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

## Quiz by Andrew Watts

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11 questions
• 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 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 total salary before any deductions
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%

Users enter free text