Unit 1
What is 15% of 100?
15.
What is 25% as a fraction?
1/4.
Round $27.55 to the nearest dollar.
Why do people write post-dated cheques?
to guarantee a future payment and avoid any delay.
What is gross pay?
How many weeks are in a year?
52
What are the primary deductions from an employee's income?
Canada Pension Plan (CPP), Employment Insurance (EI), federal and provincial income tax.
What is the percentage for PST?
ATMs are considered a type of:
Routine Transaction
What does EI stand for?
Employment Insurance.
What are two types of fixed expenses?
Mortgage, car payment, home and car insurance, student loan, life insurance.
Ari scored 37 out of 70 on her test. Did she pass and why?
Yes because if she needs at least 50% to pass, 37 is greater than half of 70.
If you have $7.30 in change. What bills and coins can you use to represent the value?
#1 5 dollar bill, toonie, 3 dimes
#2 5 dollar bill, toonie, 1 quarter, 1 nickel
Where does the signature of the issuer go on a cheque?
Bottom right of a cheque.
What are variable expenses?
Expenses that can change in price.
If someone's hourly wage is $34/hr, what is their gross pay for working 40 hours in one week?
$1360
Marc has a gross income of $850 every 2 weeks and a net income of $578.88. WHat percent of his gross income does Marc take home?
578.88 / 850 = 72.36%
What are some examples of incentives?
BOGO (buy one get one), influencer sponsorships, advertisements (on TV, YouTube, etc), free gifts with a purchase.
Without using a calculator, what is 0.5% of 1000?
5.
What does BOGO mean?
Buy One Get One (for free).
$24000
Ivanka is paid 900 every other week from her main job and 200 every week from her second job. Calculate her net income for a 4 week month.
900 x 2 = 1800
200 x 4 = 800
Gross pay = 2600
Net pay = 2600 x 72.36% --> $1881.36
What is the after tax cost of a TV that costs $1435.86?
$1622.52
What is the difference between a savings and chequing accounts?
Savings accounts are used for depositing money that are not for regular use, while chequing accounts are.
What are chequing accounts?
Bank accounts that allow you to write cheques on the account balance. Which means you don't have to withdraw cash to spend money.