MMM Midterm 03 - Mathematical Money Management Midterm Exam...

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Mathematical Money Management Midterm Exam 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 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? A. 1 8 4 B. 1 7 4 C. 3 9 4 D. 3 7 4 Money Management Page 1 27.0530001
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Mathematical Money Management Midterm Exam 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. A. $640.50 B. $328.50 C. $528.00 D. $491.00 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. A. $4937.50 B. $4981.25 C. $5231.25 D. $4215.25 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 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? A. $3304.17 B. $1652.08 C. $1525.00 D. $762.50 Money Management Page 2 27.0530001
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Midterm Exam 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 B. $52 C. $70 D. $46 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? A. $332.50 B. $280 C. $95 D. $227 9. Bill has gross pay of $1500. He pays Social Security at a rate of 6.2% and Medicare at a rate of 1.45%. What will be his net pay? A. $1385.25 B. $114.75 C. $1210 D. $1324.75 10. Mr. Jones has an annual gross pay of $22000. His state tax rate is 2% of his gross pay. He is required to pay social security at a rate of 6.2% and medicare at a rate of 1.45%. His federal tax obligation is $67 each week for 52 weeks. What is his net pay for the year? A. $5607
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MMM Midterm 03 - Mathematical Money Management Midterm Exam...

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