Financial Calculations Quiz

What is the formula to calculate gross pay?

• Total number of hours worked x Hourly rate of pay + Additional earnings (if any)

• Total number of hours worked x Hourly rate of pay - Additional earnings (if any)

How do you apply a discount to a purchase?

• Subtract the discount amount from the purchase price.

• Multiply the purchase price by the discount percentage.

What is the formula to calculate the tip for a service?

• 15-20% of the total bill amount

• Total bill amount + Tip percentage

How do you add up purchase totals?

• ADD the prices of all the items purchased.

• MULTIPLY the prices of all the items purchased.

How do you determine the change after a purchase?

• Divide the total cost of the purchase by the amount paid by the customer.

• Subtract the total cost of the purchase from the amount paid by the customer.

What is the formula to calculate gross pay?

• Gross Pay = Hours Worked ÷ Hourly Rate

• Gross Pay = Hours Worked x Hourly Rate

If you bought three items priced at $4.99, $15.50, and $23.20, what would be the total purchase amount?

• $43.69

• $40.69

If you purchase two items, one costing $7.45 and the other $12.99, how much is the total before tax?

• $19.44

• $20.44

What is the sales tax amount on a purchase of $50 if the tax rate is 8%?

• $5.50

• $4.00

How much should you pay in total for an item priced at $25 after a 10% discount?

• $22.50

• $26.50