.79Chicken Penne 13.99Cracker Jack Banana Cheesecake 6.99Triple Chocolate Meltdown 2 @ 6.49 12.98Subtotal 67.81Tax 6% 4.07Total 71.88Tip 18% ___________Total Due ___________
On March 27th you go out to a restaurant of your choice. Tell me where you ate, what you ate and calculate the total bill. Make sure you give me all the information on the table below.
Restaurant:
What you ordered (minimum 3 items) with cost:1.
2.
3.
Subtotal:
Tax:
Tip ______%:
Total Bill:
Entertainment:On February 29th you and 6 friends (7 people total) go out to a movie. You were able to get a group discount so the total cost of the tickets including tax was $48.93.
How much did your ticket cost? ___________________.
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Clothing:You needed to buy a new outfit for a special party. So, you go to Kohl’s on March 14 th, where you have a $5.00 off any purchase coupon AND a 30% coupon. The $5 off coupon gets taken off before the 30%. Your 6% sales tax is calculated after all the discounts on subtracted.
Males FemalesYou bought:Pair of pants: $29.99Shirt and tie package $21.99Dress socks $3.99Shoes $34.99
You bought:Skirt: $32.99Sweater: $17.99Scarf: $4.99Shoes $34.99
Subtotal __________________
$5 off coupon ______________
30% discount ______________
Tax 6% ___________________
Total cost: ________________
Subtotal ___________________
$5 off coupon ______________
30% discount ______________
Tax 6% ___________________
Total cost: ________________
Grocery Shopping:On March 18th, you decide to have some friends over for St. Patrick’s Day. Your mom has the corned beef and cabbage but you have to buy drinks and dessert for about 25 people. Use the file Grocery Ad Consumer Math Project for the food you will buy. You need to calculate total cost.
You will get:2 ¼ pounds In Store Cookie Shop Cookies $_________________2 Mini Dessert Trays $ ________________3 12-pack cans of soda $ ________________
Total cost ___________________________________
The store has Coca-Cola 12 packs on sale but the store brand is good. You will buy the cheaper one. Make sure you calculate both unit costs.
Coca-Cola unit cost ______________________________
Wegmans brand unit cost __________________________
Proportions
Looking back at where you ate fast food over the past 2 months:
1. What is the ratio of McDonald’s to Starbucks? ___________________
2. What is the ratio of Dunkin Donuts to all fast food? _______________
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Savings: Saving money for future large purchases (think that car you’ve been wanting) is important so you make sure you save money when you can. You already have a savings account that had a balance of $1200.00 on February 1 st. You have also found some items you no longer want and sell them.
Record all this information on your savings account register.
Selling Pokémon Cards:
When you were younger, you loved Pokémon and collected cards. You kept them in excellent condition and tracked how much you spent on your collection. Alas, you no longer want the cards and have found a collector willing to pay you $175 for them. You figured you bought the cards for $125.
What is the markup rate you earned? _______________________
Selling Nintendo DS
You also don’t play with your DS anymore and have 11 games as well. You want to sell these to make space in your room and help you save for a car. You know you won’t get close to how much you spent originally but that’s okay. You bought the DS for $125 and the games were $20 each.
How much did you spend for the DS and 11 games total? _________________
You were able to get $50 for all. What was the percent of change? _____________________
Interest Earned:You started the first month with $1200.00 in your savings account. You earn 4% interest computed monthly. On the last day of both months, compute the interest earned that month and your current balance. Don’t forget to add in your monthly savings to the balance and the interest at the end of the first month.
February end of month balance: ___________________
February interest: _____________________________
March end of month balance: ____________________
March interest: ________________________________
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Checking Account Register
February
March
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Number Date Description of Transaction C Debit (-) Credit (+) Balance
1/31/2016 Balance 64.27
Savings Account Register
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Number Date Description of Transaction C Debit (-) Credit (+) Balance
1/31/2016 Balance 1200.00
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