Module 2 - Unit 3: Money Applications

Self-Audit

For the multiple choice questions below, choose one answer, (a), (b), (c) or (d), that is CORRECT by clicking the appropriate box.
Calculators are NOT allowed unless it is indicated in the question.

Section 3.1 - Buying and Paying

Question 1
The monthly water bill for domestic users is calculated as shown in the table below.

Fixed chargeJ$400
Cost per gallon25 cents

Calculate the total amount of the bill for a month when the consumer used 2060 gallons.

(A)J$400
(B)J$475
(C)J$515
(D)J$915
Question 2
A computer is advertised for sale at $840. A discount of 10% is given if bought for cash. What is the cash price?
(A)$756
(B)$798
(C)$880
(D)None of these
Question 3
A computer costing $840 can be bought on hire purchase with a deposit of $168 and 12 monthly payments of $70 each. Calculate the total price when buying the computer on hire purchase.
(A)$840
(B)$1008
(C)$1680
(D)None of these
Question 4
A shopkeeper made a profit of 25% on his cost price of $8800. What was the selling price?
(A)$12200
(B)$9900
(C)$11000
(D)None of these

Section 3.2 - Earning

The table shows how a company pays its workers. Overtime is paid at the basic hourly rate plus 40%.

BASIC WEEK
Time
Wages
40 hours
J$36000

Questions 5 to 7 all refer to the information above
 

Question 5
What is the basic hourly rate?
(A)J$800
(B)J$900
(C)J$9000
(D)None of these
Question 6
What is the hourly rate for overtime pay?
(A)J$1120
(B)J$1260
(C)J$12600
(D)None of these
Question 7
What will be the total amount paid to a worker who works 12 hours overtime in a week?
(A)J$15120
(B)J$36000
(C)J$51120
(D)None of these
Question 8
The table below shows the taxes that are due to be paid annually.

Taxable Income
Taxes Due
First $25000
$1500
Remainder
20% of the remainder

What taxes are due if taxable income is $40000?

(A)$1500
(B)$8000
(C)$9500
(D)None of these

Section 3.3 - Exchanging

Currency
Exchange Rate
Pound Sterling (£)

US$
J$180

J$100

Questions 9 to 12 all refer to the information above
 

Question 9
What is £25 converted to Jamaican dollars?
(A)J$450
(B)J$4500
(C)J$45000
(D)None of these
Question 10
Giving your answer to 2 decimal places, what is J$5000 converted to pounds sterling (£)?
(A)£27.77
(B)£27.78
(C)£28
(D)None of these
Question 11
Convert US$200 into Jamaican dollars.
(A)J$2000
(B)J$10000
(C)J$20000
(D)None of these
Question 12
Convert US$20 into pounds sterling (£), giving your answer to 2 decimal places.
(A)£11.00
(B)£11.11
(C)£12.00
(D)None of these

Section 3.4 - Saving

J$1000 is invested in an account paying 10% interest per annum.

Questions 13 to 16 all refer to the information above
 

Question 13
What is the interest paid at the end of the first year?
(A)J$10
(B)J$100
(C)J$1000
(D)None of these
Question 14
If the interest is not reinvested, how much interest would be paid after 3 years?
(A)J$30
(B)J$300
(C)J$3000
(D)None of these
Question 15
If the interest is reinvested, what is the balance of the account at the end of the second year?
(A)J$1200
(B)J$1210
(C)J$12100
(D)None of these
Question 16
If the interest continues to be reinvested, what is the balance of the account at the end of the third year?
(A)J$1300
(B)J$1320
(C)J$1331
(D)None of these


Marking your audit

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You have now completed Module 2 - Unit 3 Audit
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Correct Answers
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You answered 0 questions correctly out of the 4 questions in Section 3.1 - Buying and paying.
You answered 0 questions correctly out of the 4 questions in Section 3.2 - Earning.
You answered 0 questions correctly out of the 4 questions in Section 3.3 - Exchanging.
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Produced by R.D.Geach April 2014