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Review 5
Test Description: Business Math
Instructions: Answer all questions to get your test result.
1) Martha has a $200 deductible and 20% co-payment on her health insurance. Last year she had $6,500 in medical bills. What was Martha’s out-of-pocket expense? JH
A
$1,689
B
$1,400
C
$1,500
D
$1,460
2) 2. Mitch has an $800 deductible and no co-payment on his health insurance. If he had a total of $4,092 in doctor’s bills, what is the amount of his benefit? JAY
A
$3,689
B
$3,298
C
$3,290
D
$3,292
3) 3.If you have medical expenses of $7,320 in 1 year, which costs less, a $600 deductible and 10% co-payment, or an $800 deductible and 5% co-payment? MICHAEL
A
$800 deductible 5% Co-payment
B
$600 deductible 10 Co-payment
C
$600 deductible 11 Co-payment
D
$800 deductible 6% Co-payment
4) 4. Paula’s health insurance has a $300 deductible and 20% co-payment. Last year she had medical bills totaling $12,420.What was her out of-pocket expense? JH
A
$4,721
B
$4,720
C
$4,729
D
$4,890
5) 5. Charley is 3 years, 9 months old. His life expectancy is 71.5 years. How many more years is he expected to live? JAY
A
70 year 7 month
B
70 year 6 month
C
70 year 9 month
D
70 year 8 month
6) 6. Shawn paid $52,500 in Social Security taxes over a 30-year period. His monthly retirement benefit is about 1.5 % of the total contribution. About how much is his monthly Social Security benefit? MICHAEL
A
$1,148
B
$1,144
C
$1,140
D
$1,149
7) 7. Lisa retired at age 68. The total contribution to her Social Security is $118,200. Her monthly Social Security benefit is $1,773. If she lives to be 79, how much more will she receive in Social Security benefit
A
$106,256
B
$106,257
C
$106,256
D
$106,258
8) Which is more, 9% of $2,000 of 12% $850? How much more?
A
9% of $2,000 78
B
9% of $2,000 79
C
12% $850 79
D
12% $850 78
9) Jason earns a 4% commission on sales of $6,000. Pete earns a 2% commision on sales of $11,000. Who earns more in commission? How much more?
A
Jason 21
B
Jason 20
C
Pete 21
D
Pete 20
10) The Vegetable Grocer schedules 1 cashier for every 80 customers. Shift 1 has an average of 278 customers. The Vegatable Grocer schedules_____________ cashiers for Shift 1.
A
2
B
3
C
1
D
4
*select an answer for all questions
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