Contemporary Business Mathematics with Canadian Applications 12th edition by S A. Hummelbrunner test

Answer: D
87) Your full-time job pays you a bi- weekly salary of $2963.56. In addition to this position you have been working
part-time for the last 15 months and earn $500 semi- monthly. You have other payments that total $14 400 per
year. What is the maximum monthly amount that your payments can be towards a house purchase? Assume
that property taxes and heating costs are included in the $14 400.
A) $1961.42
B) $2488.42
C) $2844.42
D) $3488.42
E) none of the above
Answer: B
88) You are supposed to teach 15 2
3
credit hours per week per term for a trimester school year. Anything above is
considered to be overtime and is compensated at time and one- half you regular rate of $27.13 per hour. You
work the following credit hours. How much total overtime, for the entire term, does your employer owe you at
the end of the third term (assume that you were not paid any overtime in terms one and two and that the term is
15 weeks long)?
Term Credit Hours
1 20
2 26
3 19
A) $11 187.50 B) $10 987.50 C) $8987.5 D) $9987.50 E) $11 987.50
Answer: B
89) Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada
Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts
over $8131. What is your Net Pay for the year?
A) $15 137.78 B) $18 237.78 C) $16 317.78 D) $16 137.78 E) $17 137.78
Answer: D
90) Calculate the final answer for the following expression: (10 3 + 20 2 ) ÷ 20.
A) 20.00 B) 5000 C) 50.00 D) 3.5 E) 70.00
Answer: E
91) Calculate the weighted-average cost of the following inventory purchases:
Date Quantity Purchased Cost per Unit Total Amount
June 4 30 $11.50  $345.00
June 14 40 $15.00 $600.00
June 29 30 $10.99 $329.70
A) $37.49 B) $22.74 C) $22.75 D) $12.74 E) $12.75
Answer: E
92) You bought a new car in Ontario for $19 500 which included HST. What is the total amount of HST that you
paid?
A) $2535.00 B) $1197.37 C) $2243.36 D) $171.05 E) $2913.79
Answer: C
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
93) Phil works for a hydro company in a 35 hour work week schedule. His contract pays him $1345/week for
working Monday to Friday, 7 hours a day. If he spends more time than his usual time, he is entitled to "time and
a half" on time worked in excess of 7 hours per day. If he works on Sundays or statutory holidays, he is entitled
to twice the time. Calculate his gross earnings for the month of October 2013, if he worked for 5 hours on
Thanksgiving Day in addition to his regular hours for the month.
Answer: Rate per day =
1345
3
= $269/day
Rate per hour =
1345
35
= $38.43/hr
Total working days in October 2013 = 22 days
Pay for regular days = 269 × 22 = $5918
Pay for overtime = 5 × 2 × 38.43 = $384.29
Gross earnings for October 2013 = $5918 + $384.29 = $6302.29
94) Isabelle works for The Brick, a furniture company. She earns a base salary $12/hr, 40 hours a week. However,
she is also paid commission of 2% for all sales and an extra lump sum of $1000 incentive if her monthly sales
exceed $10 000. In the month August, she won the title of employee of the month for total sales of $75 000. How
much did she earn in the month of August, assuming a 4 week month?
Answer: Base salary = 12 × 40 × 4 = $1920
Commission earned in August = 2% × 75000 = $1500
Total pay for August = $1920 + $1500 + $1000 = $4420
95) Isabelle works for The Brick, a furniture company. She earns a base salary $12/hr, 40 hours a week. However,
she is also paid commission of 2% for all sales and $1000 incentive pay for every sale of $10 000. In the month
August, she won the title of employee of the month for total sales of $75 000. How much did she earn in the
month of August, assuming a 4 weeks month?
Answer: Base salary = 12 × 40 × 4 = $1920
Commission earned in August = 2% × 75000 = $1500
Total incentive pay = 7 × $1000 = $7000
Total pay for August = $1920 + $1500 + $7000 = $10 420
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
96) Phil works for a hydro company in a 35 hour work week schedule. His contract pays him $1345/week for
working Monday to Friday, 7 hours a day. If he spends more time than his usual time, he is entitled to "time and
a half" on time worked in excess of 7 hours per day. If he works on Sundays or statutory holidays, he is entitled
to twice the time. Calculate his gross earnings for the month of November 2013, if he worked straight time only.