Math 10 Essentials
Objectives Review: Chapters 1 -5
Part One: Multiple Choice
1. An amount of pay based on the whole year’s earnings is an
a) annual rate b) annual salary c) annual commission
2. If you are paid every 2 weeks you are getting paid
a) biweekly b) weekly c) bimonthly
3. Which method of payment allows you to be paid overtime?
a) piecework b) hourly rate c) salary
4. The government states that workers must be paid at least
a) maximum wage b) optimum wage c) minimum wage
5. If you are paid for each product you produce then you are being paid by
a) commission b) overtime c) piecework
6. Rose earns $36,000 a year and makes 8% on all her sales. She has a job that pays
a) straight salary b) salary plus commission c) salary plus step-commission
7. Jon earns $12/hour and $3 for each book he binds. Jon has a job that pays
a) salary plus piecework b) salary plus step-commission c) salary plus commission
8. GST & PST stand for
a) Goods & Services Tax and Personal Tax b) Goods & Services Tax and Provincial Tax
c) Goods Sale Tax and Provincial Tax
9. Which of following is not an example of a direct tax?
a) income tax b) GST c) cigarette tax
10. 12% written as a decimal is
a) 12 b) 1.2 c) 0.12
11. Paula has a take-home pay of $187.63 per week. This is actually her
a) gross pay b) net pay c) total pay
12. CPP is known as
a) Canada Pension Plan b) Canada Payment Plan c) Canada Pension Program
13. The biggest deduction from a paycheck is
a) CPP b) EI c) income tax
14. Which of the following would be considered a personal deduction?
a) income tax b) EI c) payroll savings plan
15. Your financial ability to make purchases is called your
a) purchasing power b) purchasing ability c) financial power
16. Which of the following would be considered a fixed expense?
a) mortgage b) clothing c) entertainment
17. Which of the following would be considered a variable expense?
a) rent b) health plan c) groceries
18. Which of the following would be considered a utilities expense?
a) mortgage b) power c) insurance
19. Your net pay is found using the following formula
a) Gross-deductions b) Take home - deductions c) Gross + deductions
20. Select the best amount to offer for a bill of $ 4.51 to get back the fewest coins.
a) $4.75 b) $5.00 c) $5.51
21. Which of the following would be considered and indirect tax?
a) PST b) gasoline tax c) property tax
22. If you offered $120.00 for a bill of $99.50, your change would be
a) $21.50 b) $20.50 c) $19.50
23. In Nova Scotia we have the HST, which is
a) 17% b) 15% c) 10%
24. Which of the following stores has an incentives to buy plan?
a) Wal-mart b) Canadian Tire c) Burger King
25. A T4 slip is issued by
a) the bank b) the government c) the employer
26. Which of the following is an example of step-commission?
a) 9% on sales over $1000 b) 2% on the first $500 and 5% over $500 c) 8% on all sales
27. Rob has a job that pays an hourly rate, he worked 10 hours and was paid $200. What is his hourly rate?
a) $15/hour b)$10/hour c) $20/hour
28. 10% of 126.3 is
a) 12.63 b) 1.263 c) 0.1263
29. Semimonthly means
a) once a month b) twice a month c) three times a month
Part Two: True or False
1. To find the total cost of an item with tax, in one step you multiply the price by 1.15. ______
2. A discount means there is a reduction in the price. ______
3. If an item is on sale for 40% off you still have to pay 70%. ______
4. Double time is when you are paid twice what your hourly rate is. ______
5. If a pair of sneakers is on sale for 1/3 off you have to pay 2/3 of the price. ______
6. Deductions are subtracted from your net pay. ______
7. The portion of money your employer contributes to your pension and or health plan is considered a benefit. ______
8. $0.44/100g means 44¢ per 100 grams. ______
9. A recent conversion factor for US to Canadian dollars is $1.00US=$2.00Cdn. ______
10. When an item is purchased on a layaway plan the customer is expected to pay a percent of the total price. ______
11. When renting with an option to buy if you pay the rental fee for the maximum rental period then you own the item. ______
12. A pair of $49.99 jeans is on sale for 35% off. If you multiply $49.99 by 0.35 you will find the price you have to pay. ______
13. The fewest coins you can get back for a purchase of $0.54 are four dimes and six pennies. ______
14. $100 US is worth about $85 Canadian. ______
15. A deferral charge is usually applied to instalment and no interest or payment plans. ______
16. Kris has an annual salary of $18500, his weekly salary would be $355.67. ______
17. Steve has a monthly salary of $2416.67, so he makes $29000 a year. ______
18. Sue is paid $8/hour and time and a half for every hour over 10 hours. She worked 11 hours yesterday. She should be paid $88. ______
19. 15% of 220 is 75. ______
20. Josie has a gross pay of $896 a month, her total deductions are $123.60, and her net income would be $772.40. ______
21. Margie usually spends around $55 each week for groceries. She should budget $150 a month for groceries. ______
22. Rent is considered an essential expense. ______