Will you please check my answers?
1. Mary Stevens earns $6 an hour at her job and is entitled to time-and-a-half for overtime, and double
time on holidays. Last week she worked 40 hours of regular time, 6 1/2 hours of overtime, and 8 hours of
holiday time. How much did she earn?
A. $140.00
B. $394.50
C. $190.75
D. $74.37
2. Ralph Jordan recently bought a new lawnmower for $228.00. If he had to pay 6% sales tax on the
lawnmower, what was the total cost of the lawnmower?
A. $241.68
B. $234.00
C. $312.42
D. $251.62
3. Lily Quinn makes $12.50 and hour. She works four hours on Monday, six hours on Tuesday, nine hours
on Wednesday, three hours on Thursday, and seven hours on Friday. What is her gross pay?
A. $362.50
B. $325.50
C. $462.50
D. $420.50
4. Jan Quint earns $7.00 an hour at her job and is entitled to time-and-a-half for overtime, and double time
on holidays. Last week she worked 40 hours of regular time, 9 hours of overtime, and 12 hours of holiday
time. How much did she earn last week?
A. $542.50
B. $524.50
C. $532.00
D. $348.75
5. Jim paddles from one shore of a lake three miles wide at 4 mph, and John paddles from the opposite
shore at 5 mph. How long will they travel before they meet?
A. 3 hours
B. 20 minutes
C. 27 minutes
D. 1 hour, 24 minutes
6. Victor Malaba has a net income of $1,240 per month. If he spends $150 on food, $244 on a car
payment, $300 on rent, and $50 on savings, what percent of his net income can he spend on other things?
A. 40 percent
B. 43 percent
C. 300 percent
D. 64 percent
7. Jose Rodriguez's checking account had a starting balance of $1,234.56. He wrote a check for $115.12
for plumbing supplies and a check for $225.00 for a loan payment. Yesterday he deposited $96.75 in his
checking account. What is Jose's current balance?
A. $1,477.93
B. $991.19
C. $1,441.19
D. $894.44
8. Suppose your bank honors a check for which you don't have sufficient funds in your checking account.
This action means that you've arranged beforehand for a/an
A. mortgage loan.
B. installment loan.
C. personal loan.
D. overdraft loan.
9. The gross income of David Vaughn is $785 per week. His deductions are $42.25, FICA tax; $90.33,
income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income for one week?
A. $675.32
B. $628.77
C. $749.77
D. $605.32
10. From net earnings of $740 per month, Ginger Elliott must spend $200 for her portion of the rent on an
apartment she shares with two friends. What percent of her net income is her rent payment?
A. 32 percent
B. 27 percent
C. 38 percent
D. 73 percent
11. John Davis makes $9.75 an hour. He works four hours on Monday, six hours on Tuesday, five hours
on Wednesday, five hours on Thursday, and seven hours on Friday. What is his gross pay?
A. $263.25
B. $174.20
C. $269.98
D. $132.70
12. Moneys taken out of a salary for such things as taxes, medical insurance, and retirement funds are
called
A. contributions.
B. commissions.
C. deductions.
D. exemptions.
13. Eliza Savage received a statement from her bank showing a checking account balance of $324.18 as of
January 18. Her own checkbook shows a balance of $487.38 as of January 29. The bank returned all of
the cancelled checks but three. The amounts of these three checks are $15.00, $77.49, and $124.28. How
much did Eliza deposit in her account between January 18 and January 29?
A. $201.12
B. $197.24
C. $379.97
D. $54.44
14. The tax rate on Ned Topolino's $112,000 vacation home is 25 mills. The property is assessed at full
value. How much will Ned pay in taxes this year?
A. $2,800
B. $780
C. $28,000
D. $7,800
15. Alice Correa bought three yards of cloth to make a dress. The cloth was on sale for $1.93 per yard.
How much did Alice pay for the cloth if the sales tax was 5 percent?
A. $6.08
B. $2.02
C. $5.79
D. $5.82
16. The gross income of Ginger Hughes is $215 per week. Her deductions are: $15.16, FICA tax; $29.33,
income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income?
A. $202.10
B. $157.61
C. $57.39
D. $170.51
17. Glenn Andrews recently bought a new motorbike for $3,950. If he had to pay 6 percent sales tax on
the bike, what was the total cost of the bike?
A. $3,713
B. $4,010
End of exam
C. $4,187
D. $2,370
18. What is the reading in kwhr of the electric meter shown in the exam figure below?
A. 1732
B. 9742
C. 0631
D. 1641
19. Henry Devine bought a new dishwasher for $320. He paid $20 down and made 10 monthly payments
of $34. What actual yearly interest rate did Henry pay?
A. 29.09
B. 14.55
C. 68.75
D. 34.38
20. Mary Palm's checking account had a starting balance of $785.63. She wrote a check for $57.00 for
groceries and a check for $125.00 for a car payment. Yesterday she deposited $57.25 in her checking
account. What is Mary's current balance?
A. $603.63
B. $660.88
C. $796.38
D. $554.26
My answers are-
1. B 11. A
2. A 12. C
3. A 13. C
4. A 14. A
5. C 15. A
6. A 16. B
7. B 17. C
8. D 18. D
9. D 19. B
10. D 20. B