Exam 1: Review of Arithmetic

Calculate the weighted-average cost of the following inventory purchases:

Express the following as a percent:

A store located in Penticton, B.C., sells a computer for $2975.00 plus HST. If the same model is sold at the same price in a store in Thunder Bay, Ontario, what is the difference in the prices paid by consumers in the two stores?

Evaluate: 395(2 + .15 ∗ 290/365)

Bill earned a gross commission of $2551.05 during August. What were his gross sales if his rate of commission is 14.5% of net sales and sales returns and allowances for the month were 6% of his sales?

Noriko's final mark for her Financial Mathematics course was based on four tests with different weightings. Test one counted for 10% of the final grade, test two for 20%, test three for 30% and test four for 40%. If Clara received 70% on test one, 85% on test two, 64% on test three and 72% on test four, calculate her final mark.

Florence Lamb is paid a commission of 10 3/4% on her net sales and is authorized to draw up to $900.00 a month. What is the amount due to Florence at the end of a month in which she drew $820.00, had sales of $14 660.00, and sales returns of $331.20?

Mark's gross wages for a week were $711.20. His regular workweek is 40 hours and overtime is paid at time and one-half regular pay. What is Mark's regular hourly wage if he worked 45 1/2 hours?

Express the following as a percent: 0.67

Evaluate:

Calculate the property tax on a property located in the City of Brampton and assessed at $326 500 if the current tax rate is 1.05351%.

The following information is shown in your investment account for last year. The balance on January 1 was $6200.00. A withdrawal of $880.00 was made on March 1. A deposit of $1600.00 was made on May 1 and another deposit of $320.00 was made on September 1. What was the average monthly balance for the year in your account?

The town of Pandora assesses property at market value. How much will the owner of a house valued at $325 000 owe in taxes if this year's mill rate has been set at 21.386?

Samir plans to sell his 2400 sq. ft. bungalow in Whitby for $389 000 and buy a similar-sized house in Oshawa for $369 000. Whitby charges the property tax at the mill rate of 13.59815, whereas Oshawa charges the property tax at the mill rate of 16.18347. What will be his net property tax penalty/saving?

Simplify:

Last week April worked 44 hours. She is paid $11.20 per hour for a regular workweek of 40 hours and overtime at time and one-half regular pay. a)What were April's gross wages for last week? b)What is the amount of the overtime premium?

An employee at a nuclear power plant in New York has an annual salary of $143 000 and is paid every two weeks. The employee works twenty days in a month, five days in a week, and eight hours in a day. (Assume 52 weeks in a year) a)What is the gross pay per pay period? b)What is the employee's hourly rate of pay?

Change the following percent into a common fraction in lowest terms: 34%

Three mechanics worked 15 , 14 , 18 hours respectively. What was the total cost of labor if the mechanics were paid $14.75 per hour?

Mohammad is paid a weekly commission of 2% on net sales of $6000.00, 4% on the next $3 000.00 and 6.25% on all further sales. His gross sales for a week were 11 160.00 and sales returns and allowances were $120.00. a)Calculate his gross earnings for the week. b)Calculate the average hourly rate of pay for the week if he worked 40 hours.