UB - Money Math - Assessment

1.

Multiple Choice

30 sec

1 pt

Mya's net pay is $525/week. Her gross is $700. How much money is deducted from her paycheck each week?

$525

$125

$175

$1225

2.

Multiple Choice

30 sec

1 pt

Sam's deductions add up to $112 a week. If her net pay is $425 a week, what is her gross pay?

$112

$313

$425

$537

3.

Multiple Choice

30 sec

1 pt

Ruth earns $13.25/hour. She works 40 hours/week. $90.72 is deducted each week. What’s her net pay?

$439.28

$530

$493.43

$90.72

4.

Multiple Choice

30 sec

1 pt

Melinda’s gross pay is $570. If the Social Security tax is 6.2%, how much will she pay in Social Security?

$91.94

$3.53

$35.34

$23

5.

Multiple Choice

20 sec

1 pt

The actual amount of money you "take home" is...

gross pay

never enough

net pay

payroll income

6.

Multiple Choice

30 sec

1 pt

Which is bigger, gross pay or net pay?

gross pay

net pay

they are the same

7.

Multiple Choice

30 sec

1 pt

What is 7.25% as a decimal?

0.00725

0.725

0.0725

7.25

8.

Multiple Choice

30 sec

1 pt

What is 150% as a decimal?

0.15

1.5

15

0.015

9.

Multiple Choice

30 sec

1 pt

What is this formula?

A=Pe^rt

Shampoo Amount

Compound Interest

Simple Interest

Continuously Compounded Interest

10.

Multiple Choice

1 min

1 pt

In the compound interest formula:
$A=P\left(1+\frac{r}{n}\right)^{nt}$
What is n if the interest is compounded quarterly?

1

12

2

4

11.

Multiple Choice

3 mins

1 pt

If you are taking out a loan, is it better to have interest compounded daily or quarterly?

daily, you'll pay more interest

quarterly, you'll pay less interest

need to know the interest rate

not sure, I have to consult my financial analyst

12.

Multiple Choice

15 mins

1 pt

If you invest $300 at 6% compounded monthly, how much money do you have after 4 years?

$381.14

$381.15

$1274.01

$381.37

13.

Multiple Choice

5 mins

1 pt

You owe $14.53. You pay with a $20.00 bill. What is your change?

$5.43

$5.47

$5.42

$4.75

14.

Multiple Choice

5 mins

1 pt

What coins would you use to make $0.84?

2 quarters, 2 dimes, 1 nickel

3 quarters, 1 dime

3 quarters, 1 nickel, 4 pennies

5 dimes, 2 nickels, 4 pennies

15.

Multiple Choice

5 mins

1 pt

You owe $15.76 and you pay with $25.76. What is your change?

$8.50

$10.00

$11.00

5.00

16.

Multiple Choice

30 sec

1 pt

You have $20.00. If gas is $1.89 a gallon, do you have enough money to put in 10 gallons of gas?

yes

no

need to know the size of the gas tank

17.

Multiple Choice

30 sec

1 pt

If you earn 12% commission on your sales. What would be your earnings on $12,344.56 sales?

$1234.00

$1480.00

$1481.35

$120.34

18.

Multiple Choice

5 mins

1 pt

If you work 8:30 am to 5:30 pm and you have a one hour lunch break from 12:00 pm to 1:00 pm. How many hours did you work?

7 hours

8 hours

9 hours

8 hours and 30 minutes

19.

Fill in the Blank

30 sec

1 pt

A couple eats dinner at the Cheesecake Factory. The total cost is $68.50, and the tip should be 20%. How much should they leave for the tip?

20.

Fill in the Blank

30 sec

1 pt

A man buys a TV. The total cost is $2,500, and the sales commission is 8%. How much should the salesperson get?

21.

Fill in the Blank

30 sec

1 pt

Ivan bought two magazines for $4.95 each. If the sales tax was 6.75%, what was the total amount that he paid for the magazines?

22.

Fill in the Blank

30 sec

1 pt

Megan bought 50 beads for $9.95. She received a 10% discount and she paid a sales tax of 6%. How much did she pay for the beads?

23.

Multiple Choice

30 sec

1 pt

Mark sells heavy equipment. Which of the following would give him the largest gross pay for a week based on $47,550 in sales?

Option 1: commission of 3% on sales

Option 2: fixed salary of $900/week plus commission of 1% on sales

Option 3: fixed salary of $350/week plus commission of 2% on sales

Option 1

Option 2

Option 3

24.

Multiple Choice

30 sec

5 pts

Your health insurance plan has a $1000 annual premium and a $1500 deductible. They have a $30 copay on health exams. They pay 80% of the cost after the deductible.

What do you pay if you are perfectly healthy that year?

Just the premium: $1000

Nothing: $0

Just the deductible: $1500

The premium and the deductible: $2500

25.

Multiple Choice

30 sec

1 pt

Darth Vader is a general for the Empire earning $5,214 per month. He pays premiums of $425.45 each month for his health insurance. At this salary, his income tax rate is 24%. Find Lord Vader's tax savings by having his premiums deducted pre-tax.

$17.73

$527.56

$323.34

$102.11

26.

Multiple Choice

2 mins

1 pt

The simple interest formula is I=Prt. The P represents the principal. The principal is...

amount of money borrowed or deposited

percent interest for this year

amount taxed

amount the bank owes you for being a customer at their bank

27.

Multiple Choice

1 min

1 pt

The value of a car is $15,000 and depreciates at a rate of 8% per year. Which equation would give the value of the car x years after it was purchased?

y = 8(15,000)^x

y = 15,000(1.08)^x

y = 15,000(0.92)^x

y = 15,000(0.08)^x

28.

Multiple Choice

5 mins

1 pt

In 1999, the price of unleaded fuel was $1.09. In 2015, the price of unleaded fuel was $1.89. What is the percent change?

173% increase

73% increase

73% decrease

27% increase

29.

Multiple Choice

1 min

1 pt

What is the time and a half rate for $14 per hour?

$21

$22

$34

$28

30.

Multiple Choice

30 sec

1 pt

Bob sells cars. His income is based on a graduated scale. If he earns 5% commission for the first $50,000 in sales and a 8% commission for sales over $50,000, then how much would he earn if his total sales were $95,000?

$6100

$7600

$4750

$5200

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