# Multiple Choice questions. The value of 117 x (-3)

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Multiple Choice questions. The value of 117 x (-3)

Multiple Choice questions. 1. The value of 117 x (-3) - 1 is: a) 351 b) 350 c) -352 d) 113 2. The fraction 10/16 expressed as a decimal is: a) 0.160 b) 0.600 c) 0.100 d) 0.625 3. The value of 0.327 - 0.159 + 1.643 is: a) 2.129 b) 1.811 c) 1.157 d) -1.475 4. The value of 3/16 + 1/4 - 3/8 is: a) 1/2 b) 29/24 c) 5/12 d) 1/16 5. The value of (1/3 + 3/4) x (2 + 1/4) is: a) 9/12 b) 17/14 c) 39/16 d) 9/4 6. Three adults and two children went to a football match. Each adult paid $9.50 and the total bill was $36.50. The amount paid for each child was: a) $3.50 b) $4.50 c) $5.50 d) $4.00 7. The stamp duty on a sale of property is approximately 2.5% of the selling price. If a house sold for $260,000, how much did the state government receive in stamp duty from the sale? a) $6,500 b) $65,000 c) $650 d) $6,500 plus GST 8. In 1999, Japan invested $48.9 billion in Australia. If Australia invested 28.1% of this amount back into Japan, how much did Australia invest in Japan? a) $13.7 billion b) $10.7 billion c) $174.6 billion d) $137 billion FNSACC303A Perform financial calculations Page 1 of 4 9. Helen works on a commission basis only, earning 4.25% on all sales, and just received a cheque for $3,476. What were her month’s sales? a) $362,373 b) $147,730 c) $333,429 d) $81,788 10. An electric fan was reduced to $51 after a 15% discount had been applied. What was the original price of the fan? a) $58.65 b) $95.35 c) $60.00 d) $43.35 11. The fraction 5/16 converted to a percentage is: a) 32% b) 5% c) 3.125% d) 31.25% 12. Jenny Chen, a sales representative, earns a straight 7.5% commission on gross sales value. How much would she have to sell in order to earn $487.50 commission? a) $3,656 b) $65 c) $650 d) $6,500 13. A broker charges customers a fixed fee of $75 plus 3.5% of the amount of investments made. If a customer invests $15,000 through the broker, the total brokerage payable is: a) $600 b) $5,325 c) $480 d) $127.50 14. A store is selling a massage chair for $1,163.50, after been discounted by 35%, The normal price is: a) $1,204.22 b) $3,324.29 c) $1,790.00 d) $1,570.73 15. An electronics store marks up its hand held computer games by 45% over the price it pays the supplier. If the store sells these games for $36.25, the price it pays the supplier is: a) $16.31 b) $19.94 c) $34.69 d) $25.00 16. A service station buys brake pads for $36 from the supplier and sells them for $41.40. The mark-up is: a) 15.0% b) 5.04% c) 13.04% d) 54.0% FNSACC303A Perform financial calculations Page 2 of 4 17. Mr Karanasos is awaiting the time when his $5,625 deposit receiving 8% p.a. simple interest will reach maturity value of $10,000. How long must Mr Karanasos wait (to one decimal place)? a) 5 years b) 5.5 years c) 9.7 years d) 12 years 18. Mr Nguyen wanted to ensure he was well looked after at retirement and calculated that he needed $500,000 at age 65 years to live comfortably. How much (to the nearest dollar) should Mr Nguyen invest today if he retires in seven years and a simple interest rate of 8.5% p.a. applies? a) $313,480 b) $297,500 c) $186,520 d) $202,500 19. The simple interest earned on $35,000 deposited at a rate of 6.5% p.a. for a period of 5 years and 3 months is: a) $11,943.75 b) $2,275.00 c) $12,057.50 d) $1,194.38 20. A bank lends Barbara Salgado $10,000 which must be paid at the end of 1 year when $10,281.25 will be due. The annual simple interest rate the bank is charging is: a) 5.75% b) 2.81% c) 7.50% d) 3.75% 21. A newsagent wants to have an amount of $25,000 in 6 years when she retires. She can invest her money at a simple interest rate of 8.75% p.a. How much money (to the nearest dollar) should she invest now to achieve her aim? a) $16,393 b) $17,482 c) $15,000 d) $23,041 22. A dentist borrows $27,000 to be repaid monthly over 3 years. There is a flat rate of interest of 7.25%. The total simple interest on the loan is: a) $1,957.50 b) $5,872.50 c) $5,000.00 d) $19,575.00 23. What is the simple interest (i) and compound interest (ii) received for a $2,000 principal at 8% pa over four years? a) (i) $640 (ii) $2,271 b) (i) $2,640 (ii) $2,271 c) (i) $6400 (ii) $721 d) (i) $640 (ii) $721 FNSACC303A Perform financial calculations Page 3 of 4 24. A lawyer invests $13,000 at an interest rate of 4.0% pa, compounded annually. The accumulated value (to the nearest dollar) earned after 5 years is: a) $15,260 b) $15,500 c) $15,816 d) $15,600 25. Using the same information as the above question, the amount of compound interest earned (to the nearest dollar) after 5 years is: a) $2,260 b) $2,816 c) $2,500 d) $2,600 26. The cost of a car service was $7,512.80 excluding GST. How much GST needs to be added assuming it is 10%? a) 75.12 b) 512.80 c) 682.98 d) 751.28 27. The amount of $4,890.50 is inclusive of 10% GST. How much is GST in this amount? a) 48.90 b) 90.50 c) 444.59 d) 489.05 28. Using the below income tax table for the 2010/2011 financial year, what is the tax payable on taxable income of $18,500? a) $7,875 b) $4,125 c) $1,875 d) $900 29. Last year Jenny’s gross income was $98,700 and her allowable deductions were $3,200. Using the below income tax table for the 2010/2011 financial year, calculate Jenny’s amount of tax due: a) $23,285 b) $5,735 c) $24,525 d) $17,550 30. The value of 6 3/8 when converted to an improper fraction is? a) 51/8 b) 18/8 c) 8/18 d) 9/8 Taxable income Tax on this income 2010/2011 0 – $6,000 Nil $6,001 – $37,000 15c for each $1 over $6,000 $37,001 – $80,000 $4,650 plus 30c for each $1 over $37,000 $80,001 – $180,000 $17,550 plus 37c for each $1 over $80,000 $180,001 and over $54,550 plus 45c for each $1 over $180,000 FNSACC303A Perform financial calculations Page 4 of 4