Q4 - QZ- 8 **** - PB- March 2024

Front

What is the total amount in your account after depositing $550 cash and a $900 check if you initially had $3,456?

Back

$4,906.00

Front

How much income tax does Peter pay on an annual salary of $112,000 with a tax rate of 25%?

Back

$28,000

Front

What is the Medicare Tax due on a gross income of $87,425 with a Medicare rate of 1.45%?

Back

$1,268

Front

Calculate the sales commission for a sales amount of $880.00 at a commission rate of 4.5%.

Back

$39.60

Front

If Maria borrowed $3,000 at a simple interest rate of 4% per year, how much does she repay after 4 years?

Back

$3,480

Front

Define simple interest.

Back

Simple interest is calculated using the formula: I = PRT, where I is interest, P is principal, R is rate, and T is time.

Front

What is the formula to calculate total amount after interest is applied?

Back

Total Amount = Principal + Interest.

Front

What is the difference between gross income and net income?

Back

Gross income is the total income before taxes and deductions, while net income is the income after taxes and deductions.

Front

How do you calculate a percentage of a number?

Back

To calculate a percentage, multiply the number by the percentage (as a decimal). For example, 25% of 200 is 200 * 0.25 = 50.

Front

What is the commission rate?

Back

The commission rate is the percentage of sales that is paid to the salesperson as commission.