Business Mathematics Reviewer PDF

BUSINESS MATHEMATICS REVIEWER  2 COVERAGE I. Multiple choice II. Identification III.Solving problem I. MULTIPLE CHOICE  4 1. It is a broader term than wages and salary. a. Salary b. Wages c. Income d. Allowance ...

BUSINESS MATHEMATICS REVIEWER  2 COVERAGE I. Multiple choice II. Identification III.Solving problem I. MULTIPLE CHOICE  4 1. It is a broader term than wages and salary. a. Salary b. Wages c. Income d. Allowance  5 1. It is a broader term than wages and salary. a. Salary b. Wages c. Income d. Allowance  6 2. What is the term for the cost of borrowing money, typically expressed as a percentage of the principal over a specific time period? a. Interest rate b. Tax c. Discount d. Rebate  7 2. What is the term for the cost of borrowing money, typically expressed as a percentage of the principal over a specific time period? a. Interest rate b. Tax c. Discount d. Rebate  8 3. Given by their companies in addition to their basic salary. a. Deductions b. Overrides c. Compensation d. Interest  9 3. Given by their companies in addition to their basic salary. a. Deductions b. Overrides c. Compensation d. Interest  10 4. What is the method of repaying a mortgage loan over time through consistent payments that cover both the borrowed amount and the interest?. a. Deductions b. Overrides c. Compensation d. Mortgage Amortization  11 4. What is the method of repaying a mortgage loan over time through consistent payments that cover both the borrowed amount and the interest?. a. Deductions b. Overrides c. Compensation d. Mortgage Amortization  12 5. What do you call a loan specifically designed for purchasing property, where the property itself is used as security? a. Lease b. Bond c. Mortgage Loan d. Mortgage Amortization  13 5. What do you call a loan specifically designed for purchasing property, where the property itself is used as security? a. Lease b. Bond c. Mortgage Loan d. Mortgage Amortization  14 6. What is the term for the original amount of money borrowed in a loan? a. Interest b. Principal c. Rate d. Collateral  15 6. What is the term for the original amount of money borrowed in a loan? a. Interest b. Principal c. Rate d. Collateral  16 7. What is the extra payment made beyond the standard rate, often used for special circumstances or risks? a. Benefits b. Bonus c. Overtime Premium d. Loan  17 7. What is the extra payment made beyond the standard rate, often used for special circumstances or risks? a. Benefits b. Bonus c. Overtime Premium d. Loan  18 8. What is the term for the payment or reward that an employee receives from their employer for services rendered? a. Benefits b. Bonus c. Overtime Premium d. Employee Compensation  19 8. What is the term for the payment or reward that an employee receives from their employer for services rendered? a. Benefits b. Bonus c. Overtime Premium d. Employee Compensation  20 9. What do you call the earnings of employees that are paid on a monthly or yearly basis? a.Wages b. Salary c. Bonus d. Incentive  21 9. What do you call the earnings of employees that are paid on a monthly or yearly basis? a.Wages b. Salary c. Bonus d. Incentive  22 10. It is a reduction from list price granted to buyers. a.Trade Discount b. Override c. Bonus d. Incentive  23 10. It is a reduction from list price granted to buyers. a.Trade Discount b. Override c. Bonus d. Incentive  24 IDENTIFYING TRUE OR FALSE  25 11. Article 83 of the Labor Code states that the normal hours of work of any employee shall exceed 8 hours a day, exclusive of a 1-hour lunch break. A. True B. False  26 11. Article 83 of the Labor Code states that the normal hours of work of any employee shall exceed 8 hours a day, exclusive of a 1-hour lunch break. A. True B. False  27 12. Article 85 requires employers to provide at least 60 mins for a mealbreak, not 30mins. A. True B. False  28 12. Article 85 requires employers to provide at least 30 mins for a mealbreak. A. True B. False- 60 mins  29 13. Article 87 allows employees to work beyond 8 hours a day if they are paid an additional 25% of their regular wage for overtime work. A. True B. False  30 13. Article 87 allows employees to work beyond 8 hours a day if they are paid an additional 25% of their regular wage for overtime work. A. True B. False  31 14. Work performed beyond 8 hours on a holiday or rest day is paid at a higher rate (regular rate plus at least 30%). A. True B. False  32 14. Work performed beyond 8 hours on a holiday or rest day is paid at a higher rate (regular rate plus at least 30%). A. True B. False  33 15. Under Article 93, employees working on their scheduled rest day are entitled to at least 25% additional compensation of their regular wage A. True B. False  34 15. Under Article 93, employees working on their scheduled rest day are entitled to at least 25% additional compensation of their regular wage A. True B. False – 30%  35 16. Employees working on Sundays are entitled to additional compensation only if Sunday is their established regular day. A. True B. False  36 16. Employees working on Sundays are entitled to additional compensation only if Sunday is their established regular day. A. True B. False – rest day.  37 17. If an employee has no regular workdays or rest days, they are entitled to an additional 30% of their regular wage for work performed on Sundays and holidays A. True B. False  38 17. If an employee has no regular workdays or rest days, they are entitled to an additional 30% of their regular wage for work performed on Sundays and holidays A. True B. False  39 18. Work on a special holiday is compensated at 30%, unless it also falls on a rest day (then it's 50%). A. True B. False  40 18. Work on a special holiday is compensated at 30%, unless it also falls on a rest day (then it's 50%). A. True B. False  41 19. Under Article 94, employers can require employees to work on a holiday but must pay them twice their regular rate. A. True B. False  42 19. Under Article 94, employers can require employees to work on a holiday but must pay them twice their regular rate. A. True B. False  43 20. An employee working on a rest day that coincides with a special holiday is entitled to 150% of their regular hourly rate. A. True B. False  44 20. An employee working on a rest day that coincides with a special holiday is entitled to 150% of their regular hourly rate. A. True B. False  45 21. Work performed on a regular holiday is compensated at 100% of the regular hourly rate. A. True B. False  46 21. Work performed on a regular holiday is compensated at 100% of the regular hourly rate. A. True B. False – 200%  47 22. Employees working on a rest day that falls on a regular holiday must be paid 200% of their regular hourly rate. A. True B. False  48 22. Employees working on a rest day that falls on a regular holiday must be paid 200% of their regular hourly rate. A. True B. False – 260%  49 23. Article 93 states that if a collective bargaining agreement provides higher premium pay than required by law, the employer must follow the higher rate. A. True B. False  50 23. Article 93 states that if a collective bargaining agreement provides higher premium pay than required by law, the employer must follow the higher rate. A. True B. False  51 24. Compensation varies depending on whether the holiday is a special or regular holiday. A. True B. False  52 24. Compensation varies depending on whether the holiday is a special or regular holiday. A. True B. False  53 25. Article 87 refers to overtime work, not meal breaks. A. True B. False  54 25. Article 87 refers to overtime work, not meal breaks. A. True B. False  55 IDENTIFICATION  56 26. It refers to the time off from work that an employee is entitled to take, typically with pay, to rest, relax, or handle personal matters. Answer: Vacation Leave  57 27. It is the amount of money an employee takes home after all deductions are subtracted from their gross pay (total earnings before deductions). It represents the actual cash or paycheck the employee receives.. Answer: Net Pay  58 28. refer to the compensation paid to an employee by an employer in exchange for their work or services. Typically, wages are calculated based on hours worked, tasks completed, or an agreed-upon rate. Answer: Wages  59 29. It refer to the compensation paid to an employee by an employer in exchange for their work or services. Typically, wages are calculated based on hours worked, tasks completed, or an agreed-upon rate. Answer: Wages  60 30. refers to a fixed, regular payment made by an employer to an employee, typically on a monthly or bi-weekly basis, regardless of the number of hours worked. Answer: Salary  61 31. It refers to the total remuneration an employee receives in exchange for their work. It includes both direct payments (such as salary or wages) and indirect benefits (such as insurance or retirement plans). Answer: Employee Compensation  62 32. It refers to the total amount of money an individual or entity earns over a specific period, typically from various sources. It is way broader than salary and wages. Answer: Income  63 33. It is the total amount of money an employee earns before any deductions, such as taxes, benefits, or other withholdings, are applied. It includes all forms of earnings during a pay period. Answer: Gross Pay  64 34. is the fixed portion of an employee's salary or wages that does not include any additional earnings, allowances, bonuses, or benefits.it is also part of their compensation package. Answer: Basic Pay  65 35. It is the fixed portion of an employee's salary or wages that does not include any additional earnings, allowances, bonuses, or benefits.it is also part of their compensation package. Answer: Basic Pay  66 36. refers to a payment or event occurring twice a month, typically on fixed dates, such as the 15th and the last day of the month. In payroll terms, semi-monthly pay divides an employee's monthly salary into two equal parts.. Answer: Semi-Monthly  67 37. Employees are paid every other week, often on the same weekday Answer: Bi-weekly THANK YOU Good Luck!