1.Round to the nearest dollar or tenth of a percent when necessary. A jewelry store purchased 80 fashion watches for $2400. If the store sold 40 watches at $60, 32 watches at $54, and the rest at $30, find the total markup, the markup percent on selling price, and the equivalent markup percent on cost.

2.Round to the nearest cent or whole percent. The Jewelry Store priced its entire stock of sterling silver at $1411. The original price was $2349. Find the percent of markdown on the original price.

3.Yolanda, whose regular rate of pay is $8.78, with time and a half for overtime, worked 52.25 hours last week. Find her gross pay for the week.

4.Social Security tax and Medicare tax are:

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

6.The Gift House pays employees for each gift they gift wrap. Yesterday Jacob wrapped 11 gifts. Find his gross daily earnings if he is paid at the following differential piece rate.

1-10 gifts

$2.00 each

11-15 gifts

$2.50 each

16 or more gifts

$3.00 each

7.Jackie Stall receives 2% of sales plus $1.94 for each item she lists through her online listing service. In January she listed 322 items that sold for a total of $17,872. What were her gross earnings?

8.John earns a gross biweekly income of $1740.34. How much Social Security tax should be withheld? How much Medicare tax should be withheld? Social security tax is 6.2% and Medicare tax is 1.45%. Round to the nearest cent.

9.Last week Cecelia picked 345 pumpkins. Find her gross weekly earnings if she is paid at the following differential piece rate.

1-200 pumpkins picked

$0.11 each

201-350 pumpkins picked

$0.15 each

350 or more pumpkins picked

$0.18 each

10.The employer is required to match the amount withheld from an employee's paycheck for Social Security tax and Medicare tax.

11.FUTA tax must be paid:

12.Daniel earns $125,448 annually and is paid monthly. How much Social Security tax will be deducted from his December earnings? How much Medicare tax will be deducted from his December earnings? Social security tax is 6.2% and Medicare tax is 1.45%. Round to the nearest cent.

13.The number of days a bank holds a discounted note is called the:

14.When calculating ordinary interest, the denominator of the time fraction will be:

15.Jane borrowed $28,340 over 1.2 years. The simple interest has a rate of 11% pear year. What is the maturity value of the loan?

16.If you borrow money from a bank and the bank collects its fee at the time the loan is made, the fee is called a:

17._____is the percent of interest charged on a loan.

18.The amount of money borrowed is called:

19.Find the due date for a loan made on September 14 for 90 days.

20.Find the exact time of a loan made on April 13 and due on February 25.

21.When a business receives a promissory note as payment for goods or services and in turn sells the note to a bank it is called:

22.Edgar borrowed $8200 on a 220-day note that required ordinary interest at 10.4%. Edgar paid $3000 on the note on day 150. How much interest did he save by making the partial payment?

23.Round to the nearest cent. On January 1, the unpaid balance in an account was $176. A payment of $45 was made on January 26. The interest rate per month was 1.75% per month of the average daily balance. Find the finance charge for the month of January.

24.A mountain bike has a cash price of $560.00. Eric purchases the bike by making a down payment of $140.00 and 24 payments of $31.39. Find the finance charge.

25.The installment price of a food processor is $408.72 with 18 monthly payments and a down payment of $75. Find the monthly payment.

26.Find the installment price of a table bought on the installment plan with a down payment of $30 and 6 payments of $35.52.

27.A fraction that shows what portion of the total finance charge has not been paid at the time a loan is paid off is called the:

28.Find the amount financed if a $60 down payment is made on a camera with a cash price of $230.

29.Find the interest refund on a 49 month loan with interest of $5117 if the loan is paid in full with 12 months remaining.

30.Which of the following statements is not correct?

31.Round to the nearest cent. The unpaid balance in an account on December 1 was $103. A payment of $55 was made on December 16. The interest rate per month was 1.75% per month of the average daily balance. Find the finance charge for the month of December.

32.Find the amount financed on a TV with a cash price $420.00 and a down payment of $105.00.