Exam 1: Review of Arithmetic

Calculate the final answer for the following expression: (5³ + 2²)÷ 20

Certify Auto Repair (CAR)files GST returns annually.In 2012,CAR billed its customers $195 432 for labour,$24 732 for parts,and then added the GST.During this year,CAR paid $19 785 for parts,$36 000 for rent,$9767 for utilities,and $21 873 for shop repairs,plus the GST on these goods and services.What GST must be remitted (or refunded by the CRA)for the year 2012?

In 2011,Danny invested his savings among four mutual funds as follows: 25% in bonds fund,20% in Canadian equity fund,40% in US equity fund,and the rest in money markets.During the past year,the rates of return on the individual funds were 7%,3%,9%,and -1%,respectively.What was the overall return rate on his portfolio?

A salesperson had gross earnings of $943.25 for last week on gross sales of $8320.00.If returns and allowances were 5.5% of gross sales,what is his rate of commission based on net sales?

Extend each of the following and determine the total.

Simplify:

Phil works for a hydro company in a 35 hour work week schedule.His contract pays him $1345/week for working Monday to Friday,7 hours a day.If he spends more time than his usual time,he is entitled to "time and a half" on time worked in excess of 7 hours per day.If he works on Sundays or statutory holidays,he is entitled to twice the time.Calculate his gross earnings for the month of October 2013,if he worked for 5 hours on Thanksgiving Day in addition to his regular hours for the month

Noriko's final mark for her Financial Mathematics course was based on four tests with different weightings.Test one counted for 10% of the final grade,test two for 20%,test three for 30% and test four for 40%.If Clara received 70% on test one,85% on test two,64% on test three and 72% on test four,calculate her final mark.

Norm Bates is paid a semi-monthly salary of $792.50.Regular hours are 37 1/2 per week and overtime is paid at time and one-half regular pay. a)What is Norm's hourly rate of pay? b)How many hours overtime did Norm work in a pay period for which his gross pay was $946.30?

A town has an assessed residential property value of $350 000 000.The town council must meet the following expenditures: a)Suppose 70% of the expenditures are charged against residential real estate.Calculate the total property taxes that must be raised. b)What is the mill rate? c)What is the property tax on a property assessed at $235 000?

A small town has a total residential assessment of $1.1 billion.The town must meet expenditures of $300 million. a)If 80% of the expenditures are charged against residential real estate,calculate then total property taxes that must be raised. b)Calculate the mill rate. c)Calculate the property tax on a property assessed at $500 000.00

Evaluate:

Complete the following inventory sheet and find the total value.

Samir plans to sell his 2400 sq.ft.bungalow in Whitby for $389 000 and buy a similar-sized house in Oshawa for $369 000.Whitby charges the property tax at the mill rate of 13.59815,whereas Oshawa charges the property tax at the mill rate of 16.18347.What will be his net property tax penalty/saving

Norman works for Honda Oshawa on commission only.He gets $500 for every used car he sells and $750 for every new car.Last month he sold 9 used cars and 4 new cars.What was his gross earning last month?

Three workers worked 10 ,15 ,20 hours respectively.What was the total cost of labour if the workers were paid $20.00 per hour?

Esther's flower shop had sales revenue of $152 000.00 for the year.If the shop's GST taxable expenses were 29 920.00.Calculate how much Colleen should remit to the government at the end of the year.

Three mechanics worked 15 ,14 ,18 hours respectively.What was the total cost of labor if the mechanics were paid $14.75 per hour?

Corrine Davis had gross earnings of $937.50 for the week.If she receives a base salary of $664.00 on a quota of $7800.00 and a commission of 6.75% on sales exceeding the quota,what were Corrine's sales for the week?

Sean's residence is assessed by the local taxation department at $160 000.Calculate the property taxes paid on this property if the existing mill rate is 20.