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[YEAR 09 MATHEMATICS]: Financial Mathematics Pre-Test

Total questions: 41

Worksheet time: 2hrs 14mins

Name
Class
Date
1.
Sam bought an $85.00 jacket for 40% off of the regular price.  How much did he pay for the jacket? 
a)
75
b)
51
c)
36
d)
34
2.
Sharon makes money by commission rates. She gets 17% of everything she sells. If Sharon sold $37000 worth of items this month, what is her salary for the month?
a)
$14,800
b)
$5,180
c)
$629
d)
$6,290
3.
Amelia sells jewelry.  She make a total of 12% of commission off of her sales.  How much commission Amelia make when she sells $22,540 worth of jewelry.
a)
13,780.80
b)
$450.80
c)
$2,704.80
d)
$304.80
4.
Mr. Jones earns $250 per week plus 2% commission on all of his sales.  If Mr. Jones sells $2,800 worth of appliances, what is his total income for the week?
a)
$56
b)
$287
c)
$306
d)
$467
5.
Bob makes $12 per hour and gets 8% commission. Last week he worked 46 hours and his sales were $1500. What was his gross pay (before tax)? (Remember, any hours over 40 are figured as overtime hours earning time and a half.)
a)
$734
b)
$708
c)
$756
d)
$714
6.
A carpet salesman sold 5,000 yards of carpet in one month at an average of $3 per yard. His commission was 16%. How much money did he make that month?
a)
$2800
b)
$2648
c)
$2587
d)
$2400
7.
A salesperson set a goal to earn $2000 in May. He receives a base salary of $500 per month as well as a 10% commission for all sales in that month. How much merchandise will he have to sell to meet his goal?
a)
$15,000
b)
$16,500
c)
$17,000
d)
$16,000
8.

Carol Jones is a receptionist in a doctor’s office. She worked 35 hours this week. If her regular pay is $9.68 per hour, what is Carol’s gross pay?

a)

$438

b)

$338

c)

$35

9.

Bill Granger is a parts clerk. He worked a total of 46.25 hours from Monday to Friday this week. If his regular pay is $12.75 per hour, how much overtime pay did Bill earn?

a)

$19.13

b)

$119.56

c)

$589.69

10.

Janet Henderson is a secretary. She works Monday to Friday every week. If she worked a total of 44.5 hours this week, and her regular pay is $11.46 per hour, what is Janet’s regular pay?

What is Janet’s overtime pay?

What is Janet’s gross pay?

a)

$458.40

b)

$509.97

c)

$11.46

11.

Janet Henderson is a secretary. She works Monday to Friday every week. If she worked a total of 44.5 hours this week, and her regular pay is $11.46 per hour, What is Janet’s overtime pay?

a)

$51.57

b)

$77.36

c)

$509.97

12.

Janet Henderson is a secretary. She works Monday to Friday every week. If she worked a total of 44.5 hours this week, and her regular pay is $11.46 per hour, What is Janet’s gross pay?

a)

$458.40

b)

$509.97

c)

$535.76

13.

Michael works in a supermarket. He is paid $10.80 per hour.

How much will he earn if he works a 37 hour week?

a)

$399.60

b)

$400

c)

$10.80

14.
Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?
a)
$150
b)
$192
c)
$1350
d)
$1392
15.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that? Remember your time has to be in YEARS!!  6 months is half of a year or .5
a)
$120
b)
$144
c)
$1,200
d)
$1,440
16.
Caiden earned $475 from mowing lawns last summer. He deposited this money in an account that pays an interest rate of 3.8% in simple interest. What will be his balance after 15 years?
a)
$270.75
b)
$745.75
c)
$2,707.50
d)
$846.80
17.
What does the "r" in the interest formula stand for?
a)
Principal
b)
Interest
c)
rate
d)
time
18.
Maria borrowed $3,000 at a simple interest rate of 4% per year.  How much did she have to repay after 4 years?
a)
$480
b)
$3,480
c)
$4,800
d)
$7,800
19.
Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
20.
Daniel is a barber at Slick Cuts.  He charges $17 per haircut.  By Saturday, he has given 50 haircuts.  What is his total pay?
a)
$67
b)
$5100
c)
$850
d)
$935
21.
Sammy cuts grass on the weekends.  He charges $55 a yard.  If he cuts 3 yards a day, how much did he make?
a)
$330
b)
$165
c)
$1155
d)
$18
22.
Beanie works cleaning carpets.  He charges $99 per room.  If he cleans 3 rooms in one home, 5 in another, and 4 in a third home, how much will he make?
a)
$792
b)
$891
c)
$693
d)
$1188
23.
Taylor delivers newspapers for The Advocate.  She gets paid $0.13 for the weekly paper, $0.17 for the Saturday paper, and $0.34 for the Sunday paper.  If she delivers 214 daily papers each day, 289 Saturday papers, and 312 Sunday papers each week, how much does she make for the week?
a)
$183.03
b)
$294.31
c)
$232.25
d)
$105.95
24.
Marcus is an electrician and earns $24.68/h. A regular work day is 8 hours It takes him 15 hours for the job. Gross pay is?
a)
$450.00
b)
$370.20
c)
$456.58
d)
$360.00
25.
Joe is paid $15/hr and is paid weekly. He worked 8hrs/day, 5 days a week. Pay for 4-pay month?
a)
$2300.00
b)
$2450.00
c)
$2400.00
d)
$1200.00
26.
You are a real estate agent. You get 5% on first $250000. 2% on any amount over that. House sold at $375900. What is your gross pay?
a)
$15 016
b)
$15 018
c)
$16 000
d)
$16 015
27.
Time and a half 
a)
receiving only half of your total pay
b)
hourly wage plus half for each hour he works over 40 
c)
Optional pay system for hourly employees
d)
Pay received from tips
28.

A deduction is

a)

gross income

b)

money added to your income

c)

net income

d)

money taken out of your income

29.

Gross income is:

a)

the total amount of money you earn

b)

the amount of money you receive after decuctions are subtracted

c)

the total amount of money you spend

d)

sales taxes on items you buy

30.

Alexis worked 24 hours last week. At a rate of $12 per hour, what was Alexis' gross pay?

a)

$36

b)

$144

c)

$288

d)

$312

31.

Net income is:

a)

the total amount of money you earn

b)

the amount of money you receive after deductions are subtracted from your gross income

c)

the amount of money that is taken away in the form of taxes

d)

the hourly rate of pay

32.

Gross income minus deductions equals your net income.

If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

a)

$506

b)

$406

c)

$262

d)

$266

33.

David's gross income: $127.25

David's deductions: $25.20

David's net pay: ?

a)

$102.05

b)

$102.45

c)

$112.05

d)

$152.45

34.

Dayanara's gross income was $550. What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?

a)

$132.50

b)

$417.50

c)

$440.00

d)

$638.50

35.

Angel wants to buy a football jersey that cost $84.

He gets a job that pays him $15 an hour. He worked seven hours and was paid. After calculating his gross pay, does Angel have enough money to pay for the jersey if his total deductions was $12?

a)

Yes

b)

No

36.
Julie borrowed $3,500 for 3 years at 7½% simple interest rate. 
How much interest is that?
a)
Julie borrowed $3,500 for 3 years at 7½% simple interest rate. 
How much interest is that?
b)
$787.50
c)
$810
d)
$812.50
37.
Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
38.

Anne deposited $500 in an

account that earns 6% simple annual interest.

Shelly deposited $500 in an account that earns 6% annual interest

compounded annually. They leave the

money in the account for 4 years. Which

statement is true about the two investments after 4 years?

a)

Shelly will have $131.24 more in her account

than Anne has in her account.

b)

They will have the same

amount in their accounts.

c)

Shelly will have $11.24 more

in her account than Anne has in her account.

d)

Anne will have $11.24 more in

her account than Shelly has in her account.

39.

In some investment accounts interest is computed on interest that has been earned in previous years. What is this method of computing interest called?

a)

compound interest

b)

double interest

c)

simple interest

d)

not enough information

40.

Steve deposited

$5,000 in a savings account that pays 4% interest compounded annually. Which

equation could be used to find the value of the account after 3 years?

a)

A = 5,000(1 + 4)3

b)

A = 5,000(1 + 0.04)3

c)

A = 5,000(1 + 0.4) x 3

d)

A = 5,000(0.04)3

41.

Elizabeth earns $2200.00 per month. She wants to put 15% into savings each month. How much should she deposit into her savings account?

a)

$1870

b)

$330

c)

$2530

d)

$150

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