Exam

Name___________________________________

SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 

1) 

Simplify (28 - 4)/3 

1)  

_____________ 

2) 

Simplify 8 + 6 ∗ 2 

2)  

_____________ 

3) 

Simplify 5(4 + 3) 

3)  

_____________ 

4) 

Simplify 

4)  

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5) 

Simplify 

5)  

_____________ 

6) 

Simplify 9(8 - 5) + 5(6 + 4) 

6)  

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7) 

Evaluate 

7)  

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8) 

Evaluate and round to 3 decimal places 125(6 + 0.35 ∗ 142/678) 

8)  

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9) 

Evaluate 400(1 + .10 ∗ 100/365) 

9)  

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10) 

Evaluate and round to one decimal place 9210(5 - 1.38 ∗ 169/420) 

10)  

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11) 

Evaluate 

11)  

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12) 

Evaluate and round to three decimal places   

12)  

_____________ 

13) 

Evaluate 

13)  

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14) 

Spade Realty sold lots for $23 240 per hectare. What is the total sales value if the lot sizes, in hectares, 
were 2, 3, 4? 

14)  

_____________ 

15) 

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

15)  

_____________ 

16) 

Ana, Aamir and Charlotte worked 11, 14, and 22 hours respectively. What was the total cost of labour if they were paid $18.00 per hour? 

16)  

_____________ 

17) 

A retailer returned 300 defective items to the manufacturer and received a credit for the retail price of $0.75 less a discount of 1/3 of the retail price. What was the amount of the credit received by the retailer? 

17)  

_____________ 

18) 

Complete the following inventory sheet and find the total value.

Item	Quantity	Cost per Unit	Total
1	69	  $.85
2	111	16 2/3 cents
3	155	$2.75
4	350	$1.66 

18)  

_____________ 

19) 

Extend each of the following and determine the total.

Quantity	Unit Price
	48	$2.45
	48	$0.83
	16	$2.12
	60	$1.33

19)  

_____________ 

20) 

Purchases of packs of printing paper during the last accounting period were as follows

Number of items	Unit price
	8	$13.00
	4	$12.00
	15	$10.00
	10	$10.50

What was the weighted average price per item? 

20)  

_____________ 

21) 

Purchases of an inventory item during last month were as follows

Number of items	Unit price
	5	$5.00
	10	$8.00
	8	$6.00
	15	$3.00

What was the weighted average price per item? 

21)  

_____________ 

22) 

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. 

22)  

_____________ 

23) 

On a trip, a motorist purchased gasoline as follows 66 litres at 69.0 cents per litre; 69 litres at 70.5 cents per litres; 80 litres at 71.5 cents per litre; and 57 litres at 74.5 cents per litre.
a)	What was the average number of litres per purchase?
b)	What was the average cost per litre?
c)	If the motorist averaged 9.75 km per litre, what was her average cost of gasoline per kilometre? 

23)  

_____________ 

24) 

Dorian Frump invested $12 500 in a business on January 1. She withdrew $850 on April 3, reinvested $1920 on August 1, and withdrew $700 on September 1. What is Don's average monthly investment balance for the year? 

24)  

_____________ 

25) 

Tommy Hughes invested $10 000 in a business on January 1. He withdrew $1000 on March 1, reinvested $5000 on July 1, and withdrew $4000 on October 1. What is Tommy's average monthly investment balance for the year? 

25)  

_____________ 

26) 

The following information is shown in your investment account for last year. The balance on January 1 was $7600.00. A withdrawal of $420.00 was made on March 1. A deposit of $1690.00 was made on May 1 and another deposit of $130.00 was made on October 1. What was the average monthly balance for the year in your account? 

26)  

_____________ 

27) 

Kevin Ash earns a semi-monthly salary of $1023.40 and works a regular workweek of 40 hours.
a)	What is Kevin's hourly rate of pay?
b)	If Kevin's gross earnings in one pay period were $1390.47, for how many hours of overtime was he paid at time and one-half of his regular pay? 

27)  

_____________ 

28) 

R.J. earns $11.70 an hour, with time-and-a-half for hours worked over 36 a week. His clock hours for a week are 10.5, 7.5, 11, 13, and 9.75. Determine his gross earnings for a week. 

28)  

_____________ 

29) 

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? 

29)  

_____________ 

30) 

A sales representative selling computer parts receives a commission of 3.5% on net sales up to $15 000.00, 7% on the next $6000.00, and 9% on any further sales. If his sales for a month were $34 250.00 and sales returns were $1055.00, what was his commission for the month? 

30)  

_____________ 

31) 

A salesperson had gross earnings of $943.25 for last week on gross sales of $8320.00. If returns and allowances were 5.5% of gross sales, what is his rate of commission based on net sales? 

31)  

_____________ 

32) 

A salesperson is paid a weekly salary of $350.00 or a commission of 14.5% of his sales, whichever is the greater. What is his earnings for a week in which his sales were
a)	$2480.00?
b)	$3780.00? 

32)  

_____________ 

33) 

Beth's annual salary is $42 120.00. Her regular work-week is 36 hours and she is paid semi-monthly.
a)	Calculate her gross pay period
b)	Calculate her hourly rate of pay
c)	Calculate her gross pay for a period in which she works 12 hours of overtime at time and one-half regular pay. 

33)  

_____________ 

34) 

Scott Rae had gross earnings of $554.30 for last week. Scott earns a base salary of $350.00 on a weekly quota of $4 500.00. If his sales for the week were $6124.00, what is his commission rate? 

34)  

_____________ 

35) 

A.J. is paid an annual salary of $41 840.00. She is paid monthly on a 40-hour work week. What is the gross pay for a pay period in which she works 9 hours overtime at time-and-a-half regular pay? 

35)  

_____________ 

36) 

Corrine Davis had gross earnings of $937.50 for the week. If she receives a base salary of $664.00 on a quota of $7800.00 and a commission of 6.75% on sales exceeding the quota, what were Corrine's sales for the week? 

36)  

_____________ 

37) 

Abigail receives a commission of 4.5% on the first $1250.00 of sales during a week. On the next $4500.00 she receives a commission of 11.5%. On any additional sales, the commission rate is 13.75%. Find her gross earnings for a week during which her sales amount to $14 200.00. 

37)  

_____________ 

38) 

Last week Dana worked 46 hours. For the regular workweek of 40 hours she is paid $12.40 per hour, and for every hour over 40 hours she is paid at time and one-half regular pay. How much did she earn last week? 

38)  

_____________ 

39) 

Kim Farrena earns $17.60 per hour. Overtime from Monday to Friday is paid at time and one-half regular pay for any hours over 7 1/2 per day. Overtime on weekends is paid at double the regular rate of pay. Last week Kim worked regular hours on Monday, Wednesday, and Friday, 8.5 hours on Tuesday, 11.75 hours on Thursday, and 5 hours on Saturday. Determine Kim's gross wages by each of the two methods. 

39)  

_____________ 

40) 

C.O. is paid a semi-monthly salary of $1 250.00. If his regular work week is 35 hours, what is his hourly rate of pay? 

40)  

_____________ 

41) 

C.O. is paid a semi-monthly salary of 2 754.30. If his regular work week is 42 hours, what is his hourly rate of pay? 

41)  

_____________ 

42) 

An employee receives a gross pay of $750.73 for 47.25 hours of work. What is the hourly rate of pay if a regular work week is 37.5 hours and overtime is paid at time-and-a-half the regular rate of pay? 

42)  

_____________ 

43) 

Ali checked his pay stub on his employee portal and it showed gross earnings of $596.00 for 51 hours of work. What is his hourly rate of pay if the regular workweek is 40 hours and overtime is paid at time and one-half the regular rate of pay? 

43)  

_____________ 

44) 

Barb's Home Income Tax business operates only during tax season. Last season Barb grossed $38 790 including GST. During that season she spent $9500 before GST on her paper and supply purchases. How much does Barb owe Revenue Canada for GST? 

44)  

_____________ 

45) 

"Save the tax" is a popular advertising tactic. How much would you save on the purchase of a sweater with a list price of $52.00 in a Manitoba store during a "Save the PST" promotion? 

45)  

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46) 

A retail chain sells snowboards for $855.00 plus GST and PST. What is the price difference for consumers in London, Ontario, and Lethbridge, Alberta? 

46)  

_____________ 

47) 

Emily's residence is assessed by the local taxation department at $249 500.00. Calculate the property taxes paid on this property if the existing mill rate is 15. 

47)  

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48) 

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%. 

48)  

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49) 

Sean's residence is assessed by the local taxation department at $160 000. Calculate the property taxes paid on this property if the existing mill rate is 20. 

49)  

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50) 

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

50)  

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51) 

A town has an assessed residential property value of $350 000 000. The town council must meet the following expenditures

Education	$11 050 000
General Purposes	$2 100 000
Recreation	$270 000
Public works	$670 000
Police and fire protection	$857 500

a)	Suppose 70% of the expenditures are charged against residential real estate. Calculate the total property taxes that must be raised.
b) 	What is the mill rate?
c) 	What is the property tax on a property assessed at $235 000? 

51)  

_____________ 

52) 

Extend and total the following invoice.

Quantity	Description	Unit Price	Amount
	77	Item A	$0.65	________
	208	Item B	$83	________
	621	Item C	$1.19	________
	414	Item D	$1.95	________
			Total	________ 

52)  

_____________ 

53) 

Denise Jantz invested $35 000 on January 1 in a partnership. She withdrew $5000 on June 1, withdrew a further $1900 on August 1, and reinvested $6 000 on November 1. What was her average monthly investment balance for the year? 

53)  

_____________ 

54) 

Jessica Hughes invested $40 000 on January 1 in a partnership. She withdrew $15 000 on June 1, withdrew a further $2000 on August 1, and reinvested $8 000 on November 1. What was her average monthly investment balance for the year? 

54)  

_____________ 

55) 

Carla is paid a semi-monthly salary of $1870.80. Her regular workweek is 40 hours. Overtime is paid at time and one-half regular pay.
a)	What is Carla's hourly rate of pay?
b)	What is Carla's gross pay if she worked 7 1/2 hours overtime in one pay period? 

55)  

_____________ 

56) 

Tom is employed at an annual salary of $50 292.48. His regular workweek is 37.5 hours and he is paid semi-monthly.
a)	What is Tom's gross pay per period?
b)	What is his hourly rate of pay?
c)	What is his gross pay for a period in which he worked 12 1/2 hours overtime at time and one-half regular pay? 

56)  

_____________ 

57) 

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? 

57)  

_____________ 

58) 

Nick's gross earnings for one week was $698.10. His regular rate of pay is $15.60 for a 35 hour week and overtime is paid at time and one-half regular pay. Calculate the number of hours that Nick worked. 

58)  

_____________ 

59) 

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. 

59)  

_____________ 

60) 

September is paid on a weekly commission basis. She is paid a base salary of $370.00 on a weekly quota of $9500.00 and a commission of 5.75% on any sales in excess of the quota.
a)	If September's sales for last week were $11 340.00, what were her gross earnings?
b)	What are September's average hourly earnings if she worked 35 hours? 

60)  

_____________ 

61) 

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? 

61)  

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62) 

Yanping receives a monthly salary of $1931.54 paid semi-monthly. The regular workweek is 38 hours.
a)	Calculate the hourly rate of pay.
b)	If the gross earnings for one pay period is 1270.75, for how many hours of overtime was Yanping paid at double-time regular pay. 

62)  

_____________ 

63) 

Norm Bates is paid a semi-monthly salary of $792.50. Regular hours are 37 1/2 per week and overtime is paid at time and one-half regular pay.
a)	What is Norm's hourly rate of pay?
b)	How many hours overtime did Norm work in a pay period for which his gross pay was $946.30? 

63)  

_____________ 

64) 

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? 

64)  

_____________ 

65) 

Shaggy's Grocery Store shows sales revenue (exclusive of GST) of $235 000 for the year. Shaggy's GST taxable expenses were (exclusive of GST) $24 750. How much should he remit to the government at the end of the year? 

65)  

_____________ 

66) 

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? 

66)  

_____________ 

67) 

A computer store located in Oakville, Ont., sells a laptop for $1000.00 plus HST. If the same model is sold at the same price in a store in Victoria, B.C.., what is the difference in the prices paid by consumers in the two stores? 

67)  

_____________ 

68) 

Two people living in different communities build houses of the same design on lots of equal size. If the person in Airdrie has his house and lot assessed at $165 000 with a mill rate of 22.051 mills, will his taxes be more or less than the person in Kimberly with an assessment of $145 000 and a mill rate of 25.124 mills? 

68)  

_____________ 

69) 

Extend each of the following and determine the total.
Quantity 	Unit Price
	74 	$1.35
	90 	16 
	70 	$0.885
	58 	$1.35 

69)  

_____________ 

70) 

Spade Realty sold lots for $17 120 per hectare. What is the total sales value if the lot sizes, in hectares, were 5 3/4, 7 1/3, 5 5/8, and 4 1/6? 

70)  

_____________ 

71) 

Heart of Gold Realty sold lots for $50 000 per hectare. What is the total sales value if the lot sizes, in hectares, were 1 3/4, 2 1/3, 3 5/8, and 4 1/6? 

71)  

_____________ 

72) 

A salesperson earned a commission of $926.59 for last week on gross sales of $7880. If returns and allowances were 10.5% of gross sales, what is his rate of commission based on net sales? 

72)  

_____________ 

73) 

Levi earns $19.60 an hour with time and one-half for hours worked over 8 a day. His hours for a week are 9.25, 8.5, 10.5, 13.5, and 6.25. Determine his gross earnings for a week. 

73)  

_____________ 

74) 

A salesperson receives a weekly base salary of $800.00 on a quota of $2900. On the next $2100, she receives a commission of 14%. On any additional sales, the commission rate is 19%. Find her gross earnings for a week in which her sales total $8455. 

74)  

_____________ 

75) 

A clothing salesperson receives a weekly base salary of $200.00 on a quota of $3 000. On the next $1000, he receives a commission of 25%. On any additional sales, the commission rate is 40%. Find her gross earnings for a week in which her sales total $6000. 

75)  

_____________ 

76) 

Esther's flower shop had sales revenue of $152 000.00 for the year. If the shop's GST taxable expenses were 29 920.00. Calculate how much Colleen should remit to the government at the end of the year. 

76)  

_____________ 

77) 

Alicia Helm of Wawanesa, Manitoba, bought a ring for $5700. Since the jeweller is shipping the ring, Alicia must pay a shipping charge of $30.00. She must also pay PST and GST on the ring. Find the total purchase price of Alicia's ring. 

77)  

_____________ 

78) 

Suppose you went shopping and bought bulk laundry detergent worth $11.65. You then received a $1.50 trade discount, and had to pay a $2.10 shipping charge. Find the total purchase price of the detergent in Nova Scotia. 

78)  

_____________ 

79) 

A town has a total residential assessment of 900 million dollars. The town must meet expenditures of $45 million.
a)	If 90% of the expenditures are charged against residential real estate, calculate then total property taxes that must be raised.
b)	Calculate the mill rate.
c)	Calculate the property tax on a property assessed at $235 000.00 

79)  

_____________ 

80) 

A small town has a total residential assessment of $1.1 billion. The town must meet expenditures of $300 million.
a)	If 80% of the expenditures are charged against residential real estate, calculate then total property taxes that must be raised.
b) 	Calculate the mill rate.
c) 	Calculate the property tax on a property assessed at $500 000.00 

80)  

_____________ 

MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 

81) 

Simplify 6 +  - 4 

81) 

______ 

A) 

46 

B) 

18 

C) 

4 

D) 

24 

E) 

8 

82) 

Simplify 10 +  - 5 

82) 

______ 

A) 

5 

B) 

7.5 

C) 

2 

D) 

55 

E) 

8 

83) 

Calculate the final answer for the following expression
(53 + 22) ÷ 20 

83) 

______ 

A) 

7.45 

B) 

9.45 

C) 

6.45 

D) 

4.45 

E) 

5.45 

84) 

Simplify the following
7125 ×   

84) 

______ 

A) 

23592.74 

B) 

24592.74 

C) 

27592.74 

D) 

25592.74 

E) 

26592.74 

85) 

Calculate the weighted-average cost of the following inventory purchases

Date	Quantity Purchased	Cost per Unit	Total Amount
May 4	33	$12.25 	
May 11	41	$13.87	
May 29	37	$11.99	

85) 

______ 

A) 

$12.12 

B) 

$22.22 

C) 

$12.76 

D) 

$21.21 

E) 

$22.11 

86) 

You are paid a commission on the gross profit per vehicle that you sell. The commission increases with each additional vehicle that you sell. The minimum commission is 25% and it increases in increments of 1% for each additional vehicle sold. Your sales for the following month were as follows

Vehicle	Gross Profit
	1	$755
	2	$1023
	3	$474
	4	$1512
	5	$864
	6	$1021
	7	$1953
	8	$1207

What is your monthly gross pay? 

86) 

______ 

A) 

$2569.42 

B) 

$2669.69 

C) 

$2642.69 

D) 

$2462.69 

E) 

$2554.60 

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. 

87) 

______ 

A) 

$2844.42 

B) 

$2488.42 

C) 

$1961.42 

D) 

$3488.42 

E) 

 none of the above 

88) 

You are supposed to teach 15 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

88) 

______ 

A) 

$10 987.50 

B) 

$9987.50 

C) 

$8987.5 

D) 

$11 187.50 

E) 

$11 987.50 

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? 

89) 

______ 

A) 

$16 317.78 

B) 

$15 137.78 

C) 

$17 137.78 

D) 

$18 237.78 

E) 

$16 137.78 

90) 

Calculate the final answer for the following expression (103 + 202) ÷ 20. 

90) 

______ 

A) 

70.00 

B) 

5000 

C) 

50.00 

D) 

3.5 

E) 

20.00 

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

91) 

______ 

A) 

$37.49 

B) 

$22.74 

C) 

$22.75 

D) 

$12.74 

E) 

$12.75 

92) 

You bought a new car in Ontario for $19 500 which included HST. What is the total amount of HST that you paid? 

92) 

______ 

A) 

$2535.00 

B) 

$171.05 

C) 

$2913.79 

D) 

$1197.37 

E) 

$2243.36 

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. 

93)  

_____________ 

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? 

94)  

_____________ 

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? 

95)  

_____________ 

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. 

96) 

______ 

A) 

$5380 

B) 

$11 298 

C) 

$8473.50 

D) 

$4035 

E) 

$5649 

97) 

Raj works for Honda Pickering on commission based on each unit sold. He gets $700 for every used car he sells and $975 for every new car. He sold 8 used cars and 5 new cars in January 2020. What was his gross earning in January? 

97) 

______ 

A) 

$11,300 

B) 

$10,475 

C) 

$4875 

D) 

$5600 

98) 

Abu sells mutual funds for CIBC. On mutual funds sales, CIBC charges a "front-end load" or gross commission rate of 5%. Abu is paid on a graduated commission structure. He receives 30% commission on the first $50 000 worth of mutual funds he sells in a month, 40% commission for the next $50 000 worth of mutual funds, and 75% commission on all additional sales in the same month. What is Abu's commission for a month in which he sells $150 000 worth of mutual funds? 

98) 

______ 

A) 

$2250 

B) 

$4500 

C) 

$3625 

D) 

$5625 

E) 

$2700 

SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 

99) 

On March 1, Sam invested $90 000 in a business. On June 1, he invested another $10 000. On July 1, he withdrew $17 000 to spend on the repair of his house. On September 1, he injected another $2000 into the business. What was his average investment per month in the business during the year? Assume all months have the same length or weighting. 

99)  

_____________ 

MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 

100) 

The engineering department of a consulting company has 8 junior engineers working at $24.75/hour, 5 senior engineers working at $39.49/hour, and an engineering manager working at $47.24 per hour. Calculate the weighted average hourly rate earned by the engineering department. 

100) 

_____ 

A) 

$88.19 

B) 

$35.09 

C) 

$34.05 

D) 

$31.62 

E) 

$37.16 

SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 

101) 

In 2011, Danny invested his savings among four mutual funds as follows 25% in bonds fund, 20% in Canadian equity fund, 40% in US equity fund, and the rest in money markets. During the past year, the rates of return on the individual funds were 7%, 3%, 9%, and -1%, respectively. What was the overall return rate on his portfolio? 

101)  

____________ 

102) 

In the first term, Sam's courses and grades were as follows

Course	Credit	Grade Point Value	
English	2	2.7	
French	2	3.0	
Math	3	4.0	
Physics	3	4.0	
Chemistry 	3	3.7	
Social Science	1	3.3	
Arts	1	2.0	

Calculate Sam's Grade Point Average (GPA). 

102)  

____________ 

MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 

103) 

Kim invested $7500 in a business for 3 months. She withdrew $2500 at the start of the fourth month and kept the rest of the money in the savings account for the remaining 9 months in the year. What is Kim's average monthly investment balance for the year? 

103) 

_____ 

A) 

$3750 

B) 

$1042 

C) 

$5625 

D) 

$833 

E) 

$5000 

SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 

104) 

Certify Auto Repair (CAR) files GST returns annually. In 2012, CAR billed its customers $195 432 for labour, $24 732 for parts, and then added the GST. During this year, CAR paid $19 785 for parts, $36 000 for rent, $9767 for utilities, and $21 873 for shop repairs, plus the GST on these goods and services. What GST must be remitted (or refunded by the CRA ) for the year 2012? 

104)  

____________ 

105) 

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? 

105)  

____________ 

MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 

106) 

Justin is planning to buy a house. He has two options. A 1800 sq. ft. bungalow in Courtice costs $389 000. A similar house costs $369 000 in Bowmanville. Justin plans to base his decision on the cost of property tax paid. 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. Where will he end up paying less taxes? 

106) 

_____ 

A) 

In Courtice 

B) 

In Bowmanville 

C) 

Taxes are the same in both the cities 

D) 

There is not enough data to make a decision 

SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 

107) 

Paul is a homeowner in Whitby and his home value has been recently assessed by MPAC as $339 500. Paul's tax notice lists the following mill rates for various local services and capital developments. Calculate current year's total property tax.

Town general municipal	4.19938	
Region subtotal	7.18877	
Education	2.21000	

107)  

____________ 

MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 

108) 

Simplify 

108) 

_____ 

A) 

0.58 

B) 

6.11 

C) 

1 

D) 

0.24 

E) 

10.49 

109) 

Simplify 

109) 

_____ 

A) 

-1 

B) 

-1.5 

C) 

0 

D) 

1.5 

E) 

1 

110) 

Simplify 

110) 

_____ 

A) 

$695 

B) 

$771 

C) 

$765 

D) 

$7067 

E) 

$665 

111) 

Simplify 5 + 7 - 9

111) 

_____ 

A) 

22

B) 

3

C) 

3

D) 

3

E) 

3

112) 

Simplify and round the answer to two decimal places 56.929 - 36.434 

112) 

_____ 

A) 

20.53 

B) 

20.48 

C) 

20.50 

D) 

20.49 

E) 

20.54 

SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 

113) 

Change 0.25% into a decimal. 

113)  

____________ 

114) 

Change 0.035 into a percent. 

114)  

____________ 

MULTIPLE CHOICE.  Choose the one alternative that best completes the statement or answers the question. 

115) 

Change 0.2% into a fraction. 

115) 

_____ 

A) 

B) 

C) 

D) 

E) 

 

116) 

Express the following as a percentage

116) 

_____ 

A) 

.1667% 

B) 

16.67% 

C) 

166.67% 

D) 

.001667% 

E) 

1.667% 

117) 

Change the following expression into a decimal 166.67% 

117) 

_____ 

A) 

16667 

B) 

166.7 

C) 

0.16667 

D) 

166667 

E) 

1.6667 

118) 

87% is equal to 

118) 

_____ 

A) 

8.75 

B) 

87

C) 

D) 

E) 

% 

119) 

Convert 99.5% into decimals. 

119) 

_____ 

A) 

0.995 

B) 

0.99 

C) 

0.999 

D) 

9.95 

E) 

0.9 

SHORT ANSWER.  Write the word or phrase that best completes each statement or answers the question. 

120) 

Simplify 2[42 - 3 × 12 + 4(7 - 9 × 50)] + (6 + 94) 

120)  

____________ 

121) 

Simplify 44[(9 ÷ 3) + 72 - 6 × 2.5 - 19] - [42 - 3(77 ÷ (3.5 × 2)) - 9] 

121)  

____________ 

122) 

Simplify, then round to the nearest hundredth 

122)  

____________ 

123) 

Convert this fraction into the decimal form. If appropriate, place a dot above a decimal number to show that it repeats 

123)  

____________ 

124) 

Convert this fraction into the decimal form. If appropriate, place a dot above a decimal number to show that it repeats   

124)  

____________ 

125) 

Reduce the following fraction to the lowest term 

125)  

____________ 

126) 

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

126)  

____________ 

127) 

Change the following percent into a common fraction in lowest terms 82.6% 

127)  

____________ 

128) 

Express the following as a percent 0.67 

128)  

____________ 

129) 

Express the following as a percent 4.55 

129)  

____________ 

130) 

Express the following as a percent 

130)  

____________ 

131) 

A house in Detroit was sold at $246,000, which is  of its actual value. If the realtor made a commission of $1.25 on each $250 of the actual house value, how much commission does the realtor earn while selling the house? 

131)  

____________ 

132) 

A party room was rented out at $11.75 per hour. If 6 people each rented the room for 2, 1, 4, 3, 6, and 2 hours respectively, how much did the party room owners earn in total (excluding all taxes)? Round your answer to the nearest cent. 

132)  

____________ 

133) 

Complete the following statement

Quantity	Description	Unit Price	Total $	
88	Alpha	$0.37		
65	Bravo	96 ¢		
73	Charlie	$0.675		
46	Delta	$1.44		

133)  

____________ 

134) 

Oliver received a pay at the end of the month of $4 303.00 in June 2016, working 6 hours a day, and a total of 20 days in the month. Included in the pay is a bonus of $243. What is Oliver's hourly rate of pay? Round to the nearest cent. 

134)  

____________ 

135) 

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? 

135)  

____________ 

136) 

Determine the amount of provincial sales tax in Quebec after purchasing an electric key board for $182. 

136)  

____________ 

137) 

While in Prince Edward Island, Charlotte goes to the barbershop, where she pays $24 for the haircut and $21 for the colour, both of which are subject to the 14% HST. She also tips the barber 17% of the combined cost of the haircut and colouring, excluding taxes. How much does Charlotte spend in total? 

137)  

____________ 

138) 

The city of Toronto had a property tax rate of approximately 1.529% on multiresidential buildings in 2015. If a multiresidential building had an estimated value of $ 12 500 000, how much property tax did the building's owners have to pay? 

138)  

____________ 

139) 

Evaluate 

139)  

____________ 

140) 

Simplify 6 ÷ 2 + 15 × 2 

140)  

____________ 

141) 

Turn 78% into a common fraction in lowest terms. 

141)  

____________ 

142) 

Express 93/44 as a percent. 

142)  

____________ 

143) 

Compute 187% of 342. 

143)  

____________ 

144) 

Find the arithmetic average of the following data set 2, 9, , 34.02, 52, 1, 83, 0.5, 6, . 

144)  

____________ 

145) 

Pooja has an annual salary of $98 351.00 and is paid biweekly. Her regular workweek is 32 hours.
a)	What is Pooja's gross pay per pay period?
b)	What is the hourly rate of pay?
c)	What are the gross overtime earnings for Pooja if the overtime rate is one and three quarters the regular hourly rate of pay and she works 8 extra hours? 

145)  

____________ 

146) 

Danny receives a commission of 13.4% on the first $5000 of his net sales, 14.1% on the next $3000, and 15.0% on any additional net sales for the month, and is entitled to drawings of up to $1750 per month. During February, Danny's gross sales amounted to $11 456 and sales returns and allowances of $512. 
a)	What is Danny's gross commission for the month?
b)	If Danny drew $1235 in February, what is the amount due to him? 

146)  

____________ 

147) 

In 2018, Ashley's bike repair shop made a gross profit of $23 000, of which $4032 were GST-taxable expenses. How much did Ashley remit to the government in 2018? 

147)  

____________ 

148) 

Suppose that in your Business Math course you receive the following grades (%)

Assessment	Grade Received	
Quiz 1	80%	
Quiz 2	90%	
Quiz 3	50%	
Quiz 4	40%	
Quiz 5	80%	
Quiz 6	90%	
Quiz 7	80%	
Quiz 8	50%	
Quiz 9	80%	
Quiz 10	70%	
Term Test 1	65%	
Term Test 2	78%	
Final Exam	72%	

Each assessment category counts as following towards the final grade

Assessments	Course Grade	
Quizzes (best 8 out of 10)	20%	
Tests (two; each 15%)	30%	
Final Exam	50%	

a)	What is your average quiz grade in this course? 
b)	What is your average grade for the course overall? 

148)  

____________ 

 

1) 

(28 - 4)/3 = 24/3 = 8 

2) 

8 + 12 = 20 

3) 

5 ∗ 7 = 35 

4) 

5/20 = .25 

5) 

40/20 = 2 

6) 

9 ∗ 3 + 5 ∗ 10 = 27 + 50 = 77 

7) 

268/(4400 ∗ .4262295) = 268/1875.4098 = .1429021 

8) 

125 ∗ (6 + 0.35 ∗ 0.2094395) = 125 ∗ (6 + 0.0733038) = 125 ∗ (6.0733038) = 759.163 

9) 

400 ∗ (1 + .10 ∗ .2739726) = 400 ∗ (1 + .02739726) = 400 ∗ (1.02739726) = 410.959 

10) 

9210 ∗ (5 - 1.38 ∗ 0.40238095) = 9210 ∗ (5 - 0.5552857) = 9210(4.444714) = 40,935.8 

11) 

2424/(1 + .2 ∗ .4547945) = 2424/(1 + .0909589) = 2424/1.0909589 = 2221.899 

12) 

3140/(2 + 0.35 * 0.2123288) = 3140/(2 + 0.0743151) = 2910/2.074315068 = 1513.753 

13) 

5000/(1 + .1 ∗ .5) = 5000/(1 + 0.05 ) = 5000/1.05 = 4761.90 

14) 

23240 ∗ ( + 3 + 4)
= 23240 ∗ (2 10/20 + 3 5/20 + 4 4/20)
= 23240 ∗ (9 19/20) = 23240 ∗ 9.95
= $231238 

15) 

Total Hours
= 15 + 14 + 18 
= 15.5 + 14.75 + 18.125
= 48.375
Total cost of labor = 48.375 ∗ 14.75 = $713.53 

16) 

Total Hours
= 11 + 14 + 22
= 11.75 + 14.65 + 22.80
= 49.20
Total cost of labor = 49.20 ∗ 18.00 = $885.60 

17) 

Retail value = 300($0.75) = $225
Credit = (1-1/3 )∗ $225 = (2/3) ∗ $225 = $150 

18) 

1161616161669 × 0.85	=	$58.65
111 × 0.16 2/3 = 330 × 0.1666667	=	18.50
155 × 2.75	=	426.25
350 × 1.66	=	581.00
		$1084.40 

19) 

Quantity	Unit Price	Value
	48	$2.45	$117.60
	48	0.83 1/8	39.90
	16	2.12	33.92
	60	1.33 1/6	    79.90
Total		$271.32 

20) 

Number of items		Unit price		Weighted value
	8	×	$13.00	=	104.00
	4	×	$12.00	=	48.00
	15	×	$10.00	=	150.00
	10	×	$10.50	=	105.00
Total	37				407.00

Average price was 407/37 = $11.00 

21) 

Number of items		Unit price		Weighted value
	5	×	$5.00	=	25.00
	10	×	8.00	=	80.00
	8	×	6.00	=	48.00
	15	×	3.00	=	45.00
Total	38				198.00

Average price was 198/38 = $5.21 

22) 

= 70(0.1) + 85(0.2) + 64(0.3) + 72(0.4)
= 7 + 17 + 19.2 + 28.8
= 72 

23) 

a)	66 + 69 + 80 + 57 = 272
	Average number of litres = 272 ÷ 4 = 68
b)	Average cost per litre
	Total cost = 66 × 69.0 =	45.54
	69 × 70.5 =	48.645
	80 × 71.5 =	57.20
	57 × 74.5 =	42.465
		193.85 cents
	Average cost = 193.86 ÷ 272 = 71.27 cents
c)	Average cost per km = 71.27 ÷ 9.75 = 7.3097436 cents 

24) 

Weighted investment
January 1 — March 31	12500 × 3/12 = 3125.0000
April 1 - July 31	11650 × 4/12 = 3883.3333
August 1 - August 31	13570 × 1/12 = 1130.8333
September 1 - December 31	12870 × 4/12 = 4290.0000
Average investment balance =	$12429.17 

25) 

Weighted investment
January 1 - February 28	10000 × 2/12 = 1666.6700
March 1 - June 30	9000 × 4/12 = 3000.0000
August 1 - August 31	14000 × 3/12 = 3500.0000
September 1 - December 31	10000 × 3/12 = 2500.0000
Average investment balance =	$10666.67 

26) 

Date	Balance	Months	Weighted value
January	1	7600	2	15 200
March	1	7180	2	14 360
May	1	8870	5	44 350
October	1	8740	 3	26 220
		Total	12	100 130

Average monthly balance = 100130/12 = $8344.17 

27) 

a)	Semimonthly pay = $1023.40
	Yearly salary = $24 561.60
	Weekly gross pay = 24561.60 ÷ 52 = $472.34
	Hourly rate = 472.34 ÷ 40 = $11.81
b)	Gross pay 	=	1390.47
	Regular pay 	=	- 1023.40
	Overtime pay 	=	367.07
	Number of overtime hours = (367.07 ÷ 1.5) ÷ 11.81 = 20.72 hrs. 

28) 

Total hours = 10.5 + 7.5 + 11 + 13 + 9.75 = 51.75
Regular weekly earnings = 36 × $11.70 = $421.20
Overtime earnings = (51.75 - 36) × $11.70 × 1.5 = $276.41
Gross = Regular time + Overtime = $421.20 + $276.41 = $697.61 

29) 

Gross sales 	= 	$14660.00
Less returns 	= 	   331.20
Net sales 	= 	14328.80
Gross commission = 14328.80 × .1075 =	1540.35
Less drawings 	820.00
Amount due 	$720.35 

30) 

Gross sales 	=	$34250.00
Less returns 	=	1055.00
	Net sales 	= 	$33195.00
Commission	= .035 × 15000.00	=	$525.00
	= .07 × 6000.00	=	420.00
	= .09 × 12195.00	=	1097.55
	Total commission	=	$2042.55 

31) 

Net sales = (1 - .055) * 8320 = 7862.40
Commission rate =   = 11.997% 

32) 

a)	Salary	= $350.00
	Commission = .145 ∗ 2480.00	= $359.60
		Gross earnings 	= $709.60

b)	Salary 	= $350.00
	Commission = .145 ∗ 3780.00	= $548.10
		Gross earnings	= $898.10 

33) 

a)	 = $1755.00
b)	  = $22.50
c)	Overtime = 12 × 22.50 × 1.5 = $405.00
	Gross pay = 1755.00 + 405.00 = $2160.00 

34) 

Gross earnings	 = 	$554.30
Less base salary 	=	  350.00
	Commission 	=	$204.30
Sales for week 	=	$6124.00
Quota 	=	 4500.00
	Commission sales 	=	 $1624.00
Rate of commission =  = 12.58% 

35) 

Weekly pay =  = 804.6154
Hourly pay =  = $20.1154
Regular monthly earnings =  = 3486.67
Overtime earnings = 20.1154 × 9 ∗ 1.5 = 271.56
Gross = Regular time + Overtime = 3486.66 + 271.56 = $3758.22 

36) 

Gross earnings 	=	937.50
Less base salary 	=	 664.00
	Commission	273.50
Commission sales =  = 4051.85
Sales for week = $(7800 + 4051.85) = $11 851.85 

37) 

Commission on first $1250.00 is 0.045 × 1250.00 = 56.25
Commission on next $4500.00 is 0.115 × 4500.00 = 517.50
Commission on remainder = 0.1375 × 8450 = 1161.875
After rounding to the nearest cent, gross earnings are $1293.63. 

38) 

For the first 40 hours = 40(12.40) = 496.00
For the next 6 hours = 6(12.40 + 6.20) = 111.60
The total = 496.00 + 111.60 = $607.60 

39) 

Method A 	Regular hours = 37.5 × 17.60 	= 	660.00
	Overtime pay = 5.25 × 17.60 × 1.50 	= 	138.60
	5 × 17.60 × 2 	=	176.00
	Gross earnings 	=	$974.60

Method B 	At regular rate 47.75 × 17.60 	=	840.40
	Overtime premium 5.25 × 17.60 × 0.50 	=	46.20
	Overtime premium 5 × 17.60 × 1 	=	88.00
	Gross earnings 	=	$974.60 

40) 

Annual salary = 1250.00 × 24 = 30000.00
Weekly pay =  = 576.92
Hourly rate =  = $16.48 

41) 

Annual salary = 2754.30 × 24 = 66103.20

Weekly pay =  = 1271.22
Hourly rate =  = $30.27 

42) 

Let the regular rate of pay be y.
Regular weekly pay = 37.5y
Overtime pay = (9.75 × 1.5)y = 14.625y
Total pay = 37.5y + 14.625y = 750.7
	52.125y = 750.73
	y = 14.40
The regular rate of pay is $14.40 

43) 

Total hours 	= 51
Regular hours 	= 40
Overtime hours 	= 11
At time-and-a-half, overtime hours are equivalent to
11 × 1.5 = 16.5 regular hours
Rate of pay = 596/56.5 = $10.55 

44) 

Barb's revenue of $38 790 includes 5% GST.
GST taxable revenue =  = 36 942.86
GST collected = 5% of 36 942.86 = 1 847.14
GST paid = 5% of 9 500 = 475.00
Barb owes Revenue Canada $1847.14 - $475 = $1372.14 

45) 

Savings on PST = 7% of $52.00 = 0.07(52.00) = $3.64 

46) 

Total cost in London
Retail price 	= 	$855.00
HST = 13% of $855.00 = 0.13(855) 		$111.15
	Total cost in London	= 	$966.15

Total cost in Lethbridge
Retail price 	= 	$855.00
GST = 5% of $855.00 = 0.05(855)		$42.75
PST 		nil
	Total cost in Lethbridge 		 $897.75
	Difference = PST		$68.40 

47) 

249500 ×  = $3742.50 

48) 

Property tax = $326 500 × 1.05351/100 = $3439.71 

49) 

160 000 ×  = $3200.00 

50) 

Property tax = 32500 = $6950.45 

51) 

a)	Total expenditure = $(11050000 + 2100000 + 270000 + 670000 + 958500)
	= 14947500
	Total residential property tax = 0.70(14947500) = $10463250
b)	Residential mill rate = (1000) = 29.895
c)	Property tax = $235000 = $7025.33 

52) 

77 × 0.65	= 	$50.05
208 × 0.83	= 	173.16
621 × 1.19	= 	738.99
414 × 1.95	=	 807.30
		$1769.50 

53) 

January 1 - May 31	35000 × 5 =	175000
June 1 - July 31	30000 × 2 =	60000
August 1 - October 31	28100 × 3 =	84300
November 1 - December 31	34100 ×  =	68200
	Total		387500
Average monthly investment =  = $32 291.67 

54) 

January 1 - May 31	40000 × 5 =	200000
June 1 - July 31	25000 × 2 =	50000
August 1 - October 31	23000 × 3 =	69000
November 1 - December 31	31000 ×  =	62000
	Total		381000
Average monthly investment =  = $31 750.00 

55) 

a)	Annual salary = 24 × 1870.80 = 44899.20
	Weekly salary = 44899.20 ÷ 52 = 863.45
	Hourly rate of pay =  = $21.58625
b)	Regular semimonthly pay	=	1870.80
	Overtime pay = 7.5 × 21.58625 × 1.5	=	242.85
		Gross earnings		$2113.65 

56) 

a)	Semimonthly pay = 50292.48 ÷ 24 = 2095.52
b)	Weekly pay = 50292.48 ÷ 52 = 967.16308
	Hourly rate = 967.16308 ÷ 37.5 = 25.791015
c)	Regular earnings	=	2095.52
	Overtime pay = 12.5 × 25.791015 × 1.5	=	483.58
		Gross earnings	=	$2579.10 

57) 

a)	Regular earnings = 40 × 11.20 	=	448.00
	Overtime pay = 4 × 11.20 × 1.5 	=	  67.20
		Gross earnings	=	$515.20

b)	Overtime premium = 4 × 11.20 × 0.5 = $22.40 

58) 

Gross earnings = 698.10
Regular earnings = 35 × 15.60 = 546.00
Overtime pay = 698.10 - 546.00 = 152.10
Overtime hours =  = 6.5 hours
Total number of hours worked = 35 + 6.5 = 41.5 hours 

59) 

a)	Net sales = Gross sales - Returns = 11 160 - 120 = 11 040
	Commission	2% of 6000 = 120.00
		4% of 3000 = 120.00
		6.25% of (11 040 - 9000) = 127.50
	Gross earnings = 120.00 + 120.00 + 127.50 = $367.50
b)	Average hourly rate = 367.50 ÷ 40 = $9.19 

60) 

a)	Base salary on quota of $9500	= 	370.00
	Commission = 5.75% on 1840	= 	105.80
	Gross earnings	= 	$475.80
b)	Hourly rate = 475.80 ÷ 35 = $13.59 

61) 

Net sales = 2551.05 ÷ 0.145 = 17593.448
Net sales = Gross sales - returns
17593.448 = Gross sales - 6% of Gross sales
17593.448 = 94% of Gross sales
Gross sales =  = $18 716.43 

62) 

a)	Annual gross earnings = 1931.54 × 12 = 23 178.48
	Weekly gross earnings =  = 445.74
	Hourly rate of pay =  = $11.73
b)	Regular semi-monthly gross earnings =  = 965.77
	Overtime pay = 1270.75 - 965.77 = 304.98
	Overtime rate = 11.73 × 2 = 23.46
	Overtime hours =  = 13 hours 

63) 

a)	Annual salary = 792.50 × 24 = 19020.00
	Weekly pay = 19020.00 ÷ 52 = 365.76923
	Hourly rate of pay = 365.76923 ÷ 37.5 = $9.75
b)	Gross earnings 	= 946.30
	Regular earnings 	= 792.50
	Overtime pay 	= 153.80
	Overtime hourly rate = 9.75 × 1.5 = 14.625
	Overtime hours = 153.80 ÷ 14.625 = 10.516 hr. 

64) 

Total hours	=	45.5
Regular hours	=	40.00
Overtime hours	=	5.5
5.5 overtime hours are equivalent to 5.5 × 1.5 = 8.25 regular hours.
Hourly rate of pay =  = $14.74 

65) 

GST collected	= 5% of $235000 = 0.05(235000)	=	11750.00
GST paid	= 5% of $24750 = 0.05(24750)	=	  - 1237.50
GST remittance		=	 $10512.50 

66) 

Amount paid in Penticton, BC
= Retail Price + 12% HST
= 2975(1.12)
= $3332.00
Amount paid in Thunder Bay, ON
= Retail price + 13%HST
= 2975(1.13)
= $3361.75
The difference = 3361.75 - 3332 = $29.75, that is the 1% difference in the HST. 

67) 

Amount paid in Oakville, Ont
= Retail Price + 13% HST
= 1000(1.13)
= $1130
Amount paid in Victoria, B.C.
= Retail price + 12% HST
= 1000 (1.12)
= $1120
The difference = 1130- 1120 = $10.00, that is the 1% difference in the HST 

68) 

Property tax in Airdrie = 165000  = 3638.42
Property tax in Kimberly = 145000  = 3642.98
The person in Kimberly pays $4.56 more in property tax. 

69) 

74 × 1.35 	=	99.90
90 × 0.16 	=	14.70
70 × .885 	=	61.95
58 × 1.35 	=	 78.30
Total		$254.85 

70) 

Total size 	= ha
	= (5.75 + 7.3333333 + 5.625 + 4.1666667) ha
	= 22.875 ha
Sales value 	= 17120 × 22.875 = $391620.00 

71) 

Total size 	=  ha
	= (1.75 + 2.3333333 + 3.625 + 4.1666667) ha
	= 11.875 ha
Sales value 	= 50000 × 11.875 = $593 750.00 

72) 

Net sales = 0.895 × 7880.00 = 7052.60
Commission rate =  = 13.14% 

73) 

Total hours = 9.25 + 8.5 + 10.5 + 13.5 + 6.25 = 48
Regular hours = 8 + 8 + 8 + 8 + 6.25 = 38.25
Overtime hours = 1.25 + 0.5 + 2.5 + 5.5 = 9.75
Regular pay = 38.25 × 19.60 	=	749.70
Overtime pay = 9.75 × 19.60 × 1.5 	=	  286.65
	Gross pay 	=	$1036.35 

74) 

Base salary on first $2900 	=	$800.00
Commission on next $2100 = 0.14 × 2100 	=	294.00
Commission on additional sales = (8455 - 5000) × 0.19 = 3455 × .19 =	656.45
	Gross earnings 	=	$1750.45 

75) 

Base salary on first $3000 	=	$200.00
Commission on next $1000 = 0.25 × 1000 	=	250.00
Commission on additional sales = (6000 -4000) × 0.40 = 2000 ×. 40 =	 800.00
	Gross earnings 	=	$1250.00 

76) 

GST collected = (0.05)152 000 = $7 600
GST paid = (0.05)29 920 = $1 496
	GST remittance = 7600 - 1496	= $6104 

77) 

Total value 			$5730.00
GST 	5% of $5730.00 	$286.50
Manitoba PST 	7% of 5730.00 	401.10	687.60
	Total purchase price 		$6417.60 

78) 

Purchase price 	 $11.65
Less discount 	 1.50
	Net price 	 10.15
Add shipping charge 	 2.10
	Total cost before taxes 	12.25
HST 15% of $12.25 	1.8375 	1.84
Total cost in Nova Scotia 	$14.09 

79) 

a)	Total Residential property tax = 0.9(45 000 000) = $40 500 000

b)	Mill rate = (1000) = 45
c)	Property tax = 235000 = $10 575.00 

80) 

a) 	Total Residential property tax = 0.8(300 000 000) = $240 000 000
b) 	Mill rate = (1000) = 218.18
c) 	Property tax = 500000 = $109 090 

81) 

C 

82) 

A 

83) 

C 

84) 

B 

85) 

C 

86) 

E 

87) 

B 

88) 

A 

89) 

E 

90) 

A 

91) 

E 

92) 

E 

93) 

Rate per day =  = $269/day
Rate per hour =   = $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) 

Base salary = 12 × 40 × 4 = $1920
Commission earned in August = 2% × 75000 = $1500
Total pay for August = $1920 + $1500 + $1000 = $4420 

95) 

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 

96) 

E 

97) 

B 

98) 

C 

99) 

$0 are invested for 2 months
$90,000 are invested for 3 months
$90000 + $10000 = $100,000 are invested for 1 month
$100,000 - $17000 = $83000 are invested for 2 months
$83000 + $2000 = $85000 are invested for 4 months
Average investment	= 
	=  = $73 000 per month 

100) 

D 

101) 

Contributing rate of return from bonds fund = 25% × 7% = 1.75%
Contributing rate of return from Canadian equity fund = 20% × 3% = 0.6%
Contributing rate of return from US equity fund	= 40% × 9% = 3.6%
Contributing rate of return from money market	= (100% - 25% - 20% - 40%) × (-1%)
	= 15% × (-1%) = -0.15%
Overall return rate on portfolio = 1.75% + 0.6% + 3.6% - 0.5% = 5.8% 

102) 

Course	Credits	GPV	Credits × GPV	
English	2	2.7	5.4	
French	2	3.0	6.0	
Math	3	4.0	12.0	
Physics	3	4.0	12.0	
Chemistry 	3	3.7	11.1	
Social Science	1	3.3	3.3	
Arts	1	2.0	2.0	
Total	15		51.8	

Grade Point Average =  = 3.45 

103) 

C 

104) 

Total Revenue = 195432 + 24732 = $220 164
Total Costs = 19785 + 36000 + 9767 + 21873 = $87 425
Net Revenue = 220164 - 87425 = $132 739
GST remitted = $6636.95 

105) 

Property Tax in Whitby =  × 389000 = $5289.68
Property Tax in Oshawa =  × 369000 = $5971.70
Net property tax penalty = $682.02 

106) 

A 

107) 

Total property tax rate = 4.19938 + 7.18877 + 2.21 = 13.59815

Total property tax =  × 339500 = $4616.57 

108) 

A 

109) 

A 

110) 

A 

111) 

E 

112) 

C 

113) 

0.25/100 = 0.0025 

114) 

0.035 ∗ 100 = 3.5% 

115) 

C 

116) 

B 

117) 

E 

118) 

D 

119) 

A 

120) 

= 2[42 - 3 × 12 + 4(7 - 9 × 50)] + (6 + 94)
= 2[16 - 3 × 12 + 4(7- 9 × 50)] + 6 + 94
= 2[16 - 36 + 4(-443)] + 6 + 94 
= 2[16 - 36 - 1772] + 6 + 94 
= 2[-1792] + 6 + 94 
= -3584 + 6 + 94
=-3584 + 6 + 6561
= -3578 + 6561
= 2983 

121) 

= 44[3 + 72 - 15 - 19] - [42 - 3(77 ÷ 7) - 9]
= 44[60 - 19] - [42 - 3(11) - 9]
= 44(41) - [42 - 33 - 9]
= 44(41) - [9 - 9]
= 1804 - 0
= 1804 

122) 

= 
= 
= 
= 
= 1233.01 

123) 

1.416 

124) 

0.333 

125) 

126) 

127) 

128) 

67% 

129) 

455% 

130) 

87.5% 

131) 

of the house's actual cost is  of the cost ÷ 4.
$246 000 ÷ 4 = $61 500.
 of the cost or all the actual value of the house, is  of the cost × 13.
$61 500 × 13 = $799 500
 of the house's price is $799 500.
$799 500 ÷ $250 = $3198.
$3198 × $1.25 = $3997.50
The realtor earned $3997.50. 

132) 

=  ×  +   ×  +   ×  +   ×  +   ×  +   × 
=  ×  ×  ×  ×  × 
= 30.55 + 21.7375 + 56.7916 + 14.6875 + 74.4166 + 31.725
= 229.91
= The party room owners were paid $229.91 in total. 

133) 

Quantity	Description	Unit Price	Total $	
88	Alpha	$0.37	32.56	
65	Bravo	96 ¢	62.92	
73	Charlie	$0.675	  49.275	
46	Delta	$1.44	66.24	

134) 

$4 303.00 – $243 = $4 100.00
$4 060 ÷ 20 = $203
$203 ÷ 6 = $33.83
Oliver's hourly rate of pay is $33.83 

135) 

a)	52 ÷ 2 = 26
He has 26 pay periods in a year.
$143 000 ÷ 26 = $5500
The employee's gross pay per pay period is $5500

b)	$5500 ÷ 10 = $550
$550 ÷ 8 = $68.75
The employee earns $68.75 per hour. 

136) 

9.975% of 182 = 0.09975(182) = $18.15 

137) 

24 + 21 = 45 Tip = 17% of 45 = 0.17(45) = $7.65 HST on the haircut = 14% of 24 = 0.14(24) = $3.36 HST on the colouring = 14% of 21 = 0.14(21) = $2.94 Total = 45 + 7.65 + 3.36 + 2.94 = $58.95 

138) 

0.01259(12500000) = 157375 

139) 

(4 + 6(2)2 + 2)/15 = (4 + 6(4) + 2)/15 = (4 + 24 + 2)/15 = 30/15 = 2 

140) 

3 + 30 = 33 

141) 

69/88 

142) 

211.36% 

143) 

639.54 

144) 

= (2 + 9 + 0.875 + 34.02 + 52 + 1 + 83.75 + 0.5 + 6 + 4.909)/10 = 19.405 

145) 

a)	Yearly salary	= $98 351.00
	Biweekly gross pay	= 98 351/26 = $3782.73
b)	Biweekly gross pay	= $3782.73
	Weekly gross pay	= 3782.73/2 = $1891.37
	Hourly rate	= 1891.37/32 = $59.11
c)	Hourly rate	= $59.11
	Gross overtime earnings = 59.11(1.75)(8) = $827.54 

146) 

a)	Gross sales	= $11 456.00
	Commission on first $5000	= 0.134(5000)	= $670.00
	Commission on next $3000	= 0.141(3000)	= $423
	Commission on additional sales	= 0.15(11456 - 8000)	= $518.40
	Total gross commission 		= $1611.40 
b)	1611.40 - 1235 = $376.40 

147) 

GST collected 5% of $23000	= 0.05(23000)	=	$1150.00
GST Paid 5% of 4032	= 0.05(4032)	=	- $201.60
GST Remittance		=	$948.40 

148) 

a)	Quiz Average = (80 + 90 + 80 + 90 + 80 + 50 + 80 + 70)/8 = 77.5%
b)	Average course grade = [(77.5) 20 + (65)15 + (78)15 + (72)50] / (20 + 15 + 15 + 50)
		= (1350 + 2145 + 3600)/100 = 70.95%