FBLA Business Math Competition Practice Test

20 Questions | Total Attempts: 3129

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FBLA Business Math Competition Practice Test

It is not easy for a person to answer mathematics questions on call but if you want to win the FBLA business math competition you will need a lot of practice. Give the practice test below a try and see what you need to polish up on. All the best of luck!


Questions and Answers
  • 1. 
    To calculate an employee’s time-and-a-half pay 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

  • 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 or rates.

    • C. 

      Add the regular-time pay and the overtime pay.

    • D. 

      D. Find the number of regular-time and overtime hours worked. Find the number of regular-time and overtime hours worked.

  • 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.

  • 4. 
    In a graduated tax system,
    • A. 

      The tax rate stays the same regardless of taxable income.

    • B. 

      The tax rate gets lower as taxable income gets larger.

    • C. 

      The tax rate gets higher as taxable income gets smaller.

    • D. 

      The tax rate gets higher as taxable income gets larger.

  • 5. 
    Which of the following best describes how compound interest works?
    • A. 

      Interest is calculated only on previously earned interest

    • B. 

      The compound interest rate increases as the term progresses

    • C. 

      Interest is calculated only at the end of the term

    • D. 

      The compound interest rate increases as the term progresses

  • 6. 
    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.

  • 7. 
    The purchase price of a new van was $22,980. The sales tax rate in the state was 5.5%, and registration fees came to $133. There was also a $1,500 manufacturer’s rebate on the van. If the customer put a down payment of $2,200 toward the purchase, what was the delivered price?
    • A. 

      $20,676.90

    • B. 

      $22,876.90

    • C. 

      $24,376.90

    • D. 

      $22,376.90

  • 8. 
    Michael Valerski had these cash receipts for the week of September 12: paycheck, $562.14; mail in rebate, $75; birthday gift, $100; refund from returned merchandise, $42.67. Complete a cash receipts record to find Michael’s total receipts for the week.
    • A. 

      $779.81

    • B. 

      $679.81

    • C. 

      $704.81

    • D. 

      $737.14

  • 9. 
    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

  • 10. 
    Todd Smith paid $891.75 in interest on a 9-month note for $8,200. What rate of interest did Todd pay on the note?
    • A. 

      13.8

    • B. 

      14.5

    • C. 

      15.4

    • D. 

      14.0

  • 11. 
    A bank loaned Peggy Chalmers $3,000 at 13.5% ordinary interest for 90 days. Find the amount of interest she owed on the loan.
    • A. 

      $125.01

    • B. 

      $12.50

    • C. 

      $101.25

    • D. 

      $11.25

  • 12. 
    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.

  • 13. 
    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

  • 14. 
    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

  • 15. 
    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

  • 16. 
    Which of the following statements about state and city income taxes is true?
    • A. 

      State and city income taxes never use a flat tax rate.

    • B. 

      If you owe federal income tax, you are not responsible for state or city income tax.

    • C. 

      State and city income tax is based on your federal taxable income.

    • D. 

      If you live in a city that charges income tax, you will not owe state income tax.

  • 17. 
    Which of the following is NOT a heading in a check register?
    • A. 

      Interest rate

    • B. 

      Check number

    • C. 

      Balance

    • D. 

      Transaction

  • 18. 
    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

  • 19. 
    Which method are most companies LEAST likely to use to record the number of hours their employees work?
    • A. 

      Total deposit

    • B. 

      Final deposit

    • C. 

      Net deposit

    • D. 

      Gross deposit

  • 20. 
    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.

    • D. 

      To cover the higher prices charged by the seller’s suppliers for dealing with installment plans

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