Question 1

Barb's Home Income Tax business operates only during tax season. Last season Barb grossed $38 790 including GST. During that season she spent $9500 before GST on her paper and supply purchases. How much does Barb owe Revenue Canada for GST?

Accepted Answer

The answer of Barb's Home Income Tax business operates only...

Question 2

A.J. is paid an annual salary of $41 840.00. She is paid monthly on a 40-hour work week. What is the gross pay for a pay period in which she works 9 hours overtime at time-and-a-half regular pay?

Accepted Answer

The answer of A.J. is paid an annual salary of...

Question 3

Change 0.035 into a percent.

Accepted Answer

The answer of Change 0.035 into a percent....

Question 4

Evaluate:

Accepted Answer

The answer of Evaluate: ...

Question 5

You are paid a commission on the gross profit per vehicle that you sell. The commission increases with each additional vehicle that you sell. The minimum commission is 25% and it increases in increments of 1% for each additional vehicle sold. Your sales for the following month were as follows:  What is your monthly gross pay?

Accepted Answer

A)  $2462.69 
B)  $2569.42 
C)  $2669.69 
D)  $2642.69 
E)  $2554.60

Question 6

Evaluate: 8600(1 - .27 * 226/360)

Accepted Answer

The answer of Evaluate: 8600(1 - .27 * 226/360)...

Question 7

S. Wall receives a yearly salary of $33 868.00. She is paid bi-weekly and her regular workweek is 37.5 hours.
a) What is the gross pay per pay period?
b) What is the hourly rate of pay?
c) What is the gross pay for a pay period in which she works 9 1/2 hours overtime at time and one-half regular pay?

Accepted Answer

The answer of S. Wall receives a yearly salary of...

Question 8

Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts over $8131. What is your Net Pay for the year?

Accepted Answer

A)  $15 137.78 
B)  $17 137.78 
C)  $16 317.78 
D)  $16 137.78 
E)  $18 237.78

Question 9

Kim invested $7500 in a business for 3 months. She withdrew $2500 at the start of the fourth month and kept the rest of the money in the savings account for the remaining 9 months in the year. What is Kim's average monthly investment balance for the year?

Accepted Answer

A)  $833 
B)  $1042 
C)  $3750 
D)  $5625 
E)  $5000

Question 10

Simplify:

Accepted Answer

A)  $7067 
B)  $771 
C)  $695 
D)  $765 
E)  $665

Question 11

Isabelle works for The Brick, a furniture company. She earns a base salary $12/hr, 40 hours a week. However, she is also paid commission of 2% for all sales and an extra lump sum of $1000 incentive if her monthly sales exceed $10 000. In the month August, she won the title of employee of the month for total sales of $75 000. How much did she earn in the month of August, assuming a 4 week month?

Accepted Answer

The answer of Isabelle works for The Brick, a furniture...

Question 12

Convert 99.5% into decimals.

Accepted Answer

A)  0.9 
B)  0.99 
C)  0.999 
D)  0.995 
E)  9.95

Question 13

On March 1, Sam invested $90 000 in a business. On June 1, he invested another $10 000. On July 1, he withdrew $17 000 to spend on the repair of his house. On September 1, he injected another $2000 into the business. What was his average investment per month in the business during the year? Assume all months have the same length or weighting.

Accepted Answer

The answer of On March 1, Sam invested $90 000...

Question 14

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 November 2013, if he worked straight time only.

Accepted Answer

A)  $5380 
B)  $4035 
C)  $5649 
D)  $8473.50 
E)  $11 298

Question 15

Change  % into a decimal.

Accepted Answer

A)  0.125 
B)  0.8 
C)  0.00125 
D)  0.008 
E)  0.00555

Question 16

A salesperson receives a commission of 5% on the first $1500.00 of sales during a week. On the next $5000.00 she receives a commission of 10.5%. On any additional sales, the commission rate is 11.75%. Find her gross earnings for a week during which her sales amount to $12 400.00.

Accepted Answer

The answer of A salesperson receives a commission of 5%...

Question 17

Simplify: 5(4 + 3)

Accepted Answer

The answer of Simplify: 5(4 + 3)...

Question 18

Don Blair invested $11 500 in a business on January 1. She withdrew $700 on March 1, reinvested $1800 on August 1, and withdrew $500 on September 1. What is Don's average monthly investment balance for the year?

Accepted Answer

The answer of Don Blair invested $11 500 in a...

Question 19

Simplify:

Accepted Answer

A)  -1.5 
B)  1.5 
C)  0 
D)  -1 
E)  1

Question 20

A store located in Penticton, B.C., sells a computer for $2975.00 plus HST. If the same model is sold at the same price in a store in Thunder Bay, Ontario, what is the difference in the prices paid by consumers in the two stores?

Accepted Answer

The answer of A store located in Penticton, B.C., sells...

Exam 1: Review of Arithmetic

Barb's Home Income Tax business operates only during tax season. Last season Barb grossed $38 790 including GST. During that season she spent $9500 before GST on her paper and supply purchases. How much does Barb owe Revenue Canada for GST?

A.J. is paid an annual salary of $41 840.00. She is paid monthly on a 40-hour work week. What is the gross pay for a pay period in which she works 9 hours overtime at time-and-a-half regular pay?

Change 0.035 into a percent.

Evaluate:

Evaluate: 8600(1 - .27 * 226/360)

Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts over $8131. What is your Net Pay for the year?

Kim invested $7500 in a business for 3 months. She withdrew $2500 at the start of the fourth month and kept the rest of the money in the savings account for the remaining 9 months in the year. What is Kim's average monthly investment balance for the year?

Simplify:

Convert 99.5% into decimals.

Change % into a decimal.

A salesperson receives a commission of 5% on the first $1500.00 of sales during a week. On the next $5000.00 she receives a commission of 10.5%. On any additional sales, the commission rate is 11.75%. Find her gross earnings for a week during which her sales amount to $12 400.00.

Simplify: 5(4 + 3)

Don Blair invested $11 500 in a business on January 1. She withdrew $700 on March 1, reinvested $1800 on August 1, and withdrew $500 on September 1. What is Don's average monthly investment balance for the year?

Simplify:

A store located in Penticton, B.C., sells a computer for $2975.00 plus HST. If the same model is sold at the same price in a store in Thunder Bay, Ontario, what is the difference in the prices paid by consumers in the two stores?