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Mathematical Money Management
Semester One Final 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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Semester One Final 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 semimonthly
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
Semester One Final 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. 642643 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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This note was uploaded on 01/24/2012 for the course HUM 9999 taught by Professor Variousprofessorslisted during the Summer '06 term at Abilene Christian University.
 Summer '06
 VariousProfessorsListed

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