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Section 1 of 6

Financial Assessment

What is your first Name

What is your first Name

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What is your Last Name

What is your Last Name

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Who is your teacher?

Who is your teacher?

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Section 2 of 6

Section 2

Complete all questions

What is 10% of 1500?

What is 10% of 1500?

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$1500

$150

$15

$3000

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(1 point)

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What is the GST on a Jacket costing $15.00 (GST is 10 %)

What is the GST on a Jacket costing $15.00 (GST is 10 %)

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Correct answers: 1.5, $1.5, $1.50, 1.50

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Increase $200 by 20 %

Increase $200 by 20 %

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Correct answers: $240, 240

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Mary works full-time and earns a salary of $68 600 p.a.How much does he earn per fortnight?

Mary works full-time and earns a salary of $68 600 p.a.How much does he earn per fortnight?

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$1319.23

$2638.46

$5716.67

$17 150

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Maya normally works a 35-hour week as an analyst and is paid $36.15 per hour. Calculate her total wages for a week in which she works an additional 5 hours at time-and-a-half and 3 hours at double-time.

Maya normally works a 35-hour week as an analyst and is paid $36.15 per hour. Calculate her total wages for a week in which she works an additional 5 hours at time-and-a-half and 3 hours at double-time.

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$1265.25

$488.03

$1753.28

$1750.00

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Tanya earns $1215 per week as a librarian. She is entitled to 4 weeks’ annual recreation leave and receives an additional holiday loading of 17.5%. Calculate Tanya’s total pay for this holiday period. (don't forget the $ sign)

Tanya earns $1215 per week as a librarian. She is entitled to 4 weeks’ annual recreation leave and receives an additional holiday loading of 17.5%. Calculate Tanya’s total pay for this holiday period. (don't forget the $ sign)

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Correct answers: $5710.50, 5710.50, 5710.5

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Georgia works as a salesperson and is paid a commission of 6% of the value of her sales. If Georgia sells$12 000 worth of goods one week, what is her commission?

Georgia works as a salesperson and is paid a commission of 6% of the value of her sales. If Georgia sells$12 000 worth of goods one week, what is her commission?

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Correct answers: $720, 720

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Youseff earns $35 980 pa, he also earns interest of $569 pa. He has the following deductions: $200 cost of uniforms $140, tax agent fee $80, union fees of $298. Calculate his taxable income.

Youseff earns $35 980 pa, he also earns interest of $569 pa. He has the following deductions: $200 cost of uniforms $140, tax agent fee $80, union fees of $298. Calculate his taxable income.

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Correct answers: $35831, 35831

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Section 3 of 6

Taxation

Go to the following website to help with your answers. (Don't forget the $ sign)

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/income-tax-calculator

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/income-tax-calculator

Calculate the yearly tax payable on the yearly taxable income of $53200?

Calculate the yearly tax payable on the yearly taxable income of $53200?

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Correct answers: $8837, 8837, 8,837, $8,837

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Calculate the yearly tax payable on the fortnightly income of $2560?

Calculate the yearly tax payable on the fortnightly income of $2560?

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Correct answers: $13179, 13179, $13,179, 13,179

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Calculate the yearly tax payable on the weekly income of $1500

Calculate the yearly tax payable on the weekly income of $1500

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Correct answers: $16897, 16897, $16,897, 16,897

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Section 4 of 6

Section 4

Use the table below to answer the following questions.

Tax table for 2018-2019

Tax table for 2018-2019

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What is the correct method of working out the tax on $56 000?

What is the correct method of working out the tax on $56 000?

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56000x 3.25+3572

3572 +(56000-37000)x0.325

3572 +(56000-37000)x32.5

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What is the correct method of working out the tax on $95300?

What is the correct method of working out the tax on $95300?

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3.25+3572x95300

3572 +(56000-37000)x0.325

20797 +(95300-90000)x0.37

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What is the exact amount of tax for the fortnightly income of $3500 to the nearest thousands? show your answer to the teacher on excel for a bonus mark :)

What is the exact amount of tax for the fortnightly income of $3500 to the nearest thousands? show your answer to the teacher on excel for a bonus mark :)

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$21,167

$21,000

$21,168

$22000

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Section 5 of 6

Section 5

A computer costing $1200 can be bought for $200 deposit and 24 monthly repayments of $56.20. Calculate the amount of Interest charged for the 2 year period.

A computer costing $1200 can be bought for $200 deposit and 24 monthly repayments of $56.20. Calculate the amount of Interest charged for the 2 year period.

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Correct answers: $348.80, 348.80, 348.8, $348.80

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Section 6 of 6

Term Repayment

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