The Ideal Quiz On Business Math 2
A human resource manager is tasked with ensuring that he hires the right staff to get the company to where it wants to be. Having covered human resource management in chapter 9 of business management and law it is important to test how much you understand it. Take it up and good luck!
Questions and Answers
- 1.
To calculate an employee’s overtime rate
- A.
Multiply the regular pay rate by 2.
- B.
Divide the regular pay rate by 1.5.
- C.
Divide the regular pay rate by 2.
- D.
Multiply the regular pay rate by 1.5
Correct Answer
D. Multiply the regular pay rate by 1.5Explanation
To calculate an employee's overtime rate, you need to multiply the regular pay rate by 1.5. This is because overtime pay is typically 1.5 times the regular pay rate. Therefore, multiplying the regular pay rate by 1.5 will give you the correct overtime rate for the employee.Rate this question:
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- 2.
Which of the following is NOT a step in finding the gross wages for an employee who has worked both regular time and overtime hours?
- A.
Find the employee’s average annual income over the past 3 years
- B.
Find the overtime pay rate.
- C.
Add the regular-time pay and the overtime pay.
- D.
Find the number of regular-time and overtime hours worked. Find the number of regular-time and overtime hours worked.
Correct Answer
A. Find the employee’s average annual income over the past 3 years -
- 3.
Which of the following describes how to calculate net pay?
- A.
Subtract the total deductions from the net pay.
- B.
Add the total deductions to the gross pay.
- C.
Subtract the total deductions from the gross pay.
- D.
Subtract the total deductions from the take-home pay.
Correct Answer
C. Subtract the total deductions from the gross pay.Explanation
To calculate net pay, you need to subtract the total deductions from the gross pay. Net pay is the amount of money an individual receives after all deductions such as taxes, insurance, and retirement contributions have been taken out. Subtracting the total deductions from the gross pay gives you the final amount that the individual will actually receive as their take-home pay.Rate this question:
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- 4.
Which of the following best describes how compound interest works?
- A.
Interest is calculated only on previously earned interest
- B.
Compound interest gives the borrower less to repay.
- C.
Interest is calculated from the previous interest along with the principal.
- D.
The compound interest rate increases as the term progresses
Correct Answer
C. Interest is calculated from the previous interest along with the principal.Explanation
Compound interest is a concept where the interest is calculated not only on the initial principal amount but also on the accumulated interest from previous periods. This means that as time goes on, the interest earned becomes part of the principal and generates additional interest. In other words, the interest is compounded, leading to exponential growth of the investment or debt. Therefore, the correct answer is that interest is calculated from the previous interest along with the principal.Rate this question:
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- 5.
If the principal and the amount of interest for one year are known, the rate of interest can be found by
- A.
Multiplying the principal by the interest for one year.
- B.
Multiplying the interest for one year by the principal
- C.
Dividing the interest for one year by the principal.
- D.
Dividing the principal by the interest for one year.
Correct Answer
C. Dividing the interest for one year by the principal.Explanation
To find the rate of interest, we need to divide the interest for one year by the principal. This is because the rate of interest is calculated as a percentage of the principal. By dividing the interest by the principal, we can determine what percentage of the principal the interest represents, which gives us the rate of interest.Rate this question:
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- 6.
A deposit slip lists these items: (bills) 8 fifties, 22 twenties, 9 tens, 30 fives; (coins) 24 dimes, 18 nickels, 90 pennies; (checks) $45.67, $99.12. The depositor received no cash back. What total deposit was made?
- A.
$1,228.99
- B.
$1,282.99
- C.
$1,328.99
- D.
$14,82.99
Correct Answer
A. $1,228.99Explanation
The correct answer is $1,228.99. This can be calculated by adding up the amounts of bills, coins, and checks listed in the deposit slip. The total amount of bills is $8x50 + 22x20 + 9x10 + 30x5 = $400 + $440 + $90 + $150 = $1,080. The total amount of coins is 24x0.10 + 18x0.05 + 90x0.01 = $2.40 + $0.90 + $0.90 = $4.20. The total amount of checks is $45.67 + $99.12 = $144.79. Adding these amounts together, $1,080 + $4.20 + $144.79 = $1,228.99, which is the total deposit made.Rate this question:
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- 7.
Todd Smith paid $885.60 in interest on a 12-month note for $8,200. What rate of interest did Todd pay on the note?
- A.
13.8
- B.
10.8
- C.
11.2
- D.
14.0
Correct Answer
B. 10.8Explanation
Todd Smith paid $885.60 in interest on a 12-month note for $8,200. To find the rate of interest, we can use the formula: Interest = Principal x Rate x Time. Plugging in the given values, we have: 885.60 = 8200 x Rate x 1 year. Solving for the rate, we get Rate = 885.60 / (8200 x 1) = 0.108 = 10.8%. Therefore, Todd paid an interest rate of 10.8% on the note.Rate this question:
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- 8.
Which method are most companies LEAST likely to use to record the number of hours their employees work?
- A.
Employees pass a magnetic stripe card through a reader
- B.
Employees insert a time card into a time clock
- C.
Employees write their hours worked on a time sheet
- D.
Employees keep track of their hours worked mentally.
Correct Answer
D. Employees keep track of their hours worked mentally.Explanation
Most companies are least likely to use the method of employees keeping track of their hours worked mentally. This is because it is a subjective and unreliable method, prone to errors and inaccuracies. Companies prefer more objective and accurate methods such as using magnetic stripe cards, time clocks, or time sheets, which provide a more precise record of the number of hours worked by employees.Rate this question:
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- 9.
Which type of employee is most likely to earn a base salary plus commission?
- A.
A construction worker
- B.
A waitress
- C.
A salesperson
- D.
A lawyer
Correct Answer
C. A salespersonExplanation
A salesperson is most likely to earn a base salary plus commission because their job primarily involves selling products or services. Commission is a common form of incentive for salespeople, where they earn a percentage of the sales they generate. This motivates them to work harder and sell more, as their earnings are directly tied to their performance. In addition to the base salary, commission provides an opportunity for salespeople to earn additional income based on their sales achievements.Rate this question:
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- 10.
Which of the following is an example of a job benefit?
- A.
Paid holidays
- B.
Recreational facilities
- C.
Child care
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
All of the options mentioned - paid holidays, recreational facilities, and child care - are examples of job benefits. Paid holidays refer to the days off that an employee is entitled to with full pay. Recreational facilities include amenities provided by the employer for employees to relax and engage in recreational activities. Child care refers to the provision of daycare services or assistance with child care expenses by the employer. Therefore, all three options are examples of job benefits.Rate this question:
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- 11.
What is the primary reason for writing a budget?
- A.
To calculate net income
- B.
To calculate taxable income
- C.
To study past spending habits
- D.
To help allocate future income
Correct Answer
D. To help allocate future incomeExplanation
The primary reason for writing a budget is to help allocate future income. A budget allows individuals or organizations to plan and prioritize their spending based on their income. By creating a budget, one can determine how much money should be allocated to different categories such as savings, expenses, and investments. This helps in ensuring that money is used efficiently and that financial goals are met.Rate this question:
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- 12.
Which of the following is NOT a heading in a check register?
- A.
Interest rate
- B.
Check number
- C.
Balance
- D.
Transaction
Correct Answer
A. Interest rateExplanation
A check register is a document used to keep track of transactions made through a checking account. It typically includes headings such as check number, balance, and transaction. However, "interest rate" is not a heading typically found in a check register. Interest rate refers to the percentage charged by a financial institution for borrowing money, which is not directly relevant to the purpose of a check register.Rate this question:
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- 13.
What is the name for the personalized password that each customer must enter before making ATM transactions?
- A.
EFT
- B.
PWD
- C.
PIN
- D.
PRT
Correct Answer
C. PINExplanation
A Personal Identification Number (PIN) is a unique password that each customer must enter before making ATM transactions. It is used to authenticate the customer's identity and ensure the security of their transactions.Rate this question:
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- 14.
Which of the following reasons best describes why a seller adds a finance charge to the cash price when calculating the installment price?
- A.
To penalize the customer for not paying cash.
- B.
To cover the extra cost of doing business on the installment plan.
- C.
To offset the interest paid to the customer.
Correct Answer
B. To cover the extra cost of doing business on the installment plan.Explanation
A seller adds a finance charge to the cash price when calculating the installment price in order to cover the extra cost of doing business on the installment plan. This includes expenses such as administrative costs, credit checks, and potential defaults on payments. By adding a finance charge, the seller ensures that they are able to recoup these additional costs associated with offering financing options to customers.Rate this question:
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- 15.
Jenny is having a party. A bowl of jello serves 12 people. She is expecting 78 guests. How many bowls of jello do I need to buy?
- A.
5
- B.
12
- C.
6
- D.
7
Correct Answer
D. 7Explanation
To calculate the number of bowls of jello needed, we divide the total number of guests by the number of people a bowl of jello serves. In this case, 78 guests divided by 12 people per bowl equals 6.5. Since we cannot have a fraction of a bowl, we need to round up to the nearest whole number. Therefore, Jenny needs to buy 7 bowls of jello.Rate this question:
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- 16.
Sam buys a Nissan Altima for $27,735.00 at 7% interest on a 9 year loan, his monthly payment will be: $346.86. What will the actual cost be to own the car?
- A.
36,450.23
- B.
37,460.88
- C.
29,354.67
- D.
26,621.25
Correct Answer
B. 37,460.88Explanation
The actual cost to own the car will be higher than the purchase price due to the interest on the loan. To calculate the actual cost, we need to multiply the monthly payment by the number of months in the loan term. In this case, the loan term is 9 years, which is equivalent to 108 months. Therefore, the actual cost to own the car will be $346.86 x 108 = $37,460.88.Rate this question:
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- 17.
How many weeks and days are in a year?
- A.
52; 365
- B.
48; 365
- C.
52; 360
- D.
48; 360
Correct Answer
A. 52; 365Explanation
There are 52 weeks and 365 days in a year. This is because there are 7 days in a week and 365 days in a non-leap year. Therefore, when you divide 365 by 7, you get 52 weeks with 1 day remaining.Rate this question:
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- 18.
What is a consumer?
- A.
Person that buys goods to sell at higher price
- B.
Person that purchases goods or services for personal use
- C.
Person that sells goods to others
Correct Answer
B. Person that purchases goods or services for personal useExplanation
A consumer is defined as a person who purchases goods or services for personal use. This individual is not buying the goods to sell them at a higher price or selling goods to others. The focus is on the act of purchasing for personal consumption rather than any commercial or entrepreneurial motive.Rate this question:
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