The Ideal Quiz On Business Math 2
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A human resource manager is tasked with ensuring that he hires the right staff to get the company to where it wants to be. Having covered human resource management in chapter 9 of business management and law it is important to test how much you understand it. Take it up and good luck!
- 1.Which of the following describes how to calculate net pay?
- A.
Subtract the total deductions from the net pay.
- B.
Add the total deductions to the gross pay.
- C.
Subtract the total deductions from the gross pay.
- D.
Subtract the total deductions from the take-home pay.
- 2.If the principal and the amount of interest for one year are known, the rate of interest can be found by
- A.
Multiplying the principal by the interest for one year.
- B.
Multiplying the interest for one year by the principal
- C.
Dividing the interest for one year by the principal.
- D.
Dividing the principal by the interest for one year.
- 3.A deposit slip lists these items: (bills) 8 fifties, 22 twenties, 9 tens, 30 fives; (coins) 24 dimes, 18 nickels, 90 pennies; (checks) $45.67, $99.12. The depositor received no cash back. What total deposit was made?
- A.
$1,228.99
- B.
$1,282.99
- C.
$1,328.99
- D.
$14,82.99
- 4.Which method are most companies LEAST likely to use to record the number of hours their employees work?
- A.
Employees pass a magnetic stripe card through a reader
- B.
Employees insert a time card into a time clock
- C.
Employees write their hours worked on a time sheet
- D.
Employees keep track of their hours worked mentally.
- 5.Which type of employee is most likely to earn a base salary plus commission?
- A.
A construction worker
- B.
A waitress
- C.
A salesperson
- D.
A lawyer
- 6.Which of the following is an example of a job benefit?
- A.
Paid holidays
- B.
Recreational facilities
- C.
Child care
- D.
All of the above
- 7.What is the primary reason for writing a budget?
- A.
To calculate net income
- B.
To calculate taxable income
- C.
To study past spending habits
- D.
To help allocate future income
- 8.Which of the following is NOT a heading in a check register?
- A.
Interest rate
- B.
Check number
- C.
Balance
- D.
Transaction
- 9.What is the name for the personalized password that each customer must enter before making ATM transactions?
- A.
EFT
- B.
PWD
- C.
PIN
- D.
PRT
- 10.To calculate an employee’s overtime rate
- A.
Multiply the regular pay rate by 2.
- B.
Divide the regular pay rate by 1.5.
- C.
Divide the regular pay rate by 2.
- D.
Multiply the regular pay rate by 1.5
- 11.Which of the following is NOT a step in finding the gross wages for an employee who has worked both regular time and overtime hours?
- A.
Find the employee’s average annual income over the past 3 years
- B.
Find the overtime pay rate.
- C.
Add the regular-time pay and the overtime pay.
- D.
Find the number of regular-time and overtime hours worked. Find the number of regular-time and overtime hours worked.
- 12.Which of the following best describes how compound interest works?
- A.
Interest is calculated only on previously earned interest
- B.
Compound interest gives the borrower less to repay.
- C.
Interest is calculated from the previous interest along with the principal.
- D.
The compound interest rate increases as the term progresses
- 13.Todd Smith paid $885.60 in interest on a 12-month note for $8,200. What rate of interest did Todd pay on the note?
- A.
13.8
- B.
10.8
- C.
11.2
- D.
14.0
- 14.Which of the following reasons best describes why a seller adds a finance charge to the cash price when calculating the installment price?
- A.
To penalize the customer for not paying cash.
- B.
To cover the extra cost of doing business on the installment plan.
- C.
To offset the interest paid to the customer.
- 15.Jenny is having a party. A bowl of jello serves 12 people. She is expecting 78 guests. How many bowls of jello do I need to buy?
- A.
5
- B.
12
- C.
6
- D.
7
- 16.Sam buys a Nissan Altima for $27,735.00 at 7% interest on a 9 year loan, his monthly payment will be: $346.86. What will the actual cost be to own the car?
- A.
36,450.23
- B.
37,460.88
- C.
29,354.67
- D.
26,621.25
- 17.How many weeks and days are in a year?
- A.
52; 365
- B.
48; 365
- C.
52; 360
- D.
48; 360
- 18.What is a consumer?
- A.
Person that buys goods to sell at higher price
- B.
Person that purchases goods or services for personal use
- C.
Person that sells goods to others
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