MEL 3E FINAL EXAM

Martin earns $17/hour and works 40 hours per week. Determine his gross pay per week.

• $680

• $720

• $560

• $800

Deductions are:

• costs, such as taxes, that are removed from total earnings.

• the total amount earned in a week.

• the amount added to you weekly earnings.

• none of the above

Sandy earns $23.50/hour for the city of Hamilton. She usually works 42 hours per week and is paid bi-weekly. Calculate her total earnings for an 84 hour pay period.

• $2300

• $1974

• $1860

• $2078

A wage is:

• an amount of money earned per year.

• an amount of money earned per hour.

• an amount of money per unit of work.

• a percent of the dollar amount you sell.

What is the full name CPP and EI

• Canadian Pension Plan & Employment Income

• Canada Pension Plan & Employment Insurance

• Canadian Pension Plan & Every Income

An increase in wage or salary is classified as

• an increase in purchasing power.

• a decrease in purchasing power.

Groceries are an example of:

• A non-essential expense

• An essential expense

A new stereo is an example of:

• A non-essential expense

• An essential expense

The HST paid on most purchases in Ontario is _______%

• 12

• 13

• 14

• 15

Which of the following are common incentives used by retailers? (check all that apply)

• Buy one get one 50% off

• Free trial period/free gift

• Coupon for Future Purchase

• Reward Points/Loyalty Points