1. After finding the first selling price upon which a series of markup or markdowns will be based, all subsequent changes: }

Select one:

a. will be based on cost

b. will be based upon selling price

c. will result in a profit when using markups, and a loss using markdowns

d. will be based on either cost or selling price for markups, and selling price for markdowns

2. Which of the following statements is true regarding the unpaid or previous month's balance method:

Select one:

a. new purchases or payments during the month do not affect the finance charge

b. interest rates charged are always higher than the average daily balance method

c. new purchases or payments during the month affect the finance charge

d. cash purchases are not allowed under this method

3. The amount of federal income tax to be withheld from employee's paychecks can be calculated by:

Select one:

a. the percentage-bracket method

b. only by the percentage method

c. only by the wage-bracket method

d. either the percentage method or the wage-bracket table method