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Business Math 1st Semester Review

Total questions: 25

Worksheet time: 26mins

Name
Class
Date
1.

If you spent the following for the year on your Credit Card for the year:

Groceries $6,589

Restaurants $2,786

Clothing $1,890

Fuel $1,150

Entertainment $2,812

And you get 1% back on all your purchases, How much Cash Back would you receive for the year?

a)

$1,522.70

b)

$15.22

c)

$152.27

d)

$1,000,000

2.
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
3.

Straight time is your normal hourly wage if you only work up to _______ hours in a week.

a)

1.5

b)

10

c)

8

d)

40

4.
Frank worked 48.5 hours this week. He gets paid $11.13 per hour for the first 40 hours and then gets time-and-a-half for the rest of the time. How much money did he make this week? 
a)
$539.81
b)
$634.41
c)
$681.71
d)
$587.11
5.

At Kroger, employees earn an hourly rate of $9.75. They earn double that for any hours they work in addition to their usual 40-hour week. The hours that Paula Strauss worked in one week are shown below. What was Strauss's total pay for the week?

a)

$419.25

b)

$433.88

c)

$448.50

d)

$345.00

6.

Robbie Marton is a camp counselor at Camp Tecumseh. What is the total number of hours worked for the week?

a)

40.5 Hours

b)

41.5 hours

c)

39.75 hours

d)

39 hours

7.

Franklin Nealson earns $5,250 a month as a sales manager. What is he paid semimonthly?

a)

$2,365

b)

$10,500

c)

$2,625

d)

$5,250

8.

What does FICA stand for?

a)

Forbidden Investigation Can Avert

b)

It doesn't stand for anything, Mr. Hupp made it up

c)

Federal Insurance Constitutional Association

d)

Federal Insurance Contributions Act

9.

Alex Lopez gross pay is $61,400. His state income tax rate is 3.3%. How much will he pay in state tax?

a)

$1,995.80

b)

$1,722.10

c)

$2,026.20

d)

$2,296.25

10.

Ray Jackson's gross biweekly pay is $3,120. His earnings to date for the year total $78,400. What amount is deducted from his pay for Social Security, which is taxed at 6.2%? For Medicare, which is taxed at 1.45%?

a)

$72.00, $56.78

b)

$193.44, $45.24

c)

$45.00, $54.60

d)

$198.00, $45.00

11.

Michele Dover is employed at Sigma Systems. She has family medical coverage through the group medical plan that Sigma Systems provides for its employees. The annual cost of Dover's family medical membership is $5,800. The company pays 53% of the cost. How much is deducted from her WEEKLY paycheck for medical insurance?

a)

$52.42

b)

$67.89

c)

$99.00

d)

$41.10

12.

Harriet Knox's gross pay for this week is $515. She is single and claims one allowance. Use the table to find what amount will be withheld from Knox's pay for Federal Income Tax?

a)

$63

b)

$61

c)

$54

d)

$44

13.

Reginald Wallace's gross weekly salary is $515. His weekly federal withholding is $55. The Social Security tax is 6.2% of his gross pay. The Medicare tax is 1.45% of his gross pay. The state tax is 3.3% of his gross pay. Each week he pays $12.40 for medical insurance. How much is deducted from Wallace's weekly wages for state tax and Medicare tax?

a)

$17.67

b)

$12.22

c)

$24.46

d)

$16.19

14.

Jason Cooper's gross weekly pay is $598. His earnings to date for the year total $14,950. What total amount is deducted from his pay this week for Social Security, which is taxed at 6.2%, and Medicare, which is taxed at 1.45%?

a)

$40.09

b)

$39.68

c)

$45.75

d)

$33.79

15.

Ariel Moore keeps records of her expenditures. She wants to know how much she can spend each month, on the average. Her records are shown above. What is her average monthly expenditure?

a)

$2,344.50

b)

$3,001.01

c)

$2,906.17

d)

$3,004.20

16.

The Cohen's monthly budget allowed them to spend $645 for groceries each month. During November they spent $756.82. How much more or less did they spend than budgeted?

a)

$223.64 more

b)

$223.64 less

c)

$111.82 more

d)

$111.82 less

17.

Joseph Pearson tracks is a programmer for Main Tech. He tracks his transportation expenses to and from Main Tech. His expense sheet looks like the above:

Pearson budgets $100 per month for transportation. How much more or less are Pearson's expenses than the $100 budgeted?

a)

$5 more

b)

$5 less

c)

$10 more

d)

None of the Above

18.

Agnes Arnold sells lighting supplies. She travels all over New England. Her total monthly expenses for August, September and October were $2,700, $1,100 and $2,200. What was her average monthly expenditure?

a)

$2,200

b)

$2,000

c)

$3,000

d)

$6,000

19.

How much more or less is the amount spent than the amount budgeted?


Budgeted: $1,654.00

Spent: $878.90

a)

$775.10 less

b)

$775.10 more

c)

$657.81 less

d)

$657.81 more

20.

Rent is a type of ________________ cost.

a)

Fixed

b)

Variable

c)

Annual

21.

Real Estate Taxes are a type of _________ cost.

a)

Fixed

b)

Variable

c)

Annual

22.

Anna Page, a teacher, earns $3,059 semi-monthly. If the school's insurance plan costs a total of $7,620 and the school pays 80% of the cost, how much is deducted from each of Page's paychecks?

a)

$611.80

b)

$203.93

c)

$2,447.20

d)

$63.50

23.

The credit limit is ________________________.

a)

the most you can spend on the card

b)

the least you can spend on the card

c)

always $1000

d)

how much you pay for a late fee

24.
What does APR stand for?
a)
Annual Point Ratio 
b)
Annual Percentage Rate
c)
A Percent Rate
d)
Annually Percentage Ratio
25.

Credit Cards offer Rewards when used. Which of the following are Rewards?

a)

Gas Rewards

b)

Cash Back

c)

Air Miles

d)

Travel Rewards

e)

All of the Above