General Maths Week 2 Quiz Consumer Arithmetic 1a

A fixed income that is based on a fixed number of working hours is a

• wage

• commission

• payment

• salary

To find the weekly payment of an annual salary, you divide by

• 52

• 26

• 365

• 12

A ____ is an amount paid to an employee at a certain rate.

• salary

• wage

• rate

• piecemeal

Han earned $53 030 in one year, and worked an average of 25 hours per week.

1. What hourly wage did he earn, to the nearest cent?

How many fortnights are in a year?

• 52

• 12

• 26

• 365

A __________ is paid to an employee based on how much they sell.

• salary

• wage

• commission

• piecework

If volume of sales is low or inconsistent, sales people are sometimes paid a

• wage

• commission

• salary

• retainer

Youth allowance, age pension and Austudy payment are examples of

• salary

• wages

• government payments

• commission

If you borrow $500 from a friend at a simple interest rate of 4% per year, how much interest in dollars will you owe after 2 years? Do not enter the dollars symbol.

Mathematical Equivalence

ON

If you invest $1000 in a savings account that offers 5% annual interest compounded annually, how much money will you have after 3 years? Round your answer to the nearest cent.

Mathematical Equivalence

ON