Test 8

Question 0

r = 2mi
——
B(n+1)

Answer 0

constant ratio formula

Question 1

tax on purchase

Answer 1

sales tax

Question 2

i = prt

Answer 2

simple interest formula

Question 3

buying on time

Answer 3

installment buying

Question 4

plan to spend money

Answer 4

budget

Question 5

real estate tax

Answer 5

property tax

Question 6

order directing a bank to pay money

Answer 6

check

Question 7

Employee’s Withholding Allowance Certificate

Answer 7

W-4 form

Question 8

people that hire other people

Answer 8

employers

Question 9

identifies check on deposit slip

Answer 9

transit number

Question 10

social security and medicare tax

Answer 10

F.I.C.A.

Question 11

Wage and Tax Statement

Answer 11

W-2 form

Question 12

fee charged for the use of money

Answer 12

interest

Question 13

earnings after deductions

Answer 13

net pay

Question 14

checking records

Answer 14

checkbook register

Question 15

p = $4,000; r = 10%; t = 1 yr.

Answer 15

$4,000(.1)(1) = $400

Question 16

p = $12,000; r = 9%; t = 4 yr.

Answer 16

$12,000(.09)(4) = $4,320

Question 17

p = $900; r = 13%; t = 3 mo.

Answer 17

$900(.13)(1/4) = $29.25

Question 18

p = $500; r = 12 1/2%; t = 1 yr. 6 mo.

Answer 18

$500(.125)(1.5) = $93.75

Question 19

p = $30,000; r = 10 1/4%; t = 1 yr.

Answer 19

$30,000(.1025)(1) = $3,075

Question 20

Find the sales tax on $612 at 5%.

Answer 20

Multiply $612 by .05 = $30.60

Question 21

Find the F.I.C.A tax on $612 at 7.65%.

Answer 21

Multiply $612 by .0765 = $46.818 = $46.82

Question 22

Find the property tax at 4 1/2% on a house assessed at $25,000.

Answer 22

Multiply $25,000 by .045 = $1,125.00 = $1,125

Question 23

Find the gross income for 24 hours at $7.25 per hour.

Answer 23

Multiply $7.25 by 24 = $174.00 = $174

Question 24

Find the gross income for 50 hours at $9.50 per hour with time and a half for all hours over 40.

Answer 24

Multiply $9.50 by 40 = $380.00
9.50 over 1 times 1/2 =
Cancellation = 9.50 to 4.75, 2 to 1
$4.75 plus 9.50 equals $14.25
$14.25 times 10 equals $142.50
$380.00 plus 142.50 equals $522.50
Answer is $522.50