Finance

Question 1

How do you calculate somebody’s monthly wage when you know their annual salary?

Answer 1

Divide by 12

Question 2

How do you find net pay?

Answer 2

Net pay = Gross Pay – Total Deductions

Question 3

If you get double time for overtime, what do you multiply by?

Answer 3

2

Question 4

If you get time-and-a-half for overtime, what do you multiply by?

Answer 4

1.5

Question 5

If you get time-and-a-quarter for overtime, what do you multiply by?

Answer 5

1.25

Question 6

How do you find somebody’s taxable income?

Answer 6

Annual Salary – Tax allowances

(Remember tax allowances get split between the different sections:
first amount zero rated,
subsequent amounts with a percentage paid. All the amounts must add up to the salary)

Question 7

How do you calculate somebody’s annual tax?

Answer 7

a) Work out the taxable income

Question 8

When changing money from pounds into another currency, what type of sum do you do?

Answer 8

Multiply by the exchange rate

Question 9

When changing money from another currency back into pounds, what type of sum do you do?

Answer 9

Divide by the exchange rate

Question 10

In a credit card question, what does APR stand for?

Answer 10

Annual Percentage Rate (the interest rate per year)