# FBLA Business Math Competition Practice Test

20 Questions | Total Attempts: 3129  Settings  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!

• 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.
• 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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