Free Printable Financial Mathematics Quiz

1.

Katrina is a part-time employee and receives an annual salary of $19370. What is her weekly salary?

a)

$1616.17

b)

$403.54

c)

$372.50

d)

$745

2.

Zoltan is paid $17.90 per hour. What are his earnings for a 26-hour week?

a)

$465.40

b)

$17.90

c)

$930.80

d)

$698.10

3.

Andre is an apprentice and works 9 hours per day, five days per week. He is paid $8.43 per hour. What is his annual income?

a)

$75.84

b)

$379.35

c)

$18 208.80

d)

$19 726.20

4.

Paula works during the school holidays. She is paid $15.70 per hour normal rate. She works 30 normal hours, 6 hours at time-and-a-half and 3 hours at double time. What is her pay?

a)

$471

b)

$612.30

c)

$642.96

d)

$706.50

5.

Zanthia receives a bonus at Christmas of 6.2% of her $27 695 salary. What is the amount of her bonus?

a)

$1 717.09

b)

$276.95

c)

$33.02

d)

$6.20

6.

Paulette is paid $456 per week. She receives a holiday loading of 17.5% on her 4 weeks holiday pay. What is her total holiday pay?

a)

$79.80

b)

$319.20

c)

$775.20

d)

$2 143.20

7.

Marek is paid a weekly retainer of $400 and 13% commission on sales in excess of $5000. What is his pay in a week when he has sales of $8350?

a)

$1 085.20

b)

$435.50

c)

$835.50

d)

$1 685.50

8.

Alexia is paid $362 commission on sales of $4525. What is he percentage rate of commission?

a)

0.08%

b)

8%

c)

12.5%

d)

3.62%

9.

Sue picks mushrooms and is paid $2.15 per box. What is her pay for picking 53 boxes?

a)

$24.65

b)

$53

c)

$4.05

d)

$113.95

10.

The fortnightly living-at-home student rate for a single person under 18 years is $239.50. It reduces by 50 cents for every dollar in excess of $437 earned per fortnight. Sharon is 17, living at home and earning $451 per fortnight. What is her allowance?

a)

$7

b)

$239.50

c)

$232.50

d)

$690.50

11.

Bernadette receives a gross income of $35 866. She has the following deductions: $3159 PAYG tax, health insurance of $425; and superannuation contribution of $1240. What is her net income?

a)

$31 467

b)

$31 042

c)

$40 690

d)

$200 134

12.

Trina has an annual salary of $41 908. When she retires, her superannuation will pay her 63% of her salary each year. What will be her annual income from her superannuation?

a)

$68 310.04

b)

$2 640 204

c)

$15 505.96

d)

$26 402.04

13.

Ossie has a wage of $23 879 per annum. He receives a bonus of $800, makes donations to charity of $75 and is entitled to a deduction for work-related car expenses of $415. What is Ossie's taxable income?

a)

$24 415

b)

$25 397

c)

$24 188

d)

$23 961

14.

The income tax on $100 666 is $19 822 plus 37 cents per dollar over $87 000. What is the tax payable on $100 666?

a)

$24 878.42

b)

$19 822

c)

$14 765.58

d)

$5 056.42

15.

For the last financial year, Courtney's tax payable is $26 798 and the medicare levy is $1500. If Courtney's PAYG tax for the last financial year was $30 000, would Courtney have a tax refund or debt and by how much?

a)

refund: $4 702

b)

refund: $1 702

c)

debt: $4 702

d)

debt: $1 702

16.

Narelle is paid a salary of $45 000 per year. Calculate her weekly pay.

a)

$865.38

b)

$965.65

c)

$864.38

d)

$662.78

17.

Find the annual salary of a person who is paid $1429.00 per fortnight.

18.

Find the hourly rate earned by Anthony who receives $92.50 for an 8-hour shift.

19.

Find the hourly rate earned by Antoinette who earns $587.60 for a 36-hour working week.

a)

$12.37

b)

$14.82

c)

$16.58

d)

$16.32

20.

Sven receives $5.50 for each box of fruit he picks. How many boxes does he need to fill to earn $87.00?

21.

Match the following

a)

Quarterly is defined as:

1.

Getting payed 4 times a year.

b)

Hourly rate is defined as:

2.

Fixed amount paid per hour worked.

c)

Overtime is defined as:

3.

Hours worked on top of regular hours.

d)

Piecework is defined as:

4.

Work paid based on number of units made.

e)

Annual Salary is defined as:

5.

Fixed amount paid for a full year.

22.

A customer service representative earns $13 an hour, and he works 52 hours a week. What is his weekly wage?

a)

$676

b)

$364

c)

$91

d)

$65

23.

Luke earned a salary of $48,048 last year.
How much did he earn a month?

24.

A computer programmer earned $1043 a week last year. What was her yearly salary?

a)

$52,193

b)

$55,279

c)

$56,322

d)

$54,236

25.

Eddie worked 51.5 hours this week. He gets paid $12.48 per hour for the first 40 hours and then gets double-time for the rest of the time. How much money did he make this week?

a)

$642.72

b)

$714.48

c)

$786.24

d)

$2096.64

26.

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

27.

What do I multiply to find the time and a half rate?

a)

Overtime rate and 2

b)

Regular hourly rate and 1.5

c)

Regular hourly rate and 2

d)

Regular wages and 1.5

28.

What is the time and a half rate for $34?

a)

$51

b)

$52

c)

$34

29.

DeVonte earns a regular hourly pay of $17.00. Working overtime he gets time and a half. What is DeVonte's total pay if he works 40 hours, plus 6 hours of overtime?

a)

$153.00

b)

$680.00

c)

$782.00

d)

$833.00

30.

Payment of two times the regular hourly rate.

a)

biweekly

b)

double time

c)

piecework

d)

semimonthly

31.

Beth works at a car lot. This week she sells $23,200 in cars. She earns 4% commission for all the cars she sells. How much will she earn this week?

a)

24,128

b)

928

c)

1028

d)

92.8

32.

Timothy earns a 15% commission on each household appliance he sells. If he sells 6 toasters at $20 each, how much does he earn in commission?

a)

$18

b)

$3

c)

$17

d)

$4

33.

In addition to his base salary, Ron earns commission. Last week he sold $2400 worth of clothing and brought home an extra $84 in commission. What is his rate of commission?

a)

28.5%

b)

3.5%

c)

96.5%

d)

16%

34.

Wilson Green sells home security systems. He earns an 11 percent commission on every system he sells. Wilson’s sales for this month totaled $4265. What is Wilson’s commission?

a)

$18,750

b)

$46,915

c)

$4,691.50

d)

$387.72

35.

Derek sells appliances. He is paid a 6.5 percent commission on every appliance he sells. Derek sold $9,732.00 worth of appliances this week. What is Derek’s commission?

a)

$632.58

b)

$63.258

c)

$6,325.80

d)

$143.38

36.

Jay makes $9 an hour plus a 12.5% commission selling jewelry. How much does she earn on an 8 hour shift in which she sells $380 worth of jewelry?

a)

$119.50

b)

$389

c)

$380

d)

$47.50

37.

Danielle sells beauty supplies and earns a base salary of $450 per week plus a 9% commission on sales. During one particular week, she sells $895 worth of beauty supplies. How much money does she earn that week?

a)

$530.55

b)

$1,345

c)

$80.55

d)

$40.50

38.

Pierre, an art dealer, earns 25% commission of the dollar value of the art pieces that he sells at the Bizzell Gallery. Pierre earns $10,800 this month. What is the total dollar value of the art that he sells?

a)

$43,200

b)

$2,700

c)

$270,000

d)

$10,800

39.

Ms. DeMedici earns a weekly salary of $290 plus a 5.5% commission on sales at a gift shop. How much would she make in a week (TOTAL PAY) if she sold $5700 worth of merchandise?

commission + salary = total pay

a)

$603.50

b)

$313.50

c)

$15.95

d)

$329.45

40.

Daniel is a barber at Slick Cuts. He charges $17 per haircut. By Saturday, he has given 50 haircuts. What is his total pay?

41.

Jill picks corn and gets paid at a piecework rate of 55 cents per container for the first 300 containers picked. She receives 60 cents per container for every container over 300 that she picks. Last week, Jill picked 370 containers. How much did she earn?

42.

McKenzie sells textbooks. She receives 7% on her first $1,000 in sales and 15% on the balance of her sales. If her sales in one month were $14,500, she would earn $2,025 in commission.

a)

True

b)

False

43.

_____ is a method of payment where an employee receives a percentage of the amount of sales, example real estate agent

a)

Salary

b)

Hourly Pay

c)

Commission

d)

Piecework

44.

Pauline gets paid $0.50 for each of the first 100 craft kits that she assembles. She earns $0.75 for each kit over 100. This week she assembled 135 kits. How much did she earn?

a)

$67.50

b)

$72.50

c)

$76.25

d)

$101.25

45.

Professional baseball player Rusty Raspberry earns $1,715,000 a year playing baseball. Last year, a biography that he had written sold 300,000 copies at a price of $24 each. Raspberry received 10% in royalties on book sales. What was his total salary last year from the book and his baseball career?

a)

$1,787,000

b)

$2,435,000

c)

$720,000

d)

$1,745,000

46.

Money employees or others receive based on sales, example musicians

a)

royalties

b)

commission

c)

piecework rate

d)

gross income

47.

Avery is a tailor. He is paid $7.50 for each pair of jeans he hems. How much would he be paid for 12 pairs of jeans?

a)

$84.00

b)

$72.50

c)

$90.00

d)

$63.50

48.

What does the term 'per annum' mean?

a)

An agreed yearly income, regardless of the amount of hours worked

b)

The amount of money earned after allowed deductions

c)

For the total of a year

d)

An income paid on an hourly basis

49.

Taxable income calculation =

a)

Gross income - Allowances

b)

Gross income - Tax deductions

c)

Gross income + Allowances

d)

Gross income + Tax deductions

50.

In addition to wages, employees may also receive...

a)

Additional Work

b)

Allowances

c)

Bonuses

d)

High Fives

51.

p.a means

a)

Part Annual

b)

Pay Annually

c)

Per Annum

d)

Part of the Arm

52.

GST is the Acronym for...

a)

Greats and Servicing Tax

b)

Goods and Services Tax

c)

Goods and Systematic Taxation

d)

Games and Savings Tax

53.

Overtime pay is part of deductions.

a)

TRUE

b)

FALSE

54.

Jim was offered a job as a computer programmer making 65K per year. Another company offered Jim a position earning $1,200 a week. The job with the 65K salary pays more.

a)

True

b)

False

55.

Catalina works part-time at a bakery earning $7.50 an hour. In the last five days, her time card shows that she worked 3.3, 2.9, 4.0, 3.5, and 2.1 hours. What is her gross pay for the five days?

a)

$122.50

b)

$125.50

c)

$118.50

d)

$119.50

56.

Bernadette receives a gross income of $35 866. She has the following deductions: $3159 PAYG tax, health insurance of $425; and superannuation contribution of $1240. What is her net income?

a)

$31 467

b)

$31 042

c)

$40 690

d)

$200 134

57.

Ossie has a wage of $23 879 per annum. He receives a bonus of $800, makes donations to charity of $75 and is entitled to a deduction for work-related car expenses of $415. What is Ossie's taxable income?

58.

The income tax on $100 666 is $19 822 plus 37 cents per dollar over $87 000. What is the tax payable on $100 666?

a)

$24 878.42

b)

$19 822

c)

$14 765.58

d)

$5 056.42

59.

For the last financial year, Courtney's tax payable is $26 798 and the medicare levy is $1500. If Courtney's PAYG tax for the last financial year was $30 000, would Courtney have a tax refund or debt and by how much?

a)

refund: $4 702

b)

refund: $1 702

c)

debt: $4 702

d)

debt: $1 702

60.

Liam works as a bartender. His time sheet is attached. If he earns $18.17 per hour between 8.30am - 6pm, time and a half between 6pm - 11.30pm, and double time on public holidays. Calculate Liam's pay.

a)

$163.53

b)

$495.13

c)

$181.70

d)

$313.43

61.

Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income

a)

gross pay

b)

withholdings

c)

net pay

d)

real pay

62.

The total amount of money earned before payroll withholdings

a)

net pay

b)

gross pay

c)

payroll deductions

d)

none of these

63.

Ossie has a wage of $23 879 per annum. He receives a bonus of $800, makes donations to charity of $75 and is entitled to a deduction for work-related car expenses of $415. What is Ossie's taxable income?

a)

$24 415

b)

$25 397

c)

$24 188

d)

$23 961

64.

ATO stands for:

a)

Australian Tertiary Organisations

b)

Australian Tax Office

c)

Automatic Trade Off

d)

Automatic Teller Office

65.

PAYG Witholding Tax is:

a)

The refund you receive when you lodge your tax return

b)

A tax for medicare

c)

Tax an employer takes out of your salary/wages for the ATO

d)

Only required if you earn more than $30,000 per year

66.

Katrina is a part-time employee and receives an annual salary of $19 370. What is her weekly salary?

a)

$1616.17

b)

$403.54

c)

$372.50

d)

$745

67.

Zoltan is paid $17.90 per hour. What are his earnings for a 26-hour week?

a)

$465.40

b)

$17.90

c)

$930.80

d)

$698.10

68.

Andre is an apprentice and works 9 hours per day, five days per week. He is paid $8.43 per hour. What is his annual income?

a)

$75.84

b)

$379.35

c)

$18 208.80

d)

$19 726.20

69.

Mal receives a salary of $63 428 per annum. He works six days per week, 8 hours per day. What is his hourly rate?

a)

$25.41

b)

$27.52

c)

$27.53

d)

$50.82

70.

Paula is a junior and works during the school holidays. She is paid $15.70 per hour normal rate. She works 30 normal hours, 6 hours at time-and-a-half and 3 hours at double-time. What is her pay?

a)

$471

b)

$612.30

c)

$642.96

d)

$706.50

71.

Zanthia receives a bonus at Christmas of 6.2% of her $27 695 salary. What is the amount of her bonus?

a)

$1717.09

b)

$276.95

c)

$33.02

d)

$6.20

72.

Paulette is a permanent part-time employee and is paid $456 per week. She receives a holiday loading of 17 $\frac{1}{2}$ % on her 4 weeks holiday pay. What is her total holiday pay?

a)

$79.80

b)

$319.20

c)

$775.20

d)

$2143.20

73.

Marek is paid a weekly retainer of $400 and 13% commission on sales in excess of $5000. What is his pay in a week when he had sales of $8350?

a)

$1085.50

b)

$435.50

c)

$835.50

d)

$1685.50

74.

Alexis is paid $362 commission on sales of $4525. What is her percentage rate of commission?

a)

0.08%

b)

8%

c)

12.5%

d)

3.62%

75.

Sue picks mushrooms and is paid $2.15 per box. What is her pay for picking 53 boxes?

a)

$24.65

b)

$53

c)

$4.05

d)

$113.95

76.

Charles is paid a royalty of 8% on total sales. What is his royalty for sales of $356 990?

a)

$28 559.20

b)

$3569.90

c)

$44 623.75

d)

$35 699

77.

The fortnightly living-at-home student rate for a single person under 18 years is $239.50. It reduces by 50 cents for every dollar in excess of $437 earned per fortnight. Sharon is 17, living at home and earning $451 per fortnight. What is her allowance?

a)

$7

b)

$239.50

c)

$232.50

d)

$690.50

78.

Bernadette receives a gross income of $35 866. She has the following deductions: $3159 PAYG tax; health insurance of $425; and superannuation contributions of $1240. What is her net income?

a)

$31 467

b)

$31 042

c)

$40690

d)

$200134

79.

Trina has an annual salary of $41 908, when she retires, her superannuation will pay her 63% of her salary each year. What will be her annual income from her superannuation?

a)

$68 310.04

b)

$2 640 204

c)

$15 505.96

d)

$26 402.04

80.

Ossie works part-time for a wage of $23 879 per annum. He receives a bonus of $800, pays tax agent fees of $60, makes donations to charity of $75 and is entitled to a deduction for work-related car expenses of $356. What is Ossie's taxable income?

a)

$24 415

b)

$25 397

c)

$24 188

d)

$23 961

81.

The medicare levy is 2% of taxable income provided the taxable income exceeds $26 668. What is the Medicare levy on a taxable income of $34 677?

a)

$120.14

b)

$693.54

c)

$1201.40

d)

$8009

82.

The income tax on $100 666 is $19 822 plus 37 cents per dollar over $87 000. What is the tax payable on $100 666?

a)

$24 878.42

b)

$19 822

c)

$14 765.58

d)

$5056.42

83.

The amount of money paid for each hour of work.

a)

wages

b)

hourly rate

c)

overtime

d)

double time

84.

The number of hours worked multiplied by the hourly rate.

a)

double time

b)

overtime

c)

hourly rate

d)

wages

85.

Working time beyond a regular 40 hour week.

a)

commission

b)

Overtime

c)

wages

d)

tip

86.

Payment of 1.5 times the regular hourly rate.

a)

time and a half

b)

double time

c)

commission

d)

hourly rate

87.

Payment of a fixed amount of money at regular intervals.

a)

wages

b)

salary

c)

tips

d)

hourly rate

88.

Payment of two times the regular hourly rate.

a)

biweekly

b)

double time

c)

piecework

d)

semimonthly

89.

Work paid according to the number of units completed.

a)

tips

b)

salary

c)

commission

d)

piecework

90.

Money earned base on a percentage of total sales.

a)

commission

b)

tips

c)

piecework

d)

overtime

91.

Katrina is a part-time employee and receives an annual salary of $19 370. What is her weekly salary?

a)

$1616.17

b)

$403.54

c)

$372.50

d)

$745

92.

Zoltan is paid $17.90 per hour. What are his earnings for a 26-hour week?

a)

$465.40

b)

$17.90

c)

$930.80

d)

$698.10

93.

Andre is an apprentice and works 9 hours per day, five days per week. He is paid $8.43 per hour. What is his annual income?

a)

$75.84

b)

$379.35

c)

$18 208.80

d)

$19 726.20

94.

Mal receives a salary of $63 428 per annum. He works six days per week, 8 hours per day. What is his hourly rate?

a)

$25.41

b)

$27.52

c)

$27.53

d)

$50.82

95.

Paula is a junior and works during the school holidays. She is paid $15.70 per hour normal rate. She works 30 normal hours, 6 hours at time-and-a-half and 3 hours at double-time. What is her pay?

a)

$471

b)

$612.30

c)

$642.96

d)

$706.50

96.

Zanthia receives a bonus at Christmas of 6.2% of her $27 695 salary. What is the amount of her bonus?

a)

$1717.09

b)

$276.95

c)

$33.02

d)

$6.20

97.

Paulette is a permanent part-time employee and is paid $456 per week. She receives a holiday loading of 17 $\frac{1}{2}$ % on her 4 weeks holiday pay. What is her total holiday pay?

a)

$79.80

b)

$319.20

c)

$775.20

d)

$2143.20

98.

Marek is paid a weekly retainer of $400 and 13% commission on sales in excess of $5000. What is his pay in a week when he had sales of $8350?

a)

$1085.50

b)

$435.50

c)

$835.50

d)

$1685.50

99.

Sue picks mushrooms and is paid $2.15 per box. What is her pay for picking 53 boxes?

a)

$24.65

b)

$53

c)

$4.05

d)

$113.95

100.

Charles is paid a royalty of 8% on total sales. What is his royalty for sales of $356 990?

a)

$28 559.20

b)

$3569.90

c)

$44 623.75

d)

$35 699

101.

The fortnightly living-at-home student rate for a single person under 18 years is $239.50. It reduces by 50 cents for every dollar in excess of $437 earned per fortnight. Sharon is 17, living at home and earning $451 per fortnight. What is her allowance?

a)

$7

b)

$239.50

c)

$232.50

d)

$690.50

102.

Bernadette receives a gross income of $35 866. She has the following deductions: $3159 PAYG tax; health insurance of $425; and superannuation contributions of $1240. What is her net income?

a)

$31 467

b)

$31 042

c)

$40690

d)

$200134

103.

Trina has an annual salary of $41 908, when she retires, her superannuation will pay her 63% of her salary each year. What will be her annual income from her superannuation?

a)

$68 310.04

b)

$2 640 204

c)

$15 505.96

d)

$26 402.04

104.

Ossie works part-time for a wage of $23 879 per annum. He receives a bonus of $800, pays tax agent fees of $60, makes donations to charity of $75 and is entitled to a deduction for work-related car expenses of $356. What is Ossie's taxable income?

a)

$24 415

b)

$25 397

c)

$24 188

d)

$23 961

105.

The income tax on $100 666 is $19 822 plus 37 cents per dollar over $87 000. What is the tax payable on $100 666?

a)

$24 878.42

b)

$19 822

c)

$14 765.58

d)

$5056.42

106.

Jonathan earns $49 per hour and works 5 hours every day. How much does he earn in a day?

a)

$54

b)

$245

c)

$1715

d)

$196

107.

Gary earns $45 000 annually. He receives a raise of 3.5%. How much does he earn annually now?

a)

$45 035

b)

$1 575

c)

$46 575

d)

$45 000

108.

What does the word 'Income' mean?

a)

List of the number of hours worked over the pay period.

b)

Money a person earns when employed.

c)

A person who is paid to work for a company or organisation or business owner.

d)

The company or organisation or business owner who employs and pays their workers.

109.

What does the term 'per annum' mean?

a)

An agreed yearly income, regardless of the amount of hours worked

b)

The amount of money earned after allowed deductions

c)

For the total of a year

d)

An income paid on an hourly basis

110.

Gross Pay

a)

The amount of money earned during a pay period before deductions

b)

The amount of money that is charged, paid, or earned for every hour worked: You pay a fixed amount perhour

c)

The amount of money a person makes for a job no matter how many hours they work

d)

Money given to a worker for good service

111.

Use the tax table to calculate the tax payable on $5400.

a)

15c

b)

$2850

c)

Nil

d)

$17850

112.

Use the tax table to calculate the tax payable on $81550$

a)

$75001

b)

$20470

c)

$17850

d)

$6550

Financial Mathematics Quiz

Total questions: 112

Worksheet time: 3hrs 48mins

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