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Simple interest, tax, compound interest, gross salary and net salary

Quiz by Andrew Watts

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11 questions
Show answers
  • Q1
    What is simple interest?
    Interest calculated monthly
    Interest calculated on both principal and interest
    Interest calculated only on the principal amount
    Interest calculated only on the interest amount
    30s
  • Q2
    What is tax?
    An amount of money given to an employee as a bonus
    A type of investment
    A compulsory financial charge imposed by a government
    The amount of money earned in a month
    30s
  • Q3
    What is compound interest?
    Interest calculated only on the principal amount
    Interest calculated only on the interest amount
    Interest calculated monthly
    Interest calculated on both the principal and accumulated interest
    30s
  • Q4
    What is gross salary?
    The total salary before any deductions
    The salary received per hour
    The bonus given by the employer
    The total salary after all deductions are made
    30s
  • Q5
    What is net salary?
    The bonus given by the employer
    The salary received per hour
    The total salary before any deductions
    The salary received after all deductions are made
    30s
  • Q6
    What is the formula for calculating simple interest?
    I=PRT
    T=PRI
    P=RIT
    R=IPT
    30s
  • Q7
    What is the difference between gross salary and net salary?
    Gross salary and net salary are the same thing
    Gross salary is the total salary before deductions, while net salary is the amount received after deductions
    Net salary includes bonuses while gross salary does not
    Gross salary is the amount received after deductions, while net salary is the total salary before deductions
    30s
  • Q8
    What is the formula for calculating compound interest?
    Rate plus time multiplied by interest twice

    Principal plus interest multiplied by new term

    Principal minus interest multiplied by term
    Interest multiplied by time multiplied by rate plus interest
    30s
  • Q9
    What is the difference between tax and interest?
    Tax is only applicable to businesses while interest is only applicable to individuals
    Tax and interest are the same thing
    Tax is a compulsory financial charge imposed by a government, while interest is the cost of borrowing money
    Tax is the cost of borrowing money, while interest is a compulsory financial charge imposed by a government
    30s
  • Q10
    What is the difference between simple interest and compound interest?
    Simple interest is applicable to short-term loans while compound interest is applicable to long-term loans
    Simple interest and compound interest are the same thing
    Simple interest is calculated on both the principal and accumulated interest, while compound interest is calculated only on the principal amount
    Simple interest is calculated only on the principal amount, while compound interest is calculated on both the principal and accumulated interest
    30s
  • Q11

    What is the simple interest on $250 invested for 6 years at 2%

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    Type an Answer
    30s

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