Homework- finish Ch. 5 review package (20 questions) -- see answer key below
- study for Ch. 5 Test on Finance -- next class, Tues Dec 15
Coming soon...- Ch. 3: Linear Systems
- Christmas Party! Thurs Dec 17
Need to catch up?- quiz on Interest (/18)
- worksheet on Compound Interest (/28)
- worksheet on Simple Interest (/13)
CH. 5 REVIEW PACKAGE ANSWER KEY
1. a) $1017; wage
b) $348; wage
c) $467; commission
d) $1106.07; piecework
e) $1226; graduated commission
2. Bob will make $3/hr more with the hourly wage.
3. CPP = $37.32
EI = $30.63
Tax Exempt Deductions: RRSP, union dues
Taxable Income = $1117
Income Tax = $227.60
Total Deductions = $379.55
Gross Earnings = $821.45
4. CPP = $53.40
EI = $53.40
Tax Exempt Deductions: RRSP
Taxable Income = $1680
Annual Taxable Income = $40320 so use 29%
Income Tax = 29% of $1680 = $487.20
Total Deductions = $711.80
Gross Earnings = $1068.20
5. To find unit price, divide the price by the amount (e.g. $0.79 / 341 mL)
a) 341 mL
b) 700 g
c) 300 mL
d) 10 blades
6. a) $1.40 each in 10-pack vs. $1.50 each in package of 2, so 10-pack is better deal
b) No, you may only need 1 or 2 tapes; no point in buying 10-pack.
7. property tax for the year = $2296.96
should budget $191.41 per month
8. a) $0.0799 x 50 = $4
b) $0.0799 x 80 000 = $6392
c) 1 / 0.0799 = 12.516 Mex Peso
d) 600 / 0.0799 = 7509.387 Mex Peso
9. a) 1 / 0.0227 = 44.053 rupee
b) $0.0227 x 700 = $15.89
c) 8000 / 0.0227 = 352 422.908 rupee
d) $0.0227 x 60 = $1.36
10. a) $45 x 4 = $180 US
$180 US = 180 / 0.75 = $240 CAN
b) No, they've only saved $220 so they're $20 short.
11. (225 + 250) x 3 = $1425 US
$1425 US x 1.45 = $2066.25 CAN
$2066.25 + 800 = $2866.25
$2866.25 / 5 = $573.25 per month
12. $617.26
13. Changes to transaction record: change $35 to $30, add service charge of $20; new balance = $1408
Changes to Bank statement: add uncleared cheques $90 and $246; new balance = $1408
14. Total Float: $156
Total Cash Take: $1082.93
Total Take (including credit, debit, cheques, refunds): $3823.67
Net Sales Revenue: $3667.69
15. a) $101.25
b) $16.88
c) $8.32
16. a) $1.42
b) $1.82
17. $3.17
18. 6.83%
19. $3148.15
20. a) 32%; 21%; 5%; 26%; 8%; 3%; 5%
b) Over recommended guidelines: transportation
Under recommended guidelines: savings, miscellaneous
Within recommended guidelines: housing and utilities, food and clothing, health and personal care, recreation and education
