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MMM EXAM (Fall) (AKS)

# MMM EXAM (Fall) (AKS) - Mathematical Money Management...

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Mathematical Money Management Semester One Final Exam Calculates total time worked from a timecard 1. Use the time card shown to calculate how many hours Flipper worked during the week: EMPLOYEE TIME CARD EMPLOYEE: Flipper McGee BORK’S BURGERS WEEK OF: 4/7 – 4/11 DAY DATE IN OUT IN OUT Total Monday 4/7 8:15 11:45 12:30 5:45 8 hrs 45 min Tuesday 4/8 7:00 11:00 12:00 4:30 8 hrs 30 min Wednesday 4/9 7:30 11:45 12:15 5:45 9 hrs 45 min Thursday 4/10 8:00 12:00 1:00 4:30 7 hrs 30 min Friday 4/11 7:15 10:45 11:30 4:15 8 hrs 15 min A. 40 hrs. B. 3 42 4 hrs. C. 42 hrs D. 3 40 4 hrs ANSWER: B 2. Frank Fry also works at Bork’s Burgers. Due to an illness, he only worked on Wednesday. His time card showed that he worked from 7:50 to 11:20 and from 12:40 to 5:25. How many hours did Frank work that week? Money Management Page 1 27.0530001

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Mathematical Money Management Semester One Final Exam Calculates regular time and overtime pay, total pay for piecework, gross pay based on hourly wages plus tips, salary, straight commission, and salary plus commission 3. Barbara Bellham is a beautician. She is paid \$12.50 per regular haircut and \$24 for each perm. Find her gross pay for a week in which she gave 22 haircuts and 9 perms. 4. Mike Maddox is a car salesman. He earns \$12.50 per hour plus a commission of 3% on his total car sales. He also earns time and a half on all hours worked over 40. Find Mike’s salary for the week in which he worked 47 hours and sold cars worth a total of \$145,000. Identifies and compares various pay periods 5. Which person earns more ANNUALLY? A. Bob who is paid \$2100 semi-monthly B. Tracy who is paid \$1650 biweekly C. Mike who is paid \$2000 monthly D. John who is paid \$1400 weekly ANSWER: D Money Management Page 2 27.0530001
Mathematical Money Management Semester One Final Exam 6. You are a lab assistant earning an annual salary of \$39,650. If you are paid biweekly, what is your gross salary each pay period? Computes net pay, taking into account federal, state and local taxes, social security and any miscellaneous deductions. 7. John Watson earns \$457 a week. He is married and claims 2 allowances. What amount is withheld weekly for federal income tax? (use table on p. 642-643 in text) A. \$45 A. \$52 A. \$70 B. \$46 ANSWER: D 8. Sue Brown has an annual gross pay of \$9500. She is allowed one personal exemption of \$1500 on her state tax liability. Her state tax rate is 3.5% of her taxable wages. What amount of state tax will be withheld? Money Management Page 3 27.0530001

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Mathematical Money Management Semester One Final Exam Solve problems related to taxes by computing state, federal and local income taxes, property taxes, social security tax, and state and inheritance tax.
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MMM EXAM (Fall) (AKS) - Mathematical Money Management...

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