SECTION 2: EXTENDED RESPONE

Topic Test
Marking Guideline

Section 1: Multiple choices

1 B

2 D

3 C

4 C

5 C

6 B

7 D

8 C

9 A

10 A

Section 2 : Extended Responsive.

Q11 i) 2 marks
Criteria Marks
Correct Deduction 1 mark
Correct Net income 1 mark
Sample Answer:

Total Deductions $ 250 $22.40 $272.40

Net income $1250 $272.40 $977.60

ii) 2 marks
Criteria Marks
Correct Solution 2 marks
Correct Yearly Net income 1 mark
Correct substitution but wrong answer 1 mark
Sample Answer:

Yearly Net income 26 $977.60 $25,417.60

iii) 3 marks
Criteria Marks
Correct solution 3 marks
Correct Yearly expenses 2 marks
Correct Expenses/fornight 1 mark
Sample Answer:

Yearly expenses $220 52 $940 $58 52 $220 26 $123 4 $88 4 $100 12 $23,160

Expenses/fortnight $23,160 26 $890.77

iv) 3 marks
Criteria Marks
Correct solution 3 marks
Correct Amount available each fortnight 1marks
Correct explanation 1 mark
Correct max.saving 1 mark
Sample Answer:

Amount available each fortnight $977.60 $890.77 $86.83

Six months half a year 13 fortnights

Max.saving 13 $86.83 $1,128.79

Q12. 6 marks
Criteria Marks
Correct Solution 6 mark
Correct normal pay 1 mark
Correct time and a half 1 mark
Correct double time 1 mark
Correct explanation 4h over time each and 12 1 mark
weeks working 5 day a week
Correct overtime/ day 1 mark
Correct total earnings in over time 1 marks
Sample Answer:

normal = $11.56/h, time-and-a-half = $17.34/h, double-time = $23.12/h

4 h overtime each day = (3 h at time -and-a-half) + (1 h at double-time)

= (3 17.34) + (1 23.12) = $75.14 (overtime/day)

12 weeks working 5 days a week = 60 days

Total earnings in overtime = 60 x75.14 = $4508.40

Q13.
i. 3marks
Criteria Marks
Correct solution 3 marks
Correct graph 1marks
Correct substitution 1 mark
Correct commission 1 mark

Sample Answer:

=Commission = 6% of 20 000) + ( 2% of 55 000)

6 2
= 20000 + 100 100 = $2300
100

ii. 3marks
Criteria Marks
Correct solution 3 marks
Correct graph 1marks
Correct substitution 1 mark
Correct commission 1 mark
Sample Answer:

Commission = (6% of 20 000) + ( 2% of 80 000) + 0.8% of 255 000

6 2 0.8
= 20000 + 80 000 + 155 000 = $4 040
100 100 100
Q14
i. 2marks
Criteria Marks
Correct solution 2 marks
Correct taxable income 1mark
Correct Medicare Levy 1 mark
Sample Answer:

Taxable income = total income - tax deduct'ns

= (628.50 52) - 878

= $31,804

Medicare Levy = 1.5% of taxable income

= 0.015 x 31 804

= $477.06

ii. 3marks
Criteria Marks
Correct solution 3 marks
Correct excess 1 mark
Correct normal tax 1 mark
Correct total tax 1 mark
Sample Answer:

excess = 31,804 - 18 200 = $13,604

normal tax = 0.19 x 13 604 = $2,584.76

total tax = 2 584.76 + 477.06 (normal levy)

= $3 061.82

iii. 3 marks

Criteria Marks
Correct solution 3 marks
Correct total of instalments 1 mark
Correct explanation 1 mark
Correct tax bill 1 mark
Sample Answer:

Total of instalments = 52 x 54.76 = $2 847.52

Jodie has already paid $2 847.52 but needs to pay a total of $3 061.82

So she has a TAX BILL = 3 061.82 - 2 847.52 = $214.30