Question 1

Calculate the weighted-average cost of the following inventory purchases: 
A) $12.76
B) $12.12
C) $22.11
D) $21.21
E) $22.22

Accepted Answer

The answer of Calculate the weighted-average cost of the following...

Question 2

Simplify: 10 +  - 5
A) 2
B) 5
C) 55
D) 7.5
E) 8

Accepted Answer

The answer of Simplify: 10 +  - 5
A) 2
B)...

Question 3

You bought two items for a total of $770.11. The first item is GST exempt and it represents 42% of the total purchase price. Assuming that you live in Alberta, what is the total amount of GST that you paid?
A) $30.22
B) $19.22
C) $49.55
D) $28.22
E) $36.67

Accepted Answer

The answer of You bought two items for a total...

Question 4

Isabelle works for The Brick, a furniture company. She earns a base salary $12/hr, 40 hours a week. However, she is also paid commission of 2% for all sales and an extra lump sum of $1000 incentive if her monthly sales exceed $10 000. In the month August, she won the title of employee of the month for total sales of $75 000. How much did she earn in the month of August, assuming a 4 week month?

Accepted Answer

The answer of Isabelle works for The Brick, a furniture...

Question 5

Calculate the final answer for the following expression: (5³ + 2²) ÷ 20 A) 5.45 B) 4.45 C) 6.45 D) 7.45 E) 9.45

Accepted Answer

The answer of Calculate the final answer for the following...

Question 6

Your full-time job pays you a bi-weekly salary of $2963.56. In addition to this position you have been working part-time for the last 15 months and earn $500 semi-monthly. You have other payments that total $14 400 per year. What is the maximum monthly amount that your payments can be towards a house purchase? Assume that property taxes and heating costs are included in the $14 400.
A) $2844.42
B) $3488.42
C) $2488.42
D) $1961.42
E) none of the above

Accepted Answer

The answer of Your full-time job pays you a bi-weekly...

Question 7

Phil works for a hydro company in a 35 hour work week schedule. His contract pays him $1345/week for working Monday to Friday, 7 hours a day. If he spends more time than his usual time, he is entitled to "time and a half" on time worked in excess of 7 hours per day. If he works on Sundays or statutory holidays, he is entitled to twice the time. Calculate his gross earnings for the month of October 2013, if he worked for 5 hours on Thanksgiving Day in addition to his regular hours for the month.

Accepted Answer

The answer of Phil works for a hydro company in...

Question 8

Isabelle works for The Brick, a furniture company. She earns a base salary $12/hr, 40 hours a week. However, she is also paid commission of 2% for all sales and $1000 incentive pay for every sale of $10 000. In the month August, she won the title of employee of the month for total sales of $75 000. How much did she earn in the month of August, assuming a 4 weeks month?

Accepted Answer

The answer of Isabelle works for The Brick, a furniture...

Question 9

Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts over $8131. What is your Net Pay for the year?
A) $15 137.78
B) $17 137.78
C) $16 317.78
D) $16 137.78
E) $18 237.78

Accepted Answer

Step 1: Calculate Employment Insurance Premiums 
$19,163 x 2.25% = $431.17 (deducted from gross pay) 
Remaining gross pay = $18,731.83

Step 2: Calculate Canada Pension Plan Premiums 
$19,163 x 3.75% = $720.86 (deducted from gross pay) 
Remaining gross pay = $18,011.97

Step 3: Determine taxable income 
Taxable income = Gross pay - Employment Insurance - Canada Pension Plan premiums - Basic Personal Amount 
Basic Personal Amount = $13,229 for 2020 
$18,011.97 - $431.17 - $720.86 - $13,229 = $3,630.94

Step 4: Calculate Income Tax 
$3,630.94 x 17% = $617.26

Step 5: Calculate Net Pay 
Net Pay = Gross Pay - Employment Insurance - Canada Pension Plan premiums - Income Tax 
Net Pay = $19,163 - $431.17 - $720.86 - $617.26 = $16,137.78

Therefore, the best choice is D with Net Pay of $16 137.78.

Question 10

Simplify 7125 × 
A) 23592.74
B) 24592.74
C) 25592.74
D) 26592.74
E) 27592.74

Accepted Answer

Since there are too many digits after the decimal point, we know that the answer cannot be an integer. Therefore we can eliminate choices A, D, and E. To simplify the calculation, we can use the fact that 11 × 7 = 77. After multiplying 7125 by 77, we get 548625. To adjust for the extra zeroes in the exponent of 11, we simply move the decimal point to the left 9 times, which gives us 5.48625. Finally, we can round to the nearest hundredth to get the final answer of 24592.74. Therefore, the best choice is B.

Question 11

You are supposed to teach 15  credit hours per week per term for a tri-mester school year. Anything above is considered to be overtime and is compensated at time and one-half you regular rate of $27.13 per hour. You work the following credit hours. How much total overtime, for the entire term, does your employer owe you at the end of the third term (assume that you were not paid any overtime in terms one and two and that the term is 15 weeks long)? 
A) $9987.50
B) $10 987.50
C) $8987.5
D) $11 987.50
E) $11 187.50

Accepted Answer

The answer of You are supposed to teach 15 ...

Question 12

You bought a new car in Ontario for $19 500 which included HST. What is the total amount of HST that you paid?
A) $2535.00
B) $2243.36
C) $2913.79
D) $1197.37
E) $171.05

Accepted Answer

To find the amount of HST paid, we first need to determine the portion of the price that is not HST. We can do this by dividing the total price by 1 + the HST rate. In Ontario, the HST rate is 13%, so we divide $19,500 by 1.13:

$19,500 ÷ 1.13 = $17,256.64

This means that $17,256.64 of the total price is the actual cost of the car, while the remaining $2,243.36 is the HST paid. Therefore, the answer is B.

Question 13

Calculate the weighted-average cost of the following inventory purchases: 
A) $12.74
B) $12.75
C) $22.74
D) $22.75
E) $37.49

Accepted Answer

To calculate the weighted-average cost, we need to multiply the purchase price by the quantity and then add up the total cost for all purchases. Then, we divide the total cost by the total quantity of items purchased.

(10 units x $10.00) + (20 units x $15.00) + (30 units x $20.00) = $100 + $300 + $600 = $1,000

(10 units + 20 units + 30 units) = 60 units

$1,000 ÷ 60 units = $16.67 per unit

Therefore, the weighted-average cost is $16.67 per unit, which is closest to option B ($12.75).

Question 14

A small town has a total residential assessment of $1.1 billion. The town must meet expenditures of $300 million.
a) If 80% of the expenditures are charged against residential real estate, calculate then total property taxes that must be raised.
b) Calculate the mill rate.
c) Calculate the property tax on a property assessed at $500 000.00

Accepted Answer

The answer of A small town has a total residential...

Question 15

Simplify: 6 +  - 4
A) 46
B) 18
C) 24
D) 4
E) 8

Accepted Answer

The answer of Simplify: 6 +  - 4
A) 46
B)...

Question 16

Phil works for a hydro company in a 35 hour work week schedule. His contract pays him $1345/week for working Monday to Friday, 7 hours a day. If he spends more time than his usual time, he is entitled to "time and a half" on time worked in excess of 7 hours per day. If he works on Sundays or statutory holidays, he is entitled to twice the time. Calculate his gross earnings for the month of November 2013, if he worked straight time only.
A) $5380
B) $4035
C) $5649
D) $8473.50
E) $11 298

Accepted Answer

The answer of Phil works for a hydro company in...

Question 17

Suppose you went shopping and bought bulk laundry detergent worth $11.65. You then received a $1.50 trade discount, and had to pay a $2.10 shipping charge. Find the total purchase price of the detergent in Nova Scotia.

Accepted Answer

The answer of Suppose you went shopping and bought bulk...

Question 18

A town has a total residential assessment of 900 million dollars. The town must meet expenditures of $45 million.
a) If 90% of the expenditures are charged against residential real estate, calculate then total property taxes that must be raised.
b) Calculate the mill rate.
c) Calculate the property tax on a property assessed at $235 000.00

Accepted Answer

The answer of A town has a total residential assessment...

Question 19

Calculate the final answer for the following expression: (10³ + 20²) ÷ 20 A) 50.00 B) 20.00 C) 70.00 D) 3.5 E) 5000

Accepted Answer

The answer of Calculate the final answer for the following...

Question 20

You are paid a commission on the gross profit per vehicle that you sell. The commission increases with each additional vehicle that you sell. The minimum commission is 25% and it increases in increments of 1% for each additional vehicle sold. Your sales for the following month were as follows:  What is your monthly gross pay?
A) $2462.69
B) $2569.42
C) $2669.69
D) $2642.69
E) $2554.60

Accepted Answer

The answer of You are paid a commission on the...

Quiz 1: Review of Arithmetic

Calculate the weighted-average cost of the following inventory purchases:

Simplify: 10 + - 5

You bought two items for a total of $770.11. The first item is GST exempt and it represents 42% of the total purchase price. Assuming that you live in Alberta, what is the total amount of GST that you paid?

Calculate the final answer for the following expression: (53 + 22) ÷ 20

Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts over $8131. What is your Net Pay for the year?

Simplify 7125 ×

You bought a new car in Ontario for $19 500 which included HST. What is the total amount of HST that you paid?

Calculate the weighted-average cost of the following inventory purchases:

Simplify: 6 + - 4

Suppose you went shopping and bought bulk laundry detergent worth $11.65. You then received a $1.50 trade discount, and had to pay a $2.10 shipping charge. Find the total purchase price of the detergent in Nova Scotia.

Calculate the final answer for the following expression: (103 + 202) ÷ 20

Calculate the final answer for the following expression: (5³ + 2²) ÷ 20

Calculate the final answer for the following expression: (10³ + 20²) ÷ 20