Topic Test - Financial Math

Which employee did not have the same dollar amount in sales for the month of February as the other two employees? a. Employee #1 b. Employee #2 c. Employee #3 d. They each had the same amount dollar amount in sales.

a. Employee #1

Kai had a gross weekly paycheck of $616 last week. Kai worked 6 hours for 4 of the days and 8 hours on 1 day. What is Kai's hourly rate of pay? a. $616 b. $19.25 c. $20.53 d. $25.67

b. $19.25

An employee has an annual salary of $48,700. They receive $1,530 in health insurance and $2,810 in paid time off per year. They drive their personal vehicle for work which costs them $500 per month, but the company reimburses them $0.53 per mile for the total work miles driven. If the employee drives 9,000 miles for work for the year, what will be their total employment compensation? a. $43,130 b. $51,810 c. $57,810 d. $59,470

b. $51,810

Bob gets paid an annual salary of $30,000 and earns 5% commission on all sales he makes. If Bob wants to make $6,000 this month, how much in sales does he need to have? a. $50,000 b. $70,000 c. $90,000 d. $120,000

b. $70,000

Which of the following expressions represents the total earnings of a commissioned employee earning 9.5% commission with sales of $8,540? a. (0.0095)(8,540) b. (0.095)(8,540) c. (0.95)(8,540) d. (9.5)(8,540)

b. (0.095)(8,540)

Elisha is a photographer and charges a set fee to photograph weddings. This is an example of _____ income. a. capital gains b. earned c. hourly d. passive

b. earned

Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary's gross pay. a. $6.49 b. $8.38 c. $64.93 d. $83.78

c. $64.93

Martha earned a gross pay of $1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social security tax deducted from Martha's gross pay. a. $7.54 b. $65.37 c. $75.37 d. $75.40

c. $75.37

Molly has biweekly gross earnings of $839.52. By claiming 1 more withholding allowance, Molly would have $16 more in her take home pay. How many withholding allowances does Molly currently claim? a. 1 b. 2 c. 3 d. 4

c. 3

Which of the following employee has the largest gross pay? a. Employee A: Total employee benefits $1,500 Total job benefits $49,800 b. Employee B: Total employee benefits $1,050 Total job benefits $51,200 c. Employee C: Total employee benefits $1,000 Total job benefits $51,900 d. Employee D: Total employee benefits $3,000 Total job benefits $52,300

c. Employee C: Total employee benefits $1,000 Total job benefits $51,900

Padraig receives total employment compensation of $70,000 and had $2,000 in job expenses. Which of the following could be true about Padraig's gross pay and total employee benefits? a. His total employee benefits are 2.8% of his annual gross pay of $72,000. b. His total employee benefits are 2.9% of his annual gross pay of $68,000. c. His total employee benefits are 12.5% of his annual gross pay of $64,000. d. His total employee benefits are 13.3% of his annual gross pay of $60,000.

c. His total employee benefits are 12.5% of his annual gross pay of $64,000.

Which of the following is an example of earning income from capital gains? a. hourly employee earning $17 per hour b. salaried employee earning $56,000 per year c. selling a car and making a profit of $3,000 d. selling stocks for a total of $5,000

c. selling a car and making a profit of $3,000

Lakisha's employer pays $2,150 in health insurance and $86 in life insurance per year. She also gets $3,520 in paid time off per year. Her monthly gross pay is $4,370. What are Lakisha's total job benefits per year? a. $5,756 b. $10,126 c. $52,440 d. $58,196

d. $58,196

What is the employee's gross pay? a. $703.86 b. $714.40 c. $716.26 d. $726.80

d. $726.80

Which of the following employees has the greatest total employee compensation? a. Employee A: total job benefits $49,200 and total job expenses $300 b. Employee B: total job benefits $49,500 and total job expenses $500 c. Employee C: total job benefits $ 49,800 and total job expenses $700 d. Employee D: total job benefits $50,100 and total job expenses $900

d. Employee D: total job benefits $50,100 and total job expenses $900