Business Math Unit 2 Final

Front

A bank __________ shows the status of your account.

Back

statement

Front

Sheryl Jones earns $480.00 a week and claims two allowances. Each allowance is worth $61.54. What is the total amount of income tax withheld if the weekly withholding for each allowance is used?

Back

$38.69

Front

What is the average monthly expenditure for the telephone if the options are $56.61, $58.13, $56.71, and $56.12?

Back

$56.61

Front

Indicate whether the statement is true or false: Living expenses usually do not vary from month to month.

Back

False

Front

Patrice Rodrick has a bank statement balance of $430.52. If checks #224 and #250 are outstanding for $32.50 and $62.80 respectively, what is her adjusted balance?

Back

$335.22

Front

What is the formula to calculate the adjusted bank balance?

Back

Adjusted Balance = Bank Statement Balance - Outstanding Checks

Front

Define 'allowance' in the context of income tax withholding.

Back

An allowance is a deduction from income that reduces the amount of tax withheld from an employee's paycheck.

Front

What does a bank statement typically include?

Back

A bank statement includes the account balance, deposits, withdrawals, and any fees or interest earned.

Front

Explain the concept of 'living expenses'.

Back

Living expenses are the costs associated with maintaining a household, including rent, utilities, food, and transportation.

Front

What is the significance of understanding average monthly expenditures?

Back

Understanding average monthly expenditures helps in budgeting and managing personal finances effectively.