1) The television is priced at $10,000. A deposit of 16% on simple interest of 11% per year over 2 year and repayments paid monthly then the total hire purchase of television is a. $15,048 b. $12,048 c. $13,048 d. $14,048
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2) The exchange rate between Japanese Yen and Euro on specific day is 1 Yen to 2.4 Euros. The Euros that are equivalent to 450 Japanese Yen are a. 2060 Japanese Yens b. 2050 Japanese Yens c. 2080 Japanese Yens d. 1080 Japanese Yens
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3) If a handbag is sold for $2000 at gain of 20% on cost price then the cost is a. $1,666 b. $2,666 c. $3,666 d. $1,850
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4) Michael wants to borrow some money for 48 months at 11% interest per year and pay $1950 in interest charges for his business expansion. The amount he could borrow is a. $4,432 b. $5,432 c. $6,532 d. $6,832
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5) The compound interest on $7500 for 1 year at 8.5% per annum which is compounded monthly is a. $363 b. $636 c. $663 d. $366
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6) Henry and Hazel earns income of $5000. The expenses they have to meet are food $500, house loan $450, electricity, water and gas $135. telephone $50 and car maintenance $155. The monthly saving as %age of income is a. 38% b. 28.67% c. 32.67% d. 35%
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7) Harry borrows $3000 for 5 years at rate of 8% per annum. The simple interest he has to pay is a. $2,250 b. $1,200 c. $1,500 d. $1,800
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8) The general formula used to calculate interest is a. principal x rate x time⁄100 b. principal x 100 x time⁄rate c. 100 x rate x time⁄principal d. principal x rate x 100⁄time
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9) Henry put A$9000 in one year US$ fixed deposit account with bank at 5% simple interest per annum when exchange rate was at US$1 = A$3.5. The amount he invested in US dollars is a. 2971.43 b. 2871.43 c. 2671.43 d. 2571.43
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10) The interest payable is dependable on a. percentage rate b. time c. principal d. all of above
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11) If the tax payable is $8000 for 8 months at rate of 16% then annual value of real estate property is a. $85,000 b. $75,000 c. $78,000 d. $89,000
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12) Jane invests $15000 at 5% per annum compound interest which is compounded daily. If a year is equal to 365 days then the amount at the end of fifth day is a. $15,010.28 b. $18,010.28 c. $16,010 d. $14,010
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13) In public library, 30% of books are classified as fiction and remainder as non-fiction. There are total 2400 more non-fiction books than fiction books. The total number of books in library is a. 7000 b. 6000 c. 5000 d. 4000
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14) By converting the US$350 into Australian dollars whose buying rate is 2.03, the answer in A$ will be a. A$710.5 b. A$810.5 c. A$750.5 d. A$780.5
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15) The annual value of real estate property is $165,000. The tax payable for period of 10 months at rate of 18% is a. $24,750 b. $28,750 c. $30,750 d. $32,750
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16) Hazel borrowed $250000 for 7 years at interest rate of 12% per year. The interest he must have to pay is a. $240,000 b. $250,000 c. $210,000 d. $230,000
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17) In 2012, Jennifer earned gross annual income of $75000. She is entitled to following reliefs: personal $3500; wife $2500; 2 children $1500 each, life insurance premiums =$15,400 and gifts to charitable income = $25,350 then Jennifer's income tax is a. $2,175.50 b. $2,075.50 c. $1,875.50 d. $1,975.50
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18) If refrigerator cash price is $1050 and shop owner offers it on 15% deposit plus 24 monthly payments then the price refrigerator offered by shop is a. $1,517.50 b. $1,717.50 c. $1,817.50 d. $1,917.50
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19) Marry bought 180 mugs at $60 per dozen. If he sells each mug for $8 then profit as percentage of selling price is a. 32.50% b. 37.50% c. 38.50% d. 40%
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