Name: _____________________________________

Mathematics S2B

Math Test – Personal Finance

Read every exercise carefully. Do not use pencil. Write down every calculation that is
involved in the process of solving the exercise. Calculators are allowed.

Remember that every solved exercise that is not properly justified and/or explained
will be considered unsolved and granted zero points. Explain every step of your work
as we did in class.

Each exercise is worth 2 POINTS.

1) Amanda works a 35-hour week at $9.75 per hour, with overtime paid at double
time.
Last week she worked 42 hours.
How much did she earn last week?

2) Susan and her brother Thomas bought an apartment together and sold it two years
later to make a 37% profit.
If they bought the house for $250 000, at what price did they sell it?

3) Matthew has a salary of $96 000.

He earns $25 000 tax free. He then pays 25% tax on earnings up to $55 000 and
40% tax on earnings over $55 000.
a. How much tax does Matthew pay per year?
b. What are Matthew’s monthly earnings after tax?

4) The Blue Store sells blue shoes at $165 plus 35% VAT.
The Red Store sells blue shoes at $200 plus 10% VAT.
After tax, which shoes are cheaper?

5) Johanna buys 2 cell phones for $225 each.

She sells one for a 35% profit and the other one for a 25% loss.
How much money did she receive altogether?