Exam 1: Review and Applications of Basic Mathematics

A province's progressive income tax rates are structured as follows: 6.02% tax on the first $35,000 of taxable income, 11.15% on the next $35,000, 13.25% on the next $400,000, and 12.65% on any additional taxable income. What percentage is an individual's total income tax of his (taxable) income if his taxable income for a year is: a) $33,000? b) $66,000? c) $99,000?

Evaluate

Alihan's transcript shows the following academic record for four semesters of part-time college studies. Calculate his cumulative GPA at the end of his fourth semester.

A book author receives a 3.25% royalty from textbook sales. If the author received $65,000 as royalties, then total sales from textbooks were $2,000,000.

0.75% of $100 is what amount accurate to the cent?

Evaluate the following:

Evaluate

An account receivable is an outstanding debt owed to a business by a customer. The "age" of an account receivable is the length of time that it has been outstanding. At the end of October, a firm has $12,570 in receivables that are 30 days "old," $6,850 that are 60 days "old," and $1,325 that are 90 days "old." What is the average "age" of its accounts receivable at the end of October?

Janet earned $78,000 last year. Tax rate earned on the first $20,000 is 15%; 25% on the next $25,000 and 30% for the remainder of income. What was the amount of tax paid?

Nitin is paid a base salary of $200 per week and commission at the rate of 3% for sales over $5,000, 4% if his sales are over $8,000, and 5% if sales are over $15,000. How much will Nitin earn in a week in which his sales are $20,000?

The Calgary Flames hockey team announced that its season's ticket sales of 11,542 represents 67.50% of the Saddledome's seating capacity. Rounded to the nearest 100, how many seats were not sold to season's ticket holders?

167.5% of what amount is $100?

What is his hourly pay rate?

Evaluate the answer correct to the cent:

If a final result of the order of five million dollars is to be accurate to the nearest dollar, how many figures must be maintained in the calculations?

Evaluate =

In what circumstance should you calculate a weighted average instead of a simple average?

The town of Simcoe is considering raising the $2 billion required for a sports complex by approving a new capital levy component of the property tax. The levy must be collected over the next five years. If the total assessed value of property in the town is $875 billion, what additional tax will a home owner of a property assessed at $300,000 pay?

Evaluate the answer correct to the cent:

In July, Canada's exports to the United States were $33.2 billion dollars, which were 98% of June's exports to the United States. Rounded to the nearest $0.1 billion, what was the value of Canada's exports to the United States in June.