FINAL EXAMINATION

Business Math 11
SY 2023-2024

Name: ____________________________________________________________________ Score: _______________________

Grade & Section: ____________________________________________________________________ Date: ________________________
Test I. Identification. Read and understand the statement in each item. Write the correct answer on the
provided space before each number.

A. Commission: Identify the different types of commission. Choose your answer below and write the letter
of your answer in the space provided before the number.

a. cash basis and installment basis d. sales or revenues, and commission rate
b. commission plus override e. straight commission
c. graduated commission

______ 1. These are the two ways in which an agent may receive commission.
______ 2. It is the type of commission earned by agents based on total sales generated.
______ 3. A type of commission where a supervisor earns from the performance of his or her subordinates.
______ 4. It is the type of commission whose rate increases as the target or output increases.
______ 5. These are the two variables needed to compute commission.

B. Interest: Identify the corresponding terms related to interest in each item.

a. exact and ordinary method d. principal

b. future value or maturity value e. simple interest
c. interest

_______ 6. It is the amount of money earned from an investment.

_______ 7. It is calculated in reference to the original amount or principal on a yearly basis.
_______ 8. These are the two methods in converting the days to years in simple interest.
_______ 9. It is the original amount of money invested or borrowed.
_______ 10. It is the sum of the principal and interest.

C. Compensation: Identify the type of compensation. Write S if it is a salary, W if it is wages, P if it is per-

piece, and C if it is commission.

_______ 11. ₱15,000 per month

_______ 12. ₱75 per hour
_______ 13. ₱24,000 bimonthly
_______ 14. ₱350 per product
_______ 15. 35% of the sales

D. Salary and Wages: Write the correct answer on the provided space before each number.

______________________________ 16. It refers to the earnings before contributions, taxes, or loans are deducted.
______________________________ 17. It refers to the earnings after contributions, taxes, or loans are deducted.
______________________________ 18. Mario, a wage earner, who earns ₱400 for an eight-hour workday, received
₱4,800 after working for 12 days. What do we call ₱4,800?
______________________________ 19. You are earning ₱20,000 in a month. However, you are to pay a total of
₱1,300 for contributions. With that, you take home ₱18,700. What do we
call ₱1,300?
______________________________ 20. Lily makes ₱15,000 in a month. She has to pay her existing loan and total
contributions, which cost ₱1,000 and ₱900, respectively. With these, she
has ₱13,100 left. What do we call ₱13,100?
______________________________ 21. A policeman has a basic salary of ₱29,000 and a hazard pay of ₱1,000.
Suppose this policeman has to pay ₱2,000 for tax, ₱375 for PhilHealth
contributions, ₱100 for Pag-IBIG, and ₱2,250 for GSIS then he takes home
a total of ₱25,275. Which amount represents net earnings?
______________________________ 22. Ms. Cruz, a clerk, has a basic salary of ₱12,575. If she pays for her
contributions worth ₱900, she receives ₱11,675. Which amount
represents her deductions?
______________________________ 23. Marco earns ₱600 for a six-hour workday. If he works for 5 days a week,
he receives ₱3,000. Which amount represents Marco's gross earnings?
______________________________ 24. Sabrina is a writer who earns ₱23,969 per month. How much are her
annual net earnings if she has to pay for her contributions that cost
₱1,522 per month?
______________________________ 25. Mr. Mauricio is a painter who earns ₱686.80 for an eight-hour workday. If
he worked for five days a week, how much are his weekly gross earnings?

E. Taxable and Non-taxable: Write T if the benefit is taxable. Write NT if it is non-taxable.

________ 26. Basic salary equivalent to ₱200,000

________ 27. 13th months’ pay worth ₱26,000
________ 28. Laundry allowance worth ₱2,500
________ 29. Medical cash allowance worth ₱15,000
________ 30. De minimis benefit of ₱95,000

F. Deductions: Identification. Identify the standard deduction being described by each statement. Write
S for SSS contribution, G for GSIS contribution, P for PhilHealth contribution, PG for Pag-IBIG
contribution, and I for income tax.

________ 31. It covers employees from private companies.

________ 32. A standard deduction with the lowest rate.
________ 33. Employee’s share is uniform in rate no matter the salary.
________ 34. Minimum wage earners are exempted to pay this contribution.
________ 35. A standard contribution which has a staggering increase for the next 4 years.
________ 36. This mandatory contribution provides various programs like savings programs, loans, and
affordable home financing.
________ 37. It only covers government personnel.
________ 38. An employee share of 1.75%
________ 39. A total of 3.5% contribution which is equally shared by the employer and the employee.
________ 40. One of the standard deductions that provides health-related assistance.

Test II. Matching Type. Match the terms in Column A to the word that best describes it in Column B.

Column A Column B

_______ 41. a fixed amount in each pay period a. Compensation

_______ 42. given to a worker per piece of item produced b. Salary
_______ 43. given to an employee in which the amount is c. Per-piece Rate
from a portion of the sales d. Wages
_______ 44. given to an employee based on an hourly rate e. Commission
_______ 45. benefits that are received by an employee or worker
in exchange for the service they provide to their employer.

Test III. True or False. Write true if the statement is correct. Otherwise, write false.

__________ 46. Wage-earners receive the same kinds of benefits.

__________ 47. The 13th month's pay is equivalent to the employee’s annual salary.
__________ 48. The overall earnings in a month are always equal to the basic pay.
__________ 49. Unused vacation leaves of government employees can be convertible to cash.
__________ 50. All the employees’ income is taxable.

Test IV. Problem Solving. Read and analyze the problem. Show your solution in the space below.
(2 points)

(51–52) Karla is receiving a monthly salary of ₱24,000. How much will be her annual salary?
(53–54) Klyde is offered ₱15 for every shirt that she sews. If she finished 80 shirts in a day. How much
would she earn?

(55–56). Rona earns ₱85 per hour of service as a waitress. On a Tuesday, she worked for 14 hours. How
much will she earn for that day’s pay?

(57–58). Ralyn is a sales agent for an insurance company that pays 40% of her sales. In Quarter 1 of
2021, she sold 3 insurance policies amounting to ₱36,000. How much would she earn in 2021-
Quarter 1 pay?

(59–60) Gelo earns ₱75 an hour as a tutor. He works five hours a day on weekdays. How much is his
weekly wage?