Finance Math: Semester 1 Exam

Which of the following is the best example of an outstanding transaction?

• A canceled check that has been returned by the bank.

• An ATM withdrawal that has not been recorded in the check register.

• A check recorded in the check register that the bank has not yet received.

• none of the above

To calculate the annual gross pay for an employee who receives a monthly salary

• divide the monthly salary by 12.

• multiply the monthly salary by 6.

• none of the above

• multiply the monthly salary by 12.

Tags

CCSS.7.EE.B.3

Which of the following activities can a customer do while using an ATM?

• Withdraw or deposit money.

• See account balances.

• Make transfers between accounts.

• all of the above

Workers may claim one withholding allowance for which of the following?

• themselves

• each child or dependent

• their spouse

• all of the above

Which of the following describes how to calculate simple interest?

• Interest = Principle ÷ Rate × Time.

• Interest = Principle ÷ Rate Time.

• Interest = Principle x Rate x Time.

• all of the above

Tags

CCSS.7.RP.A.3

Which of the following is an example(s) of a job benefit?

• paid holidays

• recreational facilities

• Interest = Principle × Rate × Time.

Tags

CCSS.8.EE.C.7B

Which of the following statements about graduated commission is true?

• As sales increase, the rate of commission decreases.

• As sales increase, the rate of commission stays the same.

• As sales increase, the rate of commission increases.

• The salesperson must reach a quota to be paid any commission.

Tags

CCSS.6.EE.B.6

Which of the following is NOT a heading in a check register?

• interest rate

• balance

• check number

• transaction

Which of the following is NOT a step in finding the gross wages for an employee who has worked both regular time and overtime hours?

• Find the employee's average annual income over the past 3 years.

• Find the overtime pay rate or rates.

• Add the regular-time pay and the overtime pay.

• Find the number of regular-time and overtime hours worked.

Tags

CCSS.6.NS.B.3

Which type of employee is most likely to earn a base salary plus commission?

• a construction worker

• a salesperson

• a waitress

• a lawyer