Question 1

Nancy is a realtor and earns income based on a graduated commission scale. Nancy is paid $3, 000 plus 2.5% on the first $140,000; 1.5% on the next $300,000 and .5% on the remaining value over $440,000. Determine Nancy's commission earned after selling a $625,000 house.
A) $5,500
B) $6,400
C) $9,750
D) $10,860
E) $11,925

Accepted Answer

Nancy's commission on the first $140,000 is $3,000 + (2.5% x $140,000) = $5,900.Her commission on the next $300,000 is (1.5% x $300,000) = $4,500.Her commission on the remaining $185,000 is (0.5% x $185,000) = $925.Therefore, her total commission is $5,900 + $4,500 + $925 = $11,925.

Question 2

Recognizing the quantities sold, what was the average selling price per unit?
A) $0.33
B) $1.57
C) $155.10
D) $51.70
E) $1.70

Accepted Answer

The answer of Recognizing the quantities sold, what was the...

Question 3

Marilyn is paid a base salary of $1,500 per month and a commission of 6% on all sales over $75,000. Last month, Marilyn's gross salary was $4440. What were her sales for the month?
A) $49,000
B) $75,266.40
C) $149,000
D) $124,000
E) $100,000

Accepted Answer

Marilyn's commission is $4440 - $1500 = $2940. Since she earns 6% commission on sales over $75,000, $2940 is 6% of her sales over $75,000. Solving $2940 = 0.06(x - $75,000) gives x = $124,000.

Question 4

Sandy is a commissioned car sales consultant, and receives weekly pay of $300 plus $250 commission for each vehicle sold. If Sandy, earned $4,450 last month, determine the number of vehicles sold.
A) 10
B) 11
C) 12
D) 13
E) 14

Accepted Answer

The answer of Sandy is a commissioned car sales consultant,...

Question 5

Carlos invested $10,000 at 7%, $20,000 at 6.5%, and $50,000 at 5%. What is the average rate of interest earned by his investments?
A) 6.2%
B) 5.5%
C) 5.8%
D) 5.6%
E) 6.3%

Accepted Answer

The total interest earned from all investments can be calculated by multiplying each investment amount by its respective interest rate and then summing these amounts. The total investment is $80,000 ($10,000 + $20,000 + $50,000). The interest from each investment is $700 ($10,000 * 7%), $1,300 ($20,000 * 6.5%), and $2,500 ($50,000 * 5%), respectively. The total interest earned is $4,500 ($700 + $1,300 + $2,500). The average rate of interest is the total interest divided by the total investment amount, then multiplied by 100 to convert to a percentage: ($4,500 / $80,000) * 100 = 5.625%, which rounds to 5.6%.

Question 6

Nitin is paid on a graduated commission scale. He receives commission at the rate of 2% for the first $10,000 of sales in a month, 3% on the next $20,000, and 4.5% on all further sales. What is Nitin's average rate of commission in a month in which his sales are $60,000?
A) 3.167%
B) 3.417%
C) 3.583%
D) $5
E) 3.83%

Accepted Answer

Nitin's commission is calculated as follows: 2% of $10,000 = $200, 3% of the next $20,000 = $600, and 4.5% of the remaining $30,000 = $1,350. Total commission = $200 + $600 + $1,350 = $2,150. The average rate of commission is ($2,150 / $60,000) * 100% = 3.583%.

Question 7

Stuart's regular rate of pay is $22 per hour. He is given 1.5 times the rate of pay for days he works over 37.5 hours. Determine the amount earned during a week where he worked 42 hours.
A) $770
B) $973.5
C) $1,065
D) $1,110
E) $1,200

Accepted Answer

Stuart earns $22 per hour for the first 37.5 hours, totaling $825 (22 * 37.5). For the additional 4.5 hours (42 - 37.5), he earns 1.5 times his regular rate, which is $33 per hour (22 * 1.5), totaling $148.5 (33 * 4.5). Adding both amounts gives $973.5 ($825 + $148.5).

Question 8

What is his hourly pay rate?
A) $44.44
B) $43.89
C) $47.71
D) $44.04
E) $38.76

Accepted Answer

The answer of What is his hourly pay rate?
A) $44.44
B)...

Question 9

Kuldip invested $5,000 at 6%, $10,000 at 5.5%, and $20,000 at 4%. What is the average rate of interest earned by her investments?
A) 5.2%
B) 5%
C) 4.7%
D) 5.25%
E) 4.75%

Accepted Answer

The answer of Kuldip invested $5,000 at 6%, $10,000 at...

Question 10

What is his gross salary per pay period?
A) $1,908.33
B) $1,815.93
C) $1,616.18
D) $1,755.51
E) $1,761.54

Accepted Answer

To determine the gross salary per pay period, we would need specific information about the individual's annual salary, the number of pay periods per year, and any other relevant details such as bonuses or deductions that are included in the gross salary calculation. Without this information, it's not possible to accurately calculate the gross salary per pay period. The choice provided as correct (E) cannot be validated without the context or calculations leading to that figure.

Question 11

Elita took six courses last semester. Her grades and course credits are as follows:  Use the Letter Grade to Grade Point Value conversion table below to calculate her grade point average for the semester.

A) 2.8
B) 2.7
C) 3.3
D) 3.0
E) 3.5

Accepted Answer

The answer of Elita took six courses last semester. Her...

Question 12

Ignoring the quantities sold, what was the average unit selling price for the three stores?
A) $0.33
B) $1.57
C) $155.10
D) $51.70
E) $1.70

Accepted Answer

The answer of Ignoring the quantities sold, what was the...

Question 13

A sales representative is paid the greater of $1,275 per week or 9% of sales. At what volume of sales will she start to earn more from the commission-based compensation?
A) $14,166.67
B) $1,389.75
C) $2,295
D) $2,422.50
E) $12,750

Accepted Answer

To find the volume of sales at which the sales representative starts to earn more from commission than the fixed $1,275, set up the equation 0.09 * sales = $1,275. Solving for sales gives sales = $1,275 / 0.09 = $14,166.67.

Question 14

What is his total remuneration for a two-week period in which he worked 4.5 hours overtime at time-and-a-half?
A) $2,058.81
B) $2,230.36
C) $1,858.23
D) $1,953.02
E) $2,051.75

Accepted Answer

The total remuneration includes his regular pay plus overtime pay. Assuming a standard 40-hour workweek, his regular pay is calculated for 80 hours over two weeks. Overtime pay is 1.5 times his regular hourly rate for the 4.5 hours of overtime. The correct total must account for both these components accurately.

Question 15

Isaac earns a base salary of $1,250 per month and a graduated commission of 0.4% on the first $100,000 of sales, and 0.5% on sales over $100,000. Last month, Isaac's gross salary was $2025. What were his sales for the month?
A) $75,000
B) $200,000
C) $312,500
D) $250,000
E) $175,000

Accepted Answer

Isaac's commission is the gross salary minus the base salary: $2025 - $1250 = $775. Since the commission rate increases after $100,000, we calculate based on the two rates. If Isaac's sales were $100,000 or less, the commission would be $100,000 * 0.4% = $400, which is less than $775, so his sales must be over $100,000. For sales over $100,000, the commission on the first $100,000 is $400 (0.4% of $100,000), and the remaining $375 of his commission comes from sales over $100,000 at a rate of 0.5%. To find the amount of sales over $100,000, we divide the remaining commission by the rate: $375 / 0.5% = $75,000. Therefore, his total sales were $100,000 + $75,000 = $175,000.

Question 16

Fred has an annual salary of $40,000.00. He is paid semi-monthly and his regular workweek is 40 hours. What is his regular salary per pay period?
A) $1,538.46
B) $1,458.33
C) $3,076.92
D) $1,666.67
E) $3,333.33

Accepted Answer

The answer of Fred has an annual salary of $40,000.00....

Question 17

Below is a list of the weekly sales for a retail company. Monday $3,500.78
Tuesday $6,250.46
Wednesday $7468.33
Thursday $8,554.90
Friday $13,876.99
Saturday $22,897.43
Calculate the average sales for the week.
A) $5,357.98
B) $8,935.56
C) $10,424.82
D) $12,509.78
E) $62,548.89

Accepted Answer

The average sales for the week is calculated by summing all the daily sales and dividing by the number of days: ($3,500.78 + $6,250.46 + $7,468.33 + $8,554.90 + $13,876.99 + $22,897.43) / 6 = $10,424.82.

Question 18

A sales representative is paid the greater of $950 or 8% of sales. At what volume of sales will he start to earn more from the commission-based compensation?
A) $9,500
B) $1,026
C) $1,875
D) $1,187.50
E) $11,875

Accepted Answer

To earn more than $950 through commission, the sales representative needs to make sales where 8% of the sales volume exceeds $950. Setting up the equation 0.08 * sales = $950, solving for sales gives sales = $950 / 0.08 = $11,875. Therefore, at sales volume of $11,875, the representative starts to earn more from commission-based compensation.

Question 19

Jayelle took six courses last semester. Her grades and course credits are as follows:  Use the Letter Grade to Grade Point Value conversion table below to calculate her grade point average for the semester.

A) 3.75
B) 3.2
C) 3.0
D) 2.6
E) 2.8

Accepted Answer

The answer of Jayelle took six courses last semester. Her...

Question 20

Nitin is paid on a graduated commission scale. He receives commission at the rate of 2.5% for the first $5,000 of sales in a week, 4% on the next $10,000, and 4.5% on all further sales. What is Nitin's average rate of commission in a week in which his sales are $30,000?
A) 3.67%
B) 4%
C) 3.33%
D) 3.75%
E) 4.25%

Accepted Answer

The answer of Nitin is paid on a graduated commission...

Quiz 1: Review and Applications of Basic Mathematics

Nancy is a realtor and earns income based on a graduated commission scale. Nancy is paid $3, 000 plus 2.5% on the first $140,000; 1.5% on the next $300,000 and .5% on the remaining value over $440,000. Determine Nancy's commission earned after selling a $625,000 house.

Recognizing the quantities sold, what was the average selling price per unit?

Marilyn is paid a base salary of $1,500 per month and a commission of 6% on all sales over $75,000. Last month, Marilyn's gross salary was $4440. What were her sales for the month?

Sandy is a commissioned car sales consultant, and receives weekly pay of $300 plus $250 commission for each vehicle sold. If Sandy, earned $4,450 last month, determine the number of vehicles sold.

Carlos invested $10,000 at 7%, $20,000 at 6.5%, and $50,000 at 5%. What is the average rate of interest earned by his investments?

Nitin is paid on a graduated commission scale. He receives commission at the rate of 2% for the first $10,000 of sales in a month, 3% on the next $20,000, and 4.5% on all further sales. What is Nitin's average rate of commission in a month in which his sales are $60,000?

Stuart's regular rate of pay is $22 per hour. He is given 1.5 times the rate of pay for days he works over 37.5 hours. Determine the amount earned during a week where he worked 42 hours.

What is his hourly pay rate?

Kuldip invested $5,000 at 6%, $10,000 at 5.5%, and $20,000 at 4%. What is the average rate of interest earned by her investments?

What is his gross salary per pay period?

Elita took six courses last semester. Her grades and course credits are as follows: Use the Letter Grade to Grade Point Value conversion table below to calculate her grade point average for the semester.

Ignoring the quantities sold, what was the average unit selling price for the three stores?

A sales representative is paid the greater of $1,275 per week or 9% of sales. At what volume of sales will she start to earn more from the commission-based compensation?

What is his total remuneration for a two-week period in which he worked 4.5 hours overtime at time-and-a-half?

Isaac earns a base salary of $1,250 per month and a graduated commission of 0.4% on the first $100,000 of sales, and 0.5% on sales over $100,000. Last month, Isaac's gross salary was $2025. What were his sales for the month?

Fred has an annual salary of $40,000.00. He is paid semi-monthly and his regular workweek is 40 hours. What is his regular salary per pay period?

Below is a list of the weekly sales for a retail company. Monday $3,500.78 Tuesday $6,250.46 Wednesday $7468.33 Thursday $8,554.90 Friday $13,876.99 Saturday $22,897.43 Calculate the average sales for the week.

A sales representative is paid the greater of $950 or 8% of sales. At what volume of sales will he start to earn more from the commission-based compensation?

Jayelle took six courses last semester. Her grades and course credits are as follows: Use the Letter Grade to Grade Point Value conversion table below to calculate her grade point average for the semester.

Nitin is paid on a graduated commission scale. He receives commission at the rate of 2.5% for the first $5,000 of sales in a week, 4% on the next $10,000, and 4.5% on all further sales. What is Nitin's average rate of commission in a week in which his sales are $30,000?