The Ultimate Practice Test On Applied Math

40 Questions | By Cburesh | Last updated: Mar 22, 2022 | Total Attempts: 462

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The Ultimate Practice Test On Applied Math - Quiz

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1.

Any money you earn or have coming in is called____________
- A.
  
  Expense
- B.
  
  Income
- C.
  
  Budget
- D.
  
  Interest
2.

What is any money taken out of your account or paid out called?
- A.
  
  Income
- B.
  
  Expense
- C.
  
  Budget
- D.
  
  Interest
3.

A plan for keeping track of your income and expenses is called a _____________.
- A.
  
  Interest
- B.
  
  Expense
- C.
  
  Income
- D.
  
  Budget
4.

Explain the difference between fixed and variable expenses.
- A.
  
  The amount of a fixed expense changes and variable stays the same each time
- B.
  
  The amount of a fixed expense is always higher than a variable expense
- C.
  
  The amount of a fixed expense stays the same and variable expenses change each time
- D.
  
  There is no difference; they are both expenses listed on a budget
5.

The amount you earn at your job each pay period is the EXACT same as the amount of pay listed on your paycheck.
- A.
  
  True
- B.
  
  False
6.

Which ones are examples of items deducted from your paycheck?
- A.
  
  State income tax
- B.
  
  Federal income tax
- C.
  
  FICA or social security
- D.
  
  All of these
7.

Calculate Jon's gross pay for the week if he worked 35 hours and makes $12.85 per hour? (REMEMBER THIS AMOUNT FOR THE NEXT QUESTIONS!!)
- A.
  
  $47.85
- B.
  
  $2.72
- C.
  
  $4497.50
- D.
  
  $449.75
8.

Remember, Jon worked 35 hours @ $12.85 per hour. He pays 15% in federal taxes. How much is deducted from his paycheck?
- A.
  
  $382.29
- B.
  
  $67.46
- C.
  
  $13.49
- D.
  
  $6746.25
9.

Remember, Jon worked 35 hours at $12.85 per hour. He pays 3% in state taxes. How much is deducted from his paycheck?
- A.
  
  $382.29
- B.
  
  $67.46
- C.
  
  $13.49
- D.
  
  $436.26
10.

Ashley got a job as an accountant. She earns $89,000 a year and is paid monthly. What is her gross pay each paycheck? Please round to the nearest even dollar!
- A.
  
  $7416.00
- B.
  
  $7417.00
- C.
  
  $10680.00
- D.
  
  $8898.00
11.

Tony got a job as an accountant. He earns $6855.00 each monthly paycheck. His total deductions are 23% of his pay. What is the net amount of his paycheck?
- A.
  
  $1576.65
- B.
  
  $5278.35
- C.
  
  $6855.00
- D.
  
  $157.66
12.

Nina's net pay each paycheck is $1238.00. She should try to put 10% each pay check into an account for savings or an emergency. How much should she save? Round to the nearest dollar!
- A.
  
  $123.00
- B.
  
  $124.00
- C.
  
  $12.00
- D.
  
  $123.40
13.

Alex puts $78.00 from each paycheck into his savings. He gets paid twice a month. How much does Alex have in his savings at the end of the year?
- A.
  
  $936.00
- B.
  
  $1872.00
- C.
  
  $78.00
- D.
  
  $541.00
14.

The formula for calculating simple interest is Interest = P * R * T. What does the "P" stand for?
- A.
  
  Principal; the amount of money you have in the account
- B.
  
  Rate; the interest percentage amount
- C.
  
  Time; how long the money has been in the account
15.

The formula for calculating simple interest is Interest = P * R * T. What does the "R" stand for?
- A.
  
  Principal; the amount of money in the account
- B.
  
  Rate; the percentage of interest
- C.
  
  Time; how long the money has been in the account
16.

The formula for calculating simple interest is Interest = P * R * T. What does the "T" stand for?
- A.
  
  Principal; the amount of money in the account
- B.
  
  Rate; the interest percentage
- C.
  
  Time; how long the money has been in the account
17.

Mark each true statement about interest.
- A.
  
  It is the cost of using money
- B.
  
  It can be good or bad
- C.
  
  The higher the percentage the more money in interest
- D.
  
  It is ALWAYS better to have a low percentage of interest
- E.
  
  You want savings accounts with compound interest
18.

Mark all the correct statements about simple and compound interest:
- A.
  
  Simple interest is added to the starting principal only
- B.
  
  Compound interest is added to the starting principal and any other earned interest
- C.
  
  Simple interest is better; you make more money
- D.
  
  Compound interest is better; you make more money
- E.
  
  The more often interest is compounded, the more money you make
19.

Matthew James has $148.00 in his account for 6 years earning 5.5% interest. How much interest does he earn?
- A.
  
  $4884.00
- B.
  
  $48.84
- C.
  
  $196.84
- D.
  
  $5.50
20.

Matthew James has $148.00 in his account earning 5.5% simple interest. How much money does he have in his account at the end of the 6 years?
- A.
  
  $4884.00
- B.
  
  $48.84
- C.
  
  $196.84
- D.
  
  $5.50
21.

Mark all the correct statements.
- A.
  
  Discounts and sales tax are often calculated as a percent of the purchase price
- B.
  
  Sales tax and discounts are both added on to the price
- C.
  
  Sales tax and discounts are both subtracted from the price
- D.
  
  Discounts are subtracted and sales tax is added on to the price
- E.
  
  Discounts are added and sales tax is subtracted from the price
- F.
  
  Discounts are subtracted from the price and then sales tax is added on
22.

A laptop sells for $640.00. Sales tax in Glenview is 9.75%. How much is the sales tax?
- A.
  
  $9.75
- B.
  
  $64.00
- C.
  
  $63.00
- D.
  
  $62.40
23.

A laptop sells for $640.00 but is on sale for 25% off? What is the new cost of the laptop?
- A.
  
  $160.00
- B.
  
  $480.00
- C.
  
  $62.40
- D.
  
  $800.00
24.

A laptop sells for $640.00 but is on sale for 25% off? There is 9.75% sales tax. How much will I pay for the laptop?
- A.
  
  $526.80
- B.
  
  $800.00
- C.
  
  $878.00
- D.
  
  $702.40
25.

Chris wants a different phone case for everyday of the week. The cost of one case is $12.95. What is the cost (before taxes) for all of the phone cases?
- A.
  
  $64.75
- B.
  
  $90.65
- C.
  
  $12.95
- D.
  
  $98.83