Exam 1 Business Math Q1. The number 49,842 rounded to the nearest thousand is: a. 50,000 b. 49,000 c. 49,900 d. 49,800 Q2. The number 70624020 should be written: a. 70,624,020.0 b. 7,062,402,0 c. 70,624,020 d. 706,240,20 Q3. The original amount, in a subtraction problem, is called the: a. minuend b. difference c. borrowing Q4. Estimate the difference between 941,601 and 566,189 by rounding each term to the nearest thousand before subtracting. a. 374,800 b. 374,600 c. 374,780 d. 376,000 Q5. 6,765 in verbal form would be: a. sixty-seven sixty-five b. six hundred seven thousand sixty-five c. six thousand, seven hundred sixty-five d. sixty-seven hundred sixty-five Q6. Seven thousand twenty-two would be written numerically as: a. 7,220 b. 7,202 c. 7,022 d. 7,222 Q7. In a division problem that comes out evenly (with no remainder), the dividend always equals the __________________ times the ___________________. a. remainder, divisor b. divisor, quotient c. quotient, remainder d. dividend, divisor e. none of the above Q8. In the number 5,392 there are how many tens? a. 9 b. 5 c. 3 d. 2 e. all of the above Q9. Find the total of the following list of numbers: 1,525; 2,681; 380; 215; 15,018 a. 19,819 b. 19,891 c. 19,882 d. 19,855 Q10. In a division problem that comes out evenly (with no remainder), the dividend always equals the __________________ times the ___________________. a. remainder, divisor b. divisor, quotient c. quotient, remainder d. dividend, divisor Q11. The quickest way to reduce a fraction to its lowest terms is to divide the numerator and denominator by: a. GCD b. LCD c. NCD d. HCD Q12. There are 10-3/4 inches of wire available Mary requires 6-1/8 times that amount. How many inches of wire does she need? a. 126-27/32 b. 44-3/32 c. 4-2/49 d. 65-27/32 e. none of the above Q13. A fraction indicates what mathematical function? a. multiplication b. subtraction c. division d. addition e. all of the above Q14. Janice mixes her own bird seed. She recently purchased 7/8 pounds of sunflower seed, 7-1/2 pounds of cracked corn, and 6-5/8 pounds of millet. After mixing the seed, how many pounds of bird seed did she have? a. 15 b. 14-7/8 c. 147/8 d. 13-13/8 e. 14-15/16 Q15. Find the difference between 9-1/3 and 3-5/12 a. 5-11/12 b. 5-1/2 c. 5-1/3 d. 5-3/4 e. 5-7/32 Q16. Change 9/32 into a fraction with a denominator of 4512. a. 108/4512 b. 122/4512 c. 1101/4512 d. 1269/4512 e. 1268/4512 Q17. To reduce a fraction to its lowest terms: a. subtract the same number from the numerator and the denominator b. multiply the numerator and denominator by the same number c. divide the numerator and denominator by the same number d. add the same number to the numerator and the denominator Q18. The dividend or number being divided in a fraction is called the: a. denominator b. divisor c. GCD d. numerator Q19. A fraction indicates what mathematical function? a. multiplication b. subtraction c. division d. addition Q20. The Least Common Denominator of 2/6 and 74/24 is: a. 12 b. 6 c. 4 d. 3 Q21. A big screen television set had a list price of $3,495.00. The price was reduced by $275.00 for a recent sale. If 650 sets were sold, what were the total sales to the store? a. $2,100,000.00 b. $2,271,750.00 c. $2,093,000.00 d. $2,039,000.00 e. none of the above Q22. The value of a decimal, like a whole number, is based on the: a. monetary system b. digit system c. place-value system d. metric system Q23. The Johnsons wish to remodel their home. Their contractor has estimated a cost of $24,000.00 with interest for five years of $2,752.20. If they make 60 equal monthly payments, what will their payments be? a. $445.87 b. $540.00 c. $400.87 d. $455.00 Q24. The product of 74.66 x 8.1 is: a. 60.4749 b. 604.746 c. 6,047.46 d. 60.4746 Q25. The monetary system of the United States is based on: a. Roman numerals b. whole numbers c. decimals d. fractions Q26. The difference between 27.10694 and 14.03 rounded to the nearest thousandth is: a. 13.0769 b. 13.08 c. 13.10 d. 13.077 Q27. The Johnsons wish to remodel their home. Their contractor has estimated a cost of $24,000.00 with interest for five years of $2,752.20. If they make 60 equal monthly payments, what will their payments be? a. $445.87 b. $540.00 c. $400.87 d. $455.00 e. none of the above Q28. Rene has 354 ceramic bowls available for sale at $13.50 each. If Rene sells all of the bowls, how much money will she have? a. $4,797.00 b. $4,779.00 c. $47,779.00 d. $477.90 e. none of the above Q29. 58.0616 rounded to the nearest tenth is: a. 58.1 b. 58.00 c. 58.06 d. 58.062 Q30. Round 0.99762 to the nearest hundredth. a. 1.00 b. 0.99 c. 0.998 d. 1.007 e. none of the above Q31. In the process of reconciliation which of the following should be deducted from the register balance? a. automatic paycheck deposit b. credit from the bank c. interest paid by the bank d. bank service charges e. none of the above Q32. The fee a bank charges for maintaining a checking account is referred to as a(n): a. service charge b. NSF charge c. returned check charge d. ATM charge Q33. The checkbook should be credited when a memorandum for which of the following is received? a. service charge b. NSF c. overdraft charge d. interest earned Q34. The checkbook should be credited when a memorandum for which of the following is received? a. service charge b. NSF c. overdraft charge d. interest earned e. none of the above Q35. Outstanding checks: a. have been presented to the bank and paid b. are the bank's checks c. are the checks that are returned to the payor d. have not yet been received and processed by the bank Q36. A debit memorandum discovered during the reconciliation process should be: a. added to the bank statement balance of cash b. deducted from the bank statement balance of cash c. deducted from the book balance of cash d. added to the book balance of cash Q37. In the process of reconciliation which of the following should be deducted from the register balance? a. automatic paycheck deposit b. credit from the bank c. interest paid by the bank d. bank service charges Q38. Writing the words "For Deposit Only" along with your checking account number on the back of a check is called a: a. restricted endorsement b. pure endorsement c. simple endorsement d. qualified endorsement Q39. The checkbook balance of Sunfresh, Inc. is $6,917.63. The bank statement shows a balance of $8,737.35. The bank statement showed interest earned in the amount of $59.60, a service charge of $37.25, and an outstanding deposit of $2,848.89. Outstanding checks totaled $837.38. The bookkeeper noticed the collection of a note by the bank for $4,270.40. Sunfresh, Inc. forgot to deduct a check for $461.52. Their reconciled balance is: a. $10,784.86 b. $6,478.46 c. $10,748.68 d. $10,748.86 e. none of the above Q40. William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding. The bank statement reflected an NSF charge in the amount of $86.75 and a monthly service charge of $15.00. The checkbook register balance that should have been shown was: a. $5,477.55 b. $5,447.55 c. $5,549.30 d. $6,206.55 Exam 2 Business Math Q1. An equation is: a. a mathematical expression of equality b. an expression of a mathematical inequality c. a mathematical expression of constants d. a mathematical unknown Q2. When writing an equation, unknown quantities are represented by: a. letters b. parentheses c. symbols d. numbers Q3. Notebooks cost $15.00 per carton and legal pads cost $7.50 per carton. If an order for notebooks comes in that totals $900.00, how many cartons of notebooks does the order require? a. 240 b. 30 c. 60 d. 120 Q4. In the equation 3N * 4N = 24N, N equals a. 7 b. 2 c. 3 d. 1 e. 0 Q5. Using the equation: I=E/R; Given: I = 5 and E=10; What does R equal? a. 2.0 b. 0.2 c. 5.0 d. 0.5 e. 10 Q6. Any statement that uses an equal sign is called a(n): a. symbol b. equation c. unknown quantity d. variable Q7. In an equation, unknown quantities are called: a. fraction bars b. variables c. symbolic statements d. constants Q8. In the equation 3N + 4N - 2 = 19, N equals a. 7 b. 2 c. 3 d. 1 e. none of the above Q9. Using the equation: I=E/R; Given: I = 10 and E=5; What does R equal? a. 0.5 b. 5.0 c. 1.5 d. 5.1 e. 10 Q10. To solve an equation means to find the: a. unknown amount b. known quantities c. parenthetic value d. symbolic amount Q11. The __________ is usually written as a percent, decimal, or fraction. a. percentage b. equation c. rate d. base e. none of the above Q12. Al received a promotion at work. His salary was $39,500. His new salary was $59,000. Al received a __________ raise. a. $18,500 b. $19,000 c. $20,000 d. $19,500 e. none of the above Q13. 1,500 increased by 9% equals __________. a. 1,653 b. 1,356 c. 1,563 d. 1,635 e. none of the above Q14. 1% written as a decimal is __________. a. 1.0 b. 10.0 c. 0.01 d. 0.10 e. none of the above Q15. The __________ is the total or original amount. a. equation b. rate c. base d. percentage e. none of the above Q16. 135% written as a decimal would be __________. a. 13.5 b. 0.135 c. 135.0 d. 1.35 e. none of the above Q17. Oklahoma requires end-of-instruction exams in Algebra I. At one school, 220 students out of 260 passed the EOI exam. What percent of students failed the exam? a. 94.4% b. 14.5% c. 84.6% d. 15.4% e. none of the above Q18. Mickey Sheen scored 38 out of 40 on his math exam. He made __________. a. 38% b. 95% c. 90% d. 85% e. none of the above Q19. 0.007 written as a percent would be __________. a. 70% b. 7% c. 0.07% d. 0.7% e. none of the above Q20. Bell's Amusement Park expected 12,000 guests on July 4. By noon 12% of the expected guests were already in the park. How many guests arrived by noon? a. 144 b. 1,500 c. 1,440 d. 150 e. none of the above Q21. The number that occurs most frequently in a series of numbers is called the: a. median b. mean c. range d. mode Q22. The mode of 35, 22, 43, 18, 22, 27, 48, 39, 31, and 16 is: a. 31 b. 30 c. 22 d. 29 Q23. Adding the values in a set of numbers and then dividing the sum by the number of members in the set results in the: a. range b. median c. mean d. mode Q24. The mode of 17, 24, 24, 27, 29, 31, and 36 is: a. 26.86 b. 17 c. 19 d. 24 Q25. The median of 55, 93, 48, 53, 55, 93, 63, 80, 75, and 55 is: a. 45 b. 67 c. 55 d. 59 Q26. Which of the following statements is incorrect? a. Using only the statistical mean could result in distortions. b. The mode is a statistical measurement that records value that occurs the most in a data set. c. A circle graph contains 360 degrees. d. The line graph and bar graph are identical. e. none of the above Q27. What is the median of 32, 32, 37, 39, 40, 44, and 48? a. 32 b. 272 c. 38.9 d. 39 Q28. The sum of the values of a set divided by the number of members in that set is the: a. range b. mode c. mean d. median Q29. The median value of 27, 14, 5, 11, and 9 is: a. 8 b. 11 c. 13 d. 4 Q30. The median of 55, 93, 48, 53, 55, 93, 63, 80, 75, and 55 is: a. 45 b. 67 c. 55 d. 59 e. none of the above Q31. To find the trade discount when the list price and single discount rate are given, use the following formula: a. base equals portion times rate b. net price times single discount rate c. trade discount times single discount rate d. list price times single discount rate Q32. Cash discounts are: a. calculated on returned goods b. never calculated on freight or sales tax c. always determined by the list price d. a reduction in the amount of the freight charges Q33. The reduction in the amount due on an invoice for paying within a certain period of time is called a: a. cash discount b. trade discount c. list price d. net price Q34. The amount of money a manufacturer deducts from a list price is called a: a. net price b. dealer price c. trade discount d. cash discount e. none of the above Q35. Which one of the following months does not have 30 days? a. April b. February c. September d. June e. they all have 31 days Q36. The complement of 32 percent is: a. 53% b. 132% c. 86% d. 68% Q37. The list price of a furnace is $2,468.00. The manufacturer offers a discount of 15%. The net price is: a. $209.78 b. $370.20 c. $2,097.80 d. $3,702.00 Q38. The amount of money a manufacturer deducts from a list price is called a: a. net price b. dealer price c. trade discount d. cash discount Q39. Most products follow a product flow that begins with a manufacturer and then goes: a. to a wholesaler, then to a retailer, and finally to the consumer. b. to a broker, then to a retailer, and finally to the consumer. c. to a retailer and then to the consumer. d. directly to the consumer. Q40. Eastco buys televisions from a manufacturer. The list price of a TV is $460.00 with a trade discount of 30 percent. The net price of a television is: a. $422.00 b. $322.00 c. $138.00 d. $233.00 Exam 3 Business Math Q1. Brian sells a power saw for $184.95 that cost him $98.65. Brian's percent of markup, based on the selling price, is: a. 46.66% b. 38.44% c. 56.66% d. 65.0% Q2. Calculators cost $60.00 and sell for $98.00. What is the percent markup based on selling price? a. 200% b. 60% c. 38.78% d. 29% Q3. The costs associated with running a business are called: a. operating expenses b. gross margin c. net loss d. net costs Q4. The difference between the cost of a product and its selling price is the: a. net profit b. markup c. reduced price d. markdown Q5. To find the selling price of an item, the following formula can be used: a. selling price equals cost minus margin b. margin equals selling price minus cost c. cost equals selling price minus margin d. selling price equals cost plus margin Q6. The price of an item on the retail market is called the: a. selling price b. margin price c. markup price d. markdown price Q7. Calculators cost $60.00 and sell for $98.00. What is the percent markup based on selling price? a. 200% b. 60% c. 38.78% d. 29% e. none of the above Q8. The price paid by the retailer, for the product being sold, is known as: a. the cost b. the markup c. the reduced price d. the markdown Q9. Monty knows his goods are marked up 38 percent on cost. If a stereo cost Monty $620.00, the selling price would be: a. $860.00 b. $855.60 c. $680.00 d. $640.00 Q10. The Tough and Tender Beef Restaurant marks up all dinners 32% on selling price. If the markup on barbecue ribs is $3.48, how much is the menu price? a. $10.88 b. $9.88 c. $20.42 d. $3.20 Q11. A withholding allowance is also known as a(n): a. exemption b. withholding tax c. FUTA tax d. deduction Q12. A stated amount of money paid each year to an employee for services performed is called a: a. wage b. commission c. piecework d. salary Q13. FUTA tax must be deposited____, if the amount exceeds $100: a. at least once a year b. six times per year c. semiannually d. quarterly e. none of the above Q14. When your payday falls every two weeks, your payroll frequently is said to be: a. biweekly b. weekly c. semimonthly d. monthly Q15. People whose entire salary is based on a percent of sales are said to be working on: a. differential scale b. piecework c. straight commission d. salary plus commission Q16. If employees are paid weekly, they will receive: a. 12 paychecks a year b. the number of paychecks vary each year c. 26 paychecks a year d. 52 paychecks a year Q17. Jennifer receives a commission of 9% of sales. If her gross pay this month was $6,714.00 her sales were: a. $67,140.00 b. $47,600.00 c. $76,400.00 d. $74,600.00 Q18. The amount earned before deductions is called: a. withholdings b. take-home pay c. net earnings d. gross earnings Q19. Assuming that Karen earns a salary of $54,580.00 per year and is paid semimonthly, the gross amount of her paycheck would be: a. $2,274.17 b. $4,548.33 c. $2,099.23 d. $2,828.08 Q20. Greg earns $850.00 per week plus 4% of net sales over $15,000.00. Greg's sales were $19,950.00 and his returns were $875.00. How much did Greg earn? a. $1,518.33 b. $1,048.00 c. $850.00 d. $1,013.00 e. none of the above Q21. __________ __________ is used when a loan is repaid in a lump sum. a. Simple discount b. Maturity discount c. Compound interest d. Simple interest e. none of the above Q22. __________ is the formula to find time. a. b. c. d. e. none of the above Q23. The simple interest rate on a 90-day, 8% loan can be restated as __________. a. 0.02 b. 0.002 c. 0.2 d. 2.0 Q24. __________ is the percent of interest charged on a loan. a. Ordinary b. Time c. Rate d. Principal e. none of the above Q25. The simple interest rate on a 90-day, 8% loan can be restated as __________. a. 0.02 b. 0.002 c. 0.2 d. 2.0 e. none of the above Q26. In a leap year, February has __________ days. a. 30 b. 29 c. 28 d. 31 Q27. The number of days, months, or years for which money is borrowed is known as: a. principal b. time c. discount d. rate Q28. Douglas Industries purchases supplies costing $3,500.00 with credit terms of 2/10, N/45. Douglas does not have the funds to pay within 10 days and explores the possibility of borrowing the necessary amount to take advantage of the discount. The local bank is willing to lend Douglas the money at 9% for 45 days at ordinary interest. The savings or loss if Douglas borrows the money to take advantage of the discount is: a. $31.16 loss b. $18.22 savings c. $18.22 loss d. $31.16 savings Q29. In a leap year, February has __________ days. a. 30 b. 29 c. 28 d. 31 e. none of the above Q30. Douglas Industries purchases supplies costing $3,500.00 with credit terms of 2/10, N/45. Douglas does not have the funds to pay within 10 days and explores the possibility of borrowing the necessary amount to take advantage of the discount. The local bank is willing to lend Douglas the money at 9% for 45 days at ordinary interest. The savings or loss if Douglas borrows the money to take advantage of the discount is: a. $31.16 loss b. $18.22 savings c. $18.22 loss d. $31.16 savings e. none of the above Q31. The __________ __________ is the sum of the number of months remaining on a loan divided by the sum of the total number of months of the loan. a. refund fraction b. Rule of 78 c. constant ratio d. finance charge Q32. Loans with regular payments for a specific number of payments are called: a. open-end loans b. APR loans c. down payment loans d. basic installment loans Q33. Which of the following statements is not correct? a. There is more than one formula to approximate a loan's APR. b. APR is the true effective annual interest rate charged by lenders. c. The Truth in Lending Act regulates interest rates. d. The Truth in Lending Act was passed in 1969. e. None of the above Q34. An 18 month loan with an interest charge of $782.00 is paid off with 5 months remaining. The finance charge refund is: a. $68.60 b. $182.00 c. $81.27 d. $72.40 Q35. The __________ __________ is the sum of the number of months remaining on a loan divided by the sum of the total number of months of the loan. a. refund fraction b. Rule of 78 c. constant ratio d. finance charge e. none of the above Q36. Which of the following statements is not correct? a. There is more than one formula to approximate a loan's APR. b. APR is the true effective annual interest rate charged by lenders. c. The Truth in Lending Act regulates interest rates. d. The Truth in Lending Act was passed in 1969. Q37. The cost of an item if the full amount had been paid at the time of sale is called the: a. total price b. installment price c. down payment price d. cash price Q38. 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: a. refund fraction b. constant ratio c. pay-off ratio d. finance rebate Q39. The refund amount is equal to the refund fraction: a. multiplied by the total interest b. divided by the total interest c. divided by the number of weeks of the loan d. multiplied by the number of months of a loan e. none of the above Q40. The total amount that must be paid when the purchase is paid for over a given period of time is the: a. cash price b. installment price c. financed price d. amount financed Exam 4 Business Math Q1. If you borrow $1000 at an APR of 12% and pay it back in one year making the same payment amount each month, what principal (P) and interest (I) have you paid when the load is paid off? a. P=$1200, I=$120 b. P=$1000, I=$120 c. P=$1000, I=$66.19 d. P=$1200, I=$65.50 e. P=$1000, I=$60.00 Q2. How much should be invested today to provide $1,800.00 in one year? Assume 10% interest compounded annually. a. $1,636.36 b. $1,782.00 c. $1,620.00 d. $493.15 e. $1,647.42 Q3. Your company needs to have $40,465.00 five years from now. If the interest rate at your bank is 6% compounded quarterly, how much will you need to deposit into your account today in order to have the desired amount in 5 years? a. $29,999.26 b. $29,666.92 c. $30,044.05 d. $30,000.00 e. $20,044.05 Q4. Starting with $4,500.00, what will it grow to in 5 years at 7.25% compounded daily. a. $6,385.95 b. $6,465.89 c. $6,358.59 d. $6,835.59 e. $9,444.50 Q5. In a loan of 8% compounded quarterly, what is the periodic interest rate? a. 4% b. 6% c. 2.5% d. 2% Q6. Sunfresh Markets made a $13,000.00 investment in a compound interest account paying 8% compounded monthly. What was the value of its investment at the end of 8 months? (Choose the closest answer) a. 12710.00 b. 13710.00 c. 13860.00 d. 14710.00 e. 24062.00 Q7. If interest is compounded, the total amount at the end of the loan or investment term is called the: a. future value b. compound amount c. present value d. both A and B e. none of the above Q8. $15,000.00 for 10 years compounded at 10% quarterly results in how many periods? a. 20 b. 10 c. 120 d. 40 e. none of the above Q9. The effective rate is: a. the stated rate b. the true semiannual rate c. the annual percentage yield rate d. the nominal rate e. the beginning rate Q10. What is the value of an annuity due at the end of 15 years of quarterly deposits of $2,000.00 with terms of 8% compounded quarterly? a. $228,102.00 b. $232,665.14 c. $232,666.08 d. $228,120.00 e. none of the above Q11. A __________ __________ is used to accumulate a required amount of money by the end of a certain period of time to pay off a financial obligation. a. sinking fund b. compound interest c. present value d. checking account e. none of the above Q12. __________ is the present value of an annuity of $1,500.00 for 6 years at 6% compounded semiannually. a. $12,576.00 b. $7,375.50 c. $8,125.50 d. $14,931.00 e. none of the above Q13. The amount of an ordinary $7,500.00 annuity for 3 years at 12% compounded quarterly is: a. $106,440.00 b. $23,182.50 c. $180,997.50 d. $25,305.00 Q14. Payments into a sinking fund are always made when? a. when the funds are available b. at the end of each period c. lump sum at the beginning of the sinking fund d. at the beginning of each period e. none of the above Q15. What is the value of an annuity due at the end of 15 years of quarterly deposits of $2,000.00 with terms of 8% compounded quarterly? a. $228,102.00 b. $232,665.14 c. $232,666.08 d. $228,120.00 Q16. The sum of the payments of an annuity plus the interest is called the: a. economic sum b. payoff amount c. financial total d. amount of the annuity Q17. When a series of equal periodic payments is put into an interest bearing account for a specific number of periods, this is known as a(n): a. annuity b. discounting procedure c. compound interest plan d. high risk investment Q18. Jayne purchased a home for $240,000.00 with a down payment of $48,000.00. The rate of interest was 5-3/4 for 30 years. What was her monthly mortgage payment? a. $962.70 b. $2,146.85 c. $1,121.28 d. $1,850.46 e. $1000.00 Q19. Derek purchased a home for $225,000.00 with a down payment of $30,000.00 at 8.75% for 25 years. Since then the rate has fallen to 5.25%. How much less would his monthly payment be if he purchased the house with the mortgage at 5.25%? a. $443.85 b. $434.58 c. $443.58 d. $434.85 Q20. Brian bought a new ranch style home for $180,000.00. Brian made a 30 percent down payment. Assuming a rate of 6.5% on a 30 year mortgage, Brian's monthly payment is: a. $1,783.80 b. $1,982.00 c. $594.60 d. $796.32 Q21. Land or anything permanently attached to the land is termed: a. real property b. FNMA c. collateral d. personal property Q22. A variable rate mortgage means: a. payments will be larger than on a fixed rate mortgage b. the interest rate cannot change c. the interest rate is fixed for the first five years d. the interest rate can change Q23. The difference between the monthly payments on a $95,000.00 mortgage at 5% versus 6% for 25 years is: a. $65.05 b. $56.05 c. $56.50 d. $56.60 Q24. All payments on a mortgage are required to be paid on a __________ basis. a. semiannually b. biweekly c. monthly d. weekly e. agreed Q25. The primary mortgage on a home is called the: a. collateral b. real mortgage c. first mortgage d. FNMA Exam 1 Business Math Q1. The number 49,842 rounded to the nearest thousand is: a. 50,000 b. 49,000 c. 49,900 d. 49,800 Q2. The number 70624020 should be written: a. 70,624,020.0 b. 7,062,402,0 c. 70,624,020 d. 706,240,20 Q3. The original amount, in a subtraction problem, is called the: a. minuend b. difference c. borrowing Q4. Estimate the difference between 941,601 and 566,189 by rounding each term to the nearest thousand before subtracting. a. 374,800 b. 374,600 c. 374,780 d. 376,000 Q5. 6,765 in verbal form would be: a. sixty-seven sixty-five b. six hundred seven thousand sixty-five c. six thousand, seven hundred sixty-five d. sixty-seven hundred sixty-five Q6. Seven thousand twenty-two would be written numerically as: a. 7,220 b. 7,202 c. 7,022 d. 7,222 Q7. In a division problem that comes out evenly (with no remainder), the dividend always equals the __________________ times the ___________________. a. remainder, divisor b. divisor, quotient c. quotient, remainder d. dividend, divisor e. none of the above Q8. In the number 5,392 there are how many tens? a. 9 b. 5 c. 3 d. 2 e. all of the above Q9. Find the total of the following list of numbers: 1,525; 2,681; 380; 215; 15,018 a. 19,819 b. 19,891 c. 19,882 d. 19,855 Q10. In a division problem that comes out evenly (with no remainder), the dividend always equals the __________________ times the ___________________. a. remainder, divisor b. divisor, quotient c. quotient, remainder d. dividend, divisor Q11. The quickest way to reduce a fraction to its lowest terms is to divide the numerator and denominator by: a. GCD b. LCD c. NCD d. HCD Q12. There are 10-3/4 inches of wire available Mary requires 6-1/8 times that amount. How many inches of wire does she need? a. 126-27/32 b. 44-3/32 c. 4-2/49 d. 65-27/32 e. none of the above Q13. A fraction indicates what mathematical function? a. multiplication b. subtraction c. division d. addition e. all of the above Q14. Janice mixes her own bird seed. She recently purchased 7/8 pounds of sunflower seed, 7-1/2 pounds of cracked corn, and 6-5/8 pounds of millet. After mixing the seed, how many pounds of bird seed did she have? a. 15 b. 14-7/8 c. 147/8 d. 13-13/8 e. 14-15/16 Q15. Find the difference between 9-1/3 and 3-5/12 a. 5-11/12 b. 5-1/2 c. 5-1/3 d. 5-3/4 e. 5-7/32 Q16. Change 9/32 into a fraction with a denominator of 4512. a. 108/4512 b. 122/4512 c. 1101/4512 d. 1269/4512 e. 1268/4512 Q17. To reduce a fraction to its lowest terms: a. subtract the same number from the numerator and the denominator b. multiply the numerator and denominator by the same number c. divide the numerator and denominator by the same number d. add the same number to the numerator and the denominator Q18. The dividend or number being divided in a fraction is called the: a. denominator b. divisor c. GCD d. numerator Q19. A fraction indicates what mathematical function? a. multiplication b. subtraction c. division d. addition Q20. The Least Common Denominator of 2/6 and 74/24 is: a. 12 b. 6 c. 4 d. 3 Q21. A big screen television set had a list price of $3,495.00. The price was reduced by $275.00 for a recent sale. If 650 sets were sold, what were the total sales to the store? a. $2,100,000.00 b. $2,271,750.00 c. $2,093,000.00 d. $2,039,000.00 e. none of the above Q22. The value of a decimal, like a whole number, is based on the: a. monetary system b. digit system c. place-value system d. metric system Q23. The Johnsons wish to remodel their home. Their contractor has estimated a cost of $24,000.00 with interest for five years of $2,752.20. If they make 60 equal monthly payments, what will their payments be? a. $445.87 b. $540.00 c. $400.87 d. $455.00 Q24. The product of 74.66 x 8.1 is: a. 60.4749 b. 604.746 c. 6,047.46 d. 60.4746 Q25. The monetary system of the United States is based on: a. Roman numerals b. whole numbers c. decimals d. fractions Q26. The difference between 27.10694 and 14.03 rounded to the nearest thousandth is: a. 13.0769 b. 13.08 c. 13.10 d. 13.077 Q27. The Johnsons wish to remodel their home. Their contractor has estimated a cost of $24,000.00 with interest for five years of $2,752.20. If they make 60 equal monthly payments, what will their payments be? a. $445.87 b. $540.00 c. $400.87 d. $455.00 e. none of the above Q28. Rene has 354 ceramic bowls available for sale at $13.50 each. If Rene sells all of the bowls, how much money will she have? a. $4,797.00 b. $4,779.00 c. $47,779.00 d. $477.90 e. none of the above Q29. 58.0616 rounded to the nearest tenth is: a. 58.1 b. 58.00 c. 58.06 d. 58.062 Q30. Round 0.99762 to the nearest hundredth. a. 1.00 b. 0.99 c. 0.998 d. 1.007 e. none of the above Q31. In the process of reconciliation which of the following should be deducted from the register balance? a. automatic paycheck deposit b. credit from the bank c. interest paid by the bank d. bank service charges e. none of the above Q32. The fee a bank charges for maintaining a checking account is referred to as a(n): a. service charge b. NSF charge c. returned check charge d. ATM charge Q33. The checkbook should be credited when a memorandum for which of the following is received? a. service charge b. NSF c. overdraft charge d. interest earned Q34. The checkbook should be credited when a memorandum for which of the following is received? a. service charge b. NSF c. overdraft charge d. interest earned e. none of the above Q35. Outstanding checks: a. have been presented to the bank and paid b. are the bank's checks c. are the checks that are returned to the payor d. have not yet been received and processed by the bank Q36. A debit memorandum discovered during the reconciliation process should be: a. added to the bank statement balance of cash b. deducted from the bank statement balance of cash c. deducted from the book balance of cash d. added to the book balance of cash Q37. In the process of reconciliation which of the following should be deducted from the register balance? a. automatic paycheck deposit b. credit from the bank c. interest paid by the bank d. bank service charges Q38. Writing the words "For Deposit Only" along with your checking account number on the back of a check is called a: a. restricted endorsement b. pure endorsement c. simple endorsement d. qualified endorsement Q39. The checkbook balance of Sunfresh, Inc. is $6,917.63. The bank statement shows a balance of $8,737.35. The bank statement showed interest earned in the amount of $59.60, a service charge of $37.25, and an outstanding deposit of $2,848.89. Outstanding checks totaled $837.38. The bookkeeper noticed the collection of a note by the bank for $4,270.40. Sunfresh, Inc. forgot to deduct a check for $461.52. Their reconciled balance is: a. $10,784.86 b. $6,478.46 c. $10,748.68 d. $10,748.86 e. none of the above Q40. William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding. The bank statement reflected an NSF charge in the amount of $86.75 and a monthly service charge of $15.00. The checkbook register balance that should have been shown was: a. $5,477.55 b. $5,447.55 c. $5,549.30 d. $6,206.55 Exam 2 Business Math Q1. An equation is: a. a mathematical expression of equality b. an expression of a mathematical inequality c. a mathematical expression of constants d. a mathematical unknown Q2. When writing an equation, unknown quantities are represented by: a. letters b. parentheses c. symbols d. numbers Q3. Notebooks cost $15.00 per carton and legal pads cost $7.50 per carton. If an order for notebooks comes in that totals $900.00, how many cartons of notebooks does the order require? a. 240 b. 30 c. 60 d. 120 Q4. In the equation 3N * 4N = 24N, N equals a. 7 b. 2 c. 3 d. 1 e. 0 Q5. Using the equation: I=E/R; Given: I = 5 and E=10; What does R equal? a. 2.0 b. 0.2 c. 5.0 d. 0.5 e. 10 Q6. Any statement that uses an equal sign is called a(n): a. symbol b. equation c. unknown quantity d. variable Q7. In an equation, unknown quantities are called: a. fraction bars b. variables c. symbolic statements d. constants Q8. In the equation 3N + 4N - 2 = 19, N equals a. 7 b. 2 c. 3 d. 1 e. none of the above Q9. Using the equation: I=E/R; Given: I = 10 and E=5; What does R equal? a. 0.5 b. 5.0 c. 1.5 d. 5.1 e. 10 Q10. To solve an equation means to find the: a. unknown amount b. known quantities c. parenthetic value d. symbolic amount Q11. The __________ is usually written as a percent, decimal, or fraction. a. percentage b. equation c. rate d. base e. none of the above Q12. Al received a promotion at work. His salary was $39,500. His new salary was $59,000. Al received a __________ raise. a. $18,500 b. $19,000 c. $20,000 d. $19,500 e. none of the above Q13. 1,500 increased by 9% equals __________. a. 1,653 b. 1,356 c. 1,563 d. 1,635 e. none of the above Q14. 1% written as a decimal is __________. a. 1.0 b. 10.0 c. 0.01 d. 0.10 e. none of the above Q15. The __________ is the total or original amount. a. equation b. rate c. base d. percentage e. none of the above Q16. 135% written as a decimal would be __________. a. 13.5 b. 0.135 c. 135.0 d. 1.35 e. none of the above Q17. Oklahoma requires end-of-instruction exams in Algebra I. At one school, 220 students out of 260 passed the EOI exam. What percent of students failed the exam? a. 94.4% b. 14.5% c. 84.6% d. 15.4% e. none of the above Q18. Mickey Sheen scored 38 out of 40 on his math exam. He made __________. a. 38% b. 95% c. 90% d. 85% e. none of the above Q19. 0.007 written as a percent would be __________. a. 70% b. 7% c. 0.07% d. 0.7% e. none of the above Q20. Bell's Amusement Park expected 12,000 guests on July 4. By noon 12% of the expected guests were already in the park. How many guests arrived by noon? a. 144 b. 1,500 c. 1,440 d. 150 e. none of the above Q21. The number that occurs most frequently in a series of numbers is called the: a. median b. mean c. range d. mode Q22. The mode of 35, 22, 43, 18, 22, 27, 48, 39, 31, and 16 is: a. 31 b. 30 c. 22 d. 29 Q23. Adding the values in a set of numbers and then dividing the sum by the number of members in the set results in the: a. range b. median c. mean d. mode Q24. The mode of 17, 24, 24, 27, 29, 31, and 36 is: a. 26.86 b. 17 c. 19 d. 24 Q25. The median of 55, 93, 48, 53, 55, 93, 63, 80, 75, and 55 is: a. 45 b. 67 c. 55 d. 59 Q26. Which of the following statements is incorrect? a. Using only the statistical mean could result in distortions. b. The mode is a statistical measurement that records value that occurs the most in a data set. c. A circle graph contains 360 degrees. d. The line graph and bar graph are identical. e. none of the above Q27. What is the median of 32, 32, 37, 39, 40, 44, and 48? a. 32 b. 272 c. 38.9 d. 39 Q28. The sum of the values of a set divided by the number of members in that set is the: a. range b. mode c. mean d. median Q29. The median value of 27, 14, 5, 11, and 9 is: a. 8 b. 11 c. 13 d. 4 Q30. The median of 55, 93, 48, 53, 55, 93, 63, 80, 75, and 55 is: a. 45 b. 67 c. 55 d. 59 e. none of the above Q31. To find the trade discount when the list price and single discount rate are given, use the following formula: a. base equals portion times rate b. net price times single discount rate c. trade discount times single discount rate d. list price times single discount rate Q32. Cash discounts are: a. calculated on returned goods b. never calculated on freight or sales tax c. always determined by the list price d. a reduction in the amount of the freight charges Q33. The reduction in the amount due on an invoice for paying within a certain period of time is called a: a. cash discount b. trade discount c. list price d. net price Q34. The amount of money a manufacturer deducts from a list price is called a: a. net price b. dealer price c. trade discount d. cash discount e. none of the above Q35. Which one of the following months does not have 30 days? a. April b. February c. September d. June e. they all have 31 days Q36. The complement of 32 percent is: a. 53% b. 132% c. 86% d. 68% Q37. The list price of a furnace is $2,468.00. The manufacturer offers a discount of 15%. The net price is: a. $209.78 b. $370.20 c. $2,097.80 d. $3,702.00 Q38. The amount of money a manufacturer deducts from a list price is called a: a. net price b. dealer price c. trade discount d. cash discount Q39. Most products follow a product flow that begins with a manufacturer and then goes: a. to a wholesaler, then to a retailer, and finally to the consumer. b. to a broker, then to a retailer, and finally to the consumer. c. to a retailer and then to the consumer. d. directly to the consumer. Q40. Eastco buys televisions from a manufacturer. The list price of a TV is $460.00 with a trade discount of 30 percent. The net price of a television is: a. $422.00 b. $322.00 c. $138.00 d. $233.00 Exam 3 Business Math Q1. Brian sells a power saw for $184.95 that cost him $98.65. Brian's percent of markup, based on the selling price, is: a. 46.66% b. 38.44% c. 56.66% d. 65.0% Q2. Calculators cost $60.00 and sell for $98.00. What is the percent markup based on selling price? a. 200% b. 60% c. 38.78% d. 29% Q3. The costs associated with running a business are called: a. operating expenses b. gross margin c. net loss d. net costs Q4. The difference between the cost of a product and its selling price is the: a. net profit b. markup c. reduced price d. markdown Q5. To find the selling price of an item, the following formula can be used: a. selling price equals cost minus margin b. margin equals selling price minus cost c. cost equals selling price minus margin d. selling price equals cost plus margin Q6. The price of an item on the retail market is called the: a. selling price b. margin price c. markup price d. markdown price Q7. Calculators cost $60.00 and sell for $98.00. What is the percent markup based on selling price? a. 200% b. 60% c. 38.78% d. 29% e. none of the above Q8. The price paid by the retailer, for the product being sold, is known as: a. the cost b. the markup c. the reduced price d. the markdown Q9. Monty knows his goods are marked up 38 percent on cost. If a stereo cost Monty $620.00, the selling price would be: a. $860.00 b. $855.60 c. $680.00 d. $640.00 Q10. The Tough and Tender Beef Restaurant marks up all dinners 32% on selling price. If the markup on barbecue ribs is $3.48, how much is the menu price? a. $10.88 b. $9.88 c. $20.42 d. $3.20 Q11. A withholding allowance is also known as a(n): a. exemption b. withholding tax c. FUTA tax d. deduction Q12. A stated amount of money paid each year to an employee for services performed is called a: a. wage b. commission c. piecework d. salary Q13. FUTA tax must be deposited____, if the amount exceeds $100: a. at least once a year b. six times per year c. semiannually d. quarterly e. none of the above Q14. When your payday falls every two weeks, your payroll frequently is said to be: a. biweekly b. weekly c. semimonthly d. monthly Q15. People whose entire salary is based on a percent of sales are said to be working on: a. differential scale b. piecework c. straight commission d. salary plus commission Q16. If employees are paid weekly, they will receive: a. 12 paychecks a year b. the number of paychecks vary each year c. 26 paychecks a year d. 52 paychecks a year Q17. Jennifer receives a commission of 9% of sales. If her gross pay this month was $6,714.00 her sales were: a. $67,140.00 b. $47,600.00 c. $76,400.00 d. $74,600.00 Q18. The amount earned before deductions is called: a. withholdings b. take-home pay c. net earnings d. gross earnings Q19. Assuming that Karen earns a salary of $54,580.00 per year and is paid semimonthly, the gross amount of her paycheck would be: a. $2,274.17 b. $4,548.33 c. $2,099.23 d. $2,828.08 Q20. Greg earns $850.00 per week plus 4% of net sales over $15,000.00. Greg's sales were $19,950.00 and his returns were $875.00. How much did Greg earn? a. $1,518.33 b. $1,048.00 c. $850.00 d. $1,013.00 e. none of the above Q21. __________ __________ is used when a loan is repaid in a lump sum. a. Simple discount b. Maturity discount c. Compound interest d. Simple interest e. none of the above Q22. __________ is the formula to find time. a. b. c. d. e. none of the above Q23. The simple interest rate on a 90-day, 8% loan can be restated as __________. a. 0.02 b. 0.002 c. 0.2 d. 2.0 Q24. __________ is the percent of interest charged on a loan. a. Ordinary b. Time c. Rate d. Principal e. none of the above Q25. The simple interest rate on a 90-day, 8% loan can be restated as __________. a. 0.02 b. 0.002 c. 0.2 d. 2.0 e. none of the above Q26. In a leap year, February has __________ days. a. 30 b. 29 c. 28 d. 31 Q27. The number of days, months, or years for which money is borrowed is known as: a. principal b. time c. discount d. rate Q28. Douglas Industries purchases supplies costing $3,500.00 with credit terms of 2/10, N/45. Douglas does not have the funds to pay within 10 days and explores the possibility of borrowing the necessary amount to take advantage of the discount. The local bank is willing to lend Douglas the money at 9% for 45 days at ordinary interest. The savings or loss if Douglas borrows the money to take advantage of the discount is: a. $31.16 loss b. $18.22 savings c. $18.22 loss d. $31.16 savings Q29. In a leap year, February has __________ days. a. 30 b. 29 c. 28 d. 31 e. none of the above Q30. Douglas Industries purchases supplies costing $3,500.00 with credit terms of 2/10, N/45. Douglas does not have the funds to pay within 10 days and explores the possibility of borrowing the necessary amount to take advantage of the discount. The local bank is willing to lend Douglas the money at 9% for 45 days at ordinary interest. The savings or loss if Douglas borrows the money to take advantage of the discount is: a. $31.16 loss b. $18.22 savings c. $18.22 loss d. $31.16 savings e. none of the above Q31. The __________ __________ is the sum of the number of months remaining on a loan divided by the sum of the total number of months of the loan. a. refund fraction b. Rule of 78 c. constant ratio d. finance charge Q32. Loans with regular payments for a specific number of payments are called: a. open-end loans b. APR loans c. down payment loans d. basic installment loans Q33. Which of the following statements is not correct? a. There is more than one formula to approximate a loan's APR. b. APR is the true effective annual interest rate charged by lenders. c. The Truth in Lending Act regulates interest rates. d. The Truth in Lending Act was passed in 1969. e. None of the above Q34. An 18 month loan with an interest charge of $782.00 is paid off with 5 months remaining. The finance charge refund is: a. $68.60 b. $182.00 c. $81.27 d. $72.40 Q35. The __________ __________ is the sum of the number of months remaining on a loan divided by the sum of the total number of months of the loan. a. refund fraction b. Rule of 78 c. constant ratio d. finance charge e. none of the above Q36. Which of the following statements is not correct? a. There is more than one formula to approximate a loan's APR. b. APR is the true effective annual interest rate charged by lenders. c. The Truth in Lending Act regulates interest rates. d. The Truth in Lending Act was passed in 1969. Q37. The cost of an item if the full amount had been paid at the time of sale is called the: a. total price b. installment price c. down payment price d. cash price Q38. 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: a. refund fraction b. constant ratio c. pay-off ratio d. finance rebate Q39. The refund amount is equal to the refund fraction: a. multiplied by the total interest b. divided by the total interest c. divided by the number of weeks of the loan d. multiplied by the number of months of a loan e. none of the above Q40. The total amount that must be paid when the purchase is paid for over a given period of time is the: a. cash price b. installment price c. financed price d. amount financed