Quiz about Business Math 1st Semester Review

Question 1

If you spent the following for the year on your Credit Card for the year:

Groceries $6,589

Restaurants $2,786

Clothing $1,890

Fuel $1,150

Entertainment $2,812

And you get 1% back on all your purchases, How much Cash Back would you receive for the year?

Accepted Answer

$152.27

Answer

$1,522.70

Answer

$15.22

Answer

$1,000,000

Question 2

Daniel is a barber at Slick Cuts.  He charges $17 per haircut.  By Saturday, he has given 50 haircuts.  What is his total pay?

Accepted Answer

$850

Answer

$67

Answer

$5100

Answer

$935

Question 3

Straight time is your normal hourly wage if you only work up to _______ hours in a week.

Accepted Answer

40

Answer

1.5

Answer

10

Answer

8

Question 4

Frank worked 48.5 hours this week. He gets paid $11.13 per hour for the first 40 hours and then gets time-and-a-half for the rest of the time. How much money did he make this week?

Accepted Answer

$587.11

Answer

$539.81

Answer

$634.41

Answer

$681.71

Question 5

At Kroger, employees earn an hourly rate of $9.75. They earn double that for any hours they work in addition to their usual 40-hour week. The hours that Paula Strauss worked in one week are shown below. What was Strauss's total pay for the week?

Accepted Answer

$448.50

Answer

$419.25

Answer

$433.88

Answer

$345.00

Question 6

Robbie Marton is a camp counselor at Camp Tecumseh. What is the total number of hours worked for the week?

Accepted Answer

41.5 hours

Answer

40.5 Hours

Answer

39.75 hours

Answer

39 hours

Question 7

Franklin Nealson earns $5,250 a month as a sales manager. What is he paid semimonthly?

Accepted Answer

$2,625

Answer

$2,365

Answer

$10,500

Answer

$5,250

Question 8

What does FICA stand for?

Accepted Answer

Federal Insurance Contributions Act

Answer

Forbidden Investigation Can Avert

Answer

It doesn't stand for anything, Mr. Hupp made it up

Answer

Federal Insurance Constitutional Association

Question 9

Alex Lopez gross pay is $61,400. His state income tax rate is 3.3%. How much will he pay in state tax?

Accepted Answer

$2,026.20

Answer

$1,995.80

Answer

$1,722.10

Answer

$2,296.25

Question 10

Ray Jackson's gross biweekly pay is $3,120. His earnings to date for the year total $78,400. What amount is deducted from his pay for Social Security, which is taxed at 6.2%? For Medicare, which is taxed at 1.45%?

Accepted Answer

$193.44, $45.24

Answer

$72.00, $56.78

Answer

$45.00, $54.60

Answer

$198.00, $45.00

Question 11

Michele Dover is employed at Sigma Systems. She has family medical coverage through the group medical plan that Sigma Systems provides for its employees. The annual cost of Dover's family medical membership is $5,800. The company pays 53% of the cost. How much is deducted from her WEEKLY paycheck for medical insurance?

Accepted Answer

$52.42

Answer

$67.89

Answer

$99.00

Answer

$41.10

Question 12

Harriet Knox's gross pay for this week is $515. She is single and claims one allowance. Use the table to find what amount will be withheld from Knox's pay for Federal Income Tax?

Accepted Answer

$54

Answer

$63

Answer

$61

Answer

$44

Question 13

Reginald Wallace's gross weekly salary is $515. His weekly federal withholding is $55. The Social Security tax is 6.2% of his gross pay. The Medicare tax is 1.45% of his gross pay. The state tax is 3.3% of his gross pay. Each week he pays $12.40 for medical insurance. How much is deducted from Wallace's weekly wages for state tax and Medicare tax?

Accepted Answer

$24.46

Answer

$17.67

Answer

$12.22

Answer

$16.19

Question 14

Jason Cooper's gross weekly pay is $598. His earnings to date for the year total $14,950. What total amount is deducted from his pay this week for Social Security, which is taxed at 6.2%, and Medicare, which is taxed at 1.45%?

Accepted Answer

$45.75

Answer

$40.09

Answer

$39.68

Answer

$33.79

Question 15

Ariel Moore keeps records of her expenditures. She wants to know how much she can spend each month, on the average. Her records are shown above. What is her average monthly expenditure?

Accepted Answer

$2,906.17

Answer

$2,344.50

Answer

$3,001.01

Answer

$3,004.20

Question 16

The Cohen's monthly budget allowed them to spend $645 for groceries each month. During November they spent $756.82. How much more or less did they spend than budgeted?

Accepted Answer

$111.82 more

Answer

$223.64 more

Answer

$223.64 less

Answer

$111.82 less

Question 17

Joseph Pearson tracks is a programmer for Main Tech. He tracks his transportation expenses to and from Main Tech. His expense sheet looks like the above:

Pearson budgets $100 per month for transportation. How much more or less are Pearson's expenses than the $100 budgeted?

Accepted Answer

None of the Above

Answer

$5 more

Answer

$5 less

Answer

$10 more

Question 18

Agnes Arnold sells lighting supplies. She travels all over New England. Her total monthly expenses for August, September and October were $2,700, $1,100 and $2,200. What was her average monthly expenditure?

Accepted Answer

$2,000

Answer

$2,200

Answer

$3,000

Answer

$6,000

Question 19

How much more or less is the amount spent than the amount budgeted?

Budgeted: $1,654.00

Spent: $878.90

Accepted Answer

$775.10 less

Answer

$775.10 more

Answer

$657.81 less

Answer

$657.81 more

Question 20

Rent is a type of ________________ cost.

Accepted Answer

Fixed

Answer

Variable

Answer

Annual

Question 21

Real Estate Taxes are a type of _________ cost.

Accepted Answer

Annual

Answer

Fixed

Answer

Variable

Question 22

Anna Page, a teacher, earns $3,059 semi-monthly. If the school's insurance plan costs a total of $7,620 and the school pays 80% of the cost, how much is deducted from each of Page's paychecks?

Accepted Answer

$63.50

Answer

$611.80

Answer

$203.93

Answer

$2,447.20

Question 23

The credit limit is ________________________.

Accepted Answer

the most you can spend on the card

Answer

the least you can spend on the card

Answer

always $1000

Answer

how much you pay for a late fee

Question 24

What does APR stand for?

Accepted Answer

Annual Percentage Rate

Answer

Annual Point Ratio

Answer

A Percent Rate

Answer

Annually Percentage Ratio

Question 25

Credit Cards offer Rewards when used. Which of the following are Rewards?

Accepted Answer

All of the Above

Answer

Gas Rewards

Answer

Cash Back

Answer

Air Miles

Answer

Travel Rewards

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