Business Math Exam 10
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Business Math Exam 10
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25 Questions

1. Rhonda used her van at work for 25% of the 26,112 miles she drove last year. Her employer reimbursed work mileage at $0.55 a mile. What reimbursement did Rhonda receive?
2. Emma is paid an hourly rate of $12.65. When she works overtime she is paid 1½ times her hourly rate. She occasionally works 40 hours per week when others are on vacation. What is her weekly gross pay if she works 25 hours per week?
3. Mireya earned $5,250, $4,800, $3,990, and $5,120 from her home business during the last four months. What was her average monthly income during this period?
4. Which of the following would be considered a financial advantage of renting a house or apartment?
5. Homeowners can buy a homeowners insurance policy, but renters cannot buy a renter’s insurance policy.
6. When a lender calculates the payments on a loan so that each payment is the same, it is called:
7. Victor budgeted 10% of his $3,000 salary to entertainment. He must cut expenses and decides to decrease his monthly budget to 8%. To the nearest dollar, what is his adjusted budget amount for entertainment?
8. An invoice for $1,500 dated December 14 has terms of sale of 3/10, 2/20, n/30. What is the amount of the cash discount if the invoice is paid on December 28?
9. Johnie Gwinn invested $3,000 in a 3-year CD that paid 4% annual interest. When he withdrew $500 at the end of 2 years, his early withdrawal penalty was 6 month’s interest. What was the amount of the penalty?
10. Which of the following describes how to calculate simple interest?
11. The average annual income for five sales associates last year was $54,200. Four of the associated earned the following amounts: $58,125, $53,190, $48,975, and $56,000. What was the annual income of the fifth sales associate?
12. Tommy Harker lives in a town that charges a 0.5% city income tax rate. How much city income tax did he owe last year if he had federal taxable income of $45,883?
13. Which organization is responsible for regulating the calculation of depreciation?
14. David Grizwald was injured on his job. He is insured by a disability policy that pays 35% of his average annual salary of $36,800. What amount does David collect monthly?
15. Dale has named Todd in his life insurance policy to receive the death benefits. Todd is referred to as a(n):
16. What kind of form do cashiers use to count the money in a drawer and check the amount against cash register readings?
17. Michael wants to earn 10% annual net income on his $85,700 cash investment in a property that has two identical rental units. His annual expenses for owning the property are $12,420. What monthly rent must Michael charge for each unit?
18. Which of the following describes how to calculate net pay?
19. Mikayla Gonzalez is paid $275 a week and a commission of 7% on all sales. Her sales last week were $3,904. What were her total earnings for the week?
20. Workers may claim one withholding allowance for which of the following?
21. When an employee takes his paycheck to the bank and deposits it into his savings account, he is taking advantage of direct deposit.
22. Which of the following one-time payments are renters Casey and Tonya typically required to pay in addition to their first month’s rent when they sign a lease?
23. Businesses that sell perishables such as food typically have
24. Morgan David works 40 hours per week 52 week a year. His annual salary is $24,500. What is his average pay per hour?
25. Cassi bought 100, $500, 7.25% bonds. What is her annual interest from the bonds?

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