Topics: 1979, 1966, 1981 Pages: 32 (1025 words) Published: September 24, 2014
﻿PART ONE    Mathematics Fundamentals and Business Applications Chapter 1    Review of Arithmetic
Exercise 1.1
A.1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

12.
13.
14.
15.
16.
Exercise 1.2
A.1.also
2.also
3.also
4.also
5.also
6.also
7.also
8.also
9.
10.
11.
12.
B.1.
2.
3.
4.
5.
6.
7.
8.
C.1.
2.
3.
4.
5.
6.
7.
8.
D.1.
2.
3.
4.
5
6.
7.
8.
E.1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Exercise 1.3
A.1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
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15.
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18.
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22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
B.1.
2.
3.
4.
5.
6.
7.
8.
9.
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11.
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23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
C.1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
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18.
19.
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22.
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24.
25.
26.
27.
28.
29.
30.
31.
32.
Exercise 1.4
A.1.
2.Total hours
Total cost of labour
3.

4.
5.
6.
B.1.

2.(a)
(b)
(c)
3.
4.Weighted investment:

5.(a)Simple average of unit prices

(b)
Date
Amount Invested
Unit Price
Number of Units Purchased
February 1
200.00
10.00

March 1
200.00
10.60

April 1
200.00
11.25

May 1
200.00
9.50

June 1
200.00
9.20

July 1
200.00
12.15

Total number of units purchased

(c)
(d)
Exercise 1.5
A.1.(a)
(b)
(c)
2.(a)
(b)
(c)
3.(a)
(b)
4.(a)
(b)
5.(a)
(b)
6.
7.
8.

9.(a)
(b)
10. (a)Commission at 6.5% on sales of \$5830 = 0.065 × \$5830 = \$378.95.
This is less than \$400 guarantee, therefore weekly salary
(b)Commission at 6.5% on sales of
This exceeds \$400 guarantee, therefore weekly salary =
11.
12.
13

14.
15.Method A
Method B
16.Method A
Method B
17.
18.Total hours = 45
Regular hours = 40
Overtime hours = 5
At time-and-a-half, 5 overtime hours are equivalent to regular hours

Exercise 1.6
1.
Month
GST collected
5% of sales
GST paid 5% of purchases
GST payable
(GST receivable)
January
\$27 345.00
\$7 391.60
\$19 953.40
February
12 200.00
3 475.00
8 725.00
March
29 400.00
43 300.00
(13 900.00)
April
32 515.00
22 500.00
10 015.00
May
7 840.00
4 904.90
2 935.10
5-month totals
\$109 300.00
\$81 571.50
\$27 728.50

2.Riza’s revenue of \$28 350 includes 5% GST.

3.
4.
5.

6.

7.
8.
9.
10.(a)
(b)
(c)
1.Resale home: Tax exempt = no tax
New home: GST payable = 0.05(\$500 000) = \$25 000
2.HST payable = 0.13(\$500 000) = \$65 000
3.PST payable = 0.08(\$500 000) = \$40 000
Provincial rebate applies to first \$400 000 paid for the home
= 0.75(0.08)(\$400 000) = \$24 000 maximum
Additional tax on new home = 40 000 – 24 000 = \$16 000

Total taxes payable on new home after rebate:
GST component + PST component = 0.05(\$500 000) + \$16 000 = \$41 000
Alternatively,
\$65 000 HST less rebate = \$65 000 – 24 000 = \$41 000
Review Exercise
1.(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
2.(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(l)
3.(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
4.(a)