20 Questions
| Total Attempts: 3522

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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