REVIEW MATERIAL for GEN MATH 11

What is the term for the additional payment given for transport, meals, or risk?

• Allowance

• Compensation

• Annual salary

• Weekly wage

Which of the following formulas is used to calculate the weekly wage from annual salary?

• Weekly Wage = Annual Salary × 12

• Weekly Wage = Annual Salary ÷ 52

• Weekly Wage = Annual Salary ÷ 12

• Weekly Wage = Annual Salary × 52

What do we call the salary amount received in one month when the annual salary is divided equally into 12 parts?

• Gross salary

• Overtime pay

• Monthly wage

• Allowance

Which formula is used to find the monthly wage from an annual salary?

• Monthly Wage = Annual Salary × 12

• Monthly Wage = Annual Salary ÷ 12

• Monthly Wage = Annual Salary ÷ 52

• Monthly Wage = Annual Salary × 52

What does the term piecework mean in wage calculation?

• Payment based on sales percentage

• Fixed salary given every month

• Payment based on number of items produced or tasks completed

• Payment for working beyond regular hours

Which formula is correct for finding a commission from total sales?

• Commission = Total Sales × Commission Rate

• Commission = Total Sales ÷ Commission Rate

• Commission = Total Sales + Commission Rate

• Commission = Total Sales − Commission Rate

Which formula correctly calculates the percentage increase?

• (New Value − Original Value) ÷ New Value × 100

• (Original Value − New Value) ÷ Original Value × 100

• (New Value − Original Value) ÷ Original Value × 100

• New Value × Original Value × 100

Which formula is used to calculate the selling price after applying a mark-up?

• Selling Price = Cost Price − Mark-Up

• Selling Price = Cost Price × Mark-Up

• Selling Price = Cost Price + (Cost Price × Mark-Up Rate)

• Selling Price = Cost Price ÷ Mark-Up Rate

Which formula is correct for calculating the total price including VAT?

• Total Price = VAT − Base Price

• Total Price = Base Price + (Base Price × VAT Rate)

• Total Price = Base Price × VAT Rate

• Total Price = VAT Rate − Base Price

Which formula is correct for calculating percentage profit?

• Percentage Profit = (Profit ÷ Selling Price) × 100

• Percentage Profit = (Selling Price ÷ Profit) × 100

• Percentage Profit = (Profit ÷ Cost Price) × 100

• Percentage Profit = (Cost Price ÷ Profit) × 100