#2.24 - 1st Semester Exam Review 2024

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What is gross pay?

Back

Gross pay is the total amount of money earned by an employee before any deductions such as taxes, insurance, or retirement contributions.

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How do you calculate overtime pay?

Back

Overtime pay is calculated by taking the regular hourly wage and multiplying it by 1.5 for each hour worked over 40 hours in a week.

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What is the formula for calculating simple interest?

Back

Simple interest can be calculated using the formula: I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years.

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What is compound interest?

Back

Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.

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How do you calculate the future value of an investment with compound interest?

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The future value can be calculated using the formula: FV = P(1 + r/n)^(nt), where P is the principal, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.

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What is the formula for calculating the percentage of ownership in a partnership?

Back

The percentage of ownership can be calculated by dividing the individual's investment by the total investment and then multiplying by 100.

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How do you calculate sales tax?

Back

Sales tax can be calculated by multiplying the purchase price by the sales tax rate (as a decimal). Total cost = Purchase price + (Purchase price * Sales tax rate).

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What is the formula for continuous compounding?

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The formula for continuous compounding is A = Pe^(rt), where A is the amount of money accumulated after n years, P is the principal amount, e is the base of the natural logarithm, r is the annual interest rate, and t is the time in years.

Front

What is the significance of the ratio in a partnership?

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The ratio in a partnership indicates the proportion of ownership and profit-sharing between partners based on their respective investments.

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How do you determine the total cost of an item including tax?

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To determine the total cost, add the sales tax to the original price: Total Cost = Original Price + (Original Price * Sales Tax Rate).