FBLA: Quiz On Business Math And Financial Literacy! Trivia Test

17 Questions | By Landon.braud | Last updated: Mar 21, 2022 | Total Attempts: 527

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FBLA: Quiz On Business Math And Financial Literacy! Trivia Test - Quiz

FBLA: Quiz on Business Math and Financial Literacy! Math is almost in every discipline and it can be hard to prosper in the financial sector if you do not make math your best friend as you will be required to form budgets and make estimates about the assets of the business and their use. How about you take this quiz and see if you are as knowledgeable as you think about the finance discipline.

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.

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
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.
6.

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
7.

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
8.

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
9.

Todd Smith paid $2,500 in interest on a 5 year note for $10,000. What rate of interest did Todd pay on the note?
- A.
  
  7
- B.
  
  5
- C.
  
  15.4
- D.
  
  14.0
10.

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
11.

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.
12.

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
13.

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
14.

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
15.

Which of the following is NOT a heading in a check register?
- A.
  
  Interest rate
- B.
  
  Check number
- C.
  
  Balance
- D.
  
  Transaction
16.

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
17.

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