The Ultimate Practice Test On Applied Math

40 Questions | Total Attempts: 286

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The Ultimate Practice Test On Applied Math

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Questions and Answers
  • 1. 
    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

  • 2. 
    A plan for keeping track of your income and expenses is called a _____________.
    • A. 

      Interest

    • B. 

      Expense

    • C. 

      Income

    • D. 

      Budget

  • 3. 
    Alex buys a value pack of seven phone cases for $73.43. What is the unit cost for one phone case?
    • A. 

      $73.43

    • B. 

      $64.75

    • C. 

      $12.95

    • D. 

      $10.49

  • 4. 
    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

  • 5. 
    Any money you earn or have coming in is called____________
    • A. 

      Expense

    • B. 

      Income

    • C. 

      Budget

    • D. 

      Interest

  • 6. 
    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

  • 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. 
    Check all examples of fixed expenses:
    • A. 

      Rent

    • B. 

      Groceries

    • C. 

      Mortgage

    • D. 

      Entertainment; going out

    • E. 

      Car payment

    • F. 

      Student loan

  • 9. 
    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

  • 10. 
    DVD's of my favorite movies are on sale. What is the better buy? 3 DVD's for $32.97 or 4 DVD's for $43.56
    • A. 

      4 DVD's for $43.56

    • B. 

      3 DVD's for $32.97

    • C. 

      Neither - the cost is the same

  • 11. 
    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

  • 12. 
    How much is 10% of $45.00? Do NOT use a calculator and please write as a money amount.
  • 13. 
    If the service at a restaurant is not so good, you can leave a smaller tip.  If the service is great, you can leave a bit more. This is better than not leaving a tip.
    • A. 

      True

    • B. 

      False

  • 14. 
    If 10% of $30.00 is $3.00. What is 20% of $30.00? Try this without a calculator!
  • 15. 
    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

  • 16. 
    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

  • 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. 
    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

  • 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. 
    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

  • 21. 
    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

  • 22. 
    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

  • 23. 
    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

  • 24. 
    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

  • 25. 
    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

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