# The Ultimate Practice Test On Applied Math

40 Questions | Total Attempts: 286  Settings  .

• 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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