FINANCIAL MANAGEMENT EXAM QUESTIONS AND
CORRECT ANSWERS
InBaB110BbedBALFBthereBareBaBtotalBofB50BemployeesBworkingBeightBhoursBeachBdayBatBanBaverage
salaryBofB$9BperBhour.BIfBtheyBwasteB5%BofBtheirBtime,BwhatBwouldBbeBtheBannualBcostBofBthis
waste?B-BcorrectBanswer-50BxB8BxB$9BxB365BxB.05B=B$65,700BcostBofBwaste
DuringBtheBpastByear,BaB100-bedBhomeBwithB90BemployeesBexperiencedB23BresignationsBandBhad
toBdischargeB12BstaffBmembers.BWhatBwasBtheBemployeeBturnoverBrateB(asBaB%)BforBtheByear?B-
BcorrectBanswer-23B+B12B=B37BwhoBturnedBover
35B/B90B=B.39B=B39%BannualBemployeeBturnover
WhatBisBtheBaverageBdailyBabsenteeBrateB(asBaB%)BforBALFBhavingB100BemployeesBperBdayBandB90
lost-workBdaysBorBabsencesBinBaB30-dayBmonth?B-BcorrectBanswer-
90B/B30B=B3BToBchangeBtoBaB%,BdivideB3B/B100B=B3%BabsenteeBrate
IfBanBemployeeBworksB52BhoursBinBaB7-dayBworkBperiodBandBisBpaidB$12BperBhourBforBregularBtime,
theBemployeeBshouldBbeBpaidBaBtotalBweeklyBincomeBofBwhatBaccordingBtoBFederalBlaw?B-BcorrectBanswer-
52B-B40B=B12BxB($12BxB1B1/2B)B=B$215
40BxB$12B=B$480
$480B+B$215B=B$695BtotalBgrossBwages
AnB8/80BemployeeBisBscheduledBtoBworkB8BhoursBperBdayBforB5BdaysBperBweekBatBaBwageBof
$10.90.BHowever,BdueBtoBanotherBemployee'sBabsence,BtheBemployeeBworkedBtwoBtwelve-hour
daysBandBtwoBadditionalB8-hourBdays.BWhatBwillBbeBtheBgrossBwagesBforBtheBtwo-weekBperiod?B-
BcorrectBanswer-8BhoursBxB10BdaysB=B80BregularBhours
80BhoursBxB$10.90B=B$872.00BregularBwage
(12-8)B=B4x2B=B8BhoursBPLUSB2BxB8B=B16BhoursBtotal
$10.90BxB1B½B=B$16.35BO/TBhourlyBwageBrate
$16.35BxB24BhoursBO/TB=B$392.40BgrossBO/TBwages