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Question #1 John works for a car dealership. He receives a monthly base salary of $1500 and he has a monthly sales quota of $5000. He is paid a commission of 5% on the next $5000 in sales and 10% on any additional sales. What were his gross earnings if he had sales amounting to $34,350? (4 marks) Question #2 US MINT sold 34,000 oz. of gold in Year 1 at an average price of $1160 per LB. As a result of a strike, production was down in Year 2 to 23,750 LB. but the average price per LB rose to $1280. What was the percent change from Year 1 to Year 2 in the revenue from the sale of the gold? Is this a gain or loss? Answer should be to the nearest .01%. (4 marks) Question #3 US GOV calculates a separate sub-indices for goods and for services. The goods index rose from 96.8 from 112.0 over a 10-year period. During the same period, the services index rose from 95.2 from to 115.1. Answers should be to the nearest cent and .01%. -How much did the representative basket of goods, worth $1000 at the beginning of the period, cost 10 years later? (1 mark) -How much did the representative services, worth $1000 at the beginning of the period, cost 10 years later? (1 mark) -What is the difference between the percent increase in cost of goods and percent increase in cost of services over the decade? (3 marks) Question #4 During the same 10-year period, your after-tax income rose from $30,000 to $45,000. The composite CPI at the beginning of the period was 96 and at the end of the 10-year period is 114. Answers should be to nearest dollar and .01%. -Has the percent change in your real after-tax income from the beginning to the end of the10year period matched the change in after-tax nominal income? (5 marks) -Has the change in your real income kept up with the inflation rate? Question #5 NONE (2 marks) Question #6 Laura clothing store orders a line of shirts at a suggested retail price of $78, less trade discounts of 30% and 7%. The manager decides to sell the shirts at a selling price that is 100% markup on cost. Answers should be to nearest cent and nearest whole percent. -If overhead is 30% of the cost price, what will be the operating profit on each shirt? (4 marks) -What is the advertised discount on the regular selling price for an inventory clearance sale that guarantees a profit of $10 per shirt? (2 marks) -A payment of $800 on an invoice for $1887 reduced the balance owed to $1070.67. What cash discount was allowed on the $800 payment? (2 marks) Question #7 Brother Industries has annual fixed costs of $1.8 million. Unit variable costs are currently 55% of selling price. Answer to the nearest million and .01% -What annual revenue is required to breakeven? (2 marks) -What annual revenue would produce a loss of $100 000 in a year? -What annual revenue would produce a profit of $300 000? (2 marks) (2 marks) -If prices are increased by 10%, but total revenue remains at the value determined in (c), what will be the percent change in sales volume? (3 marks) Question #8 The balance, including interest, after 11 months, on a loan at 9.9% interest is $15,379.58. What are the principal and interest components of the balance? (3 marks) Question #9 Two equivalent payments of $2000 each are to be received six and 12 months from now. If money can earn 10%, what is the total equivalent value of the payments today? Answer to the nearest cent. (3 marks) Question #10 Three payments are scheduled as follows: $1200 is due today, $900 is due in five months and $1500 is due in eight months. The three payments are to be replaced by a single payment due 9 months from now. If money can earn 5.9%, what should the payment be? Use 9 months from now as the focal date. Round to the nearest cent. Question #11 A $100,000, 182-day US Treasury bill was issued 66 days ago. What will it sell at today to yield the purchaser 4.48%? Question #12 Jonathan took a demand loan of $4000 for university supplies on September 1st at a rate of 5%. She repaid $1500 on October 1st. What is the outstanding balance on November 1st? Answer to the nearest cent. Question #1 John works for a car dealership. He receives a monthly base salary of $1500 and he has a monthly sales quota of $5000. He is paid a commission of 5% on the next $5000 in sales and 10% on any additional sales. What were his gross earnings if he had sales amounting to $34,350? (4 marks) Basic salary = $1500 Commission = ( 0.05 *5000) +( 0.1*(34350 - 5000 )) = $3185 Gross earning = $1500 +$ 3185 = $4685 Question #2 US MINT sold 34,000 oz. of gold in Year 1 at an average price of $1160 per LB. As a result of a strike, production was down in Year 2 to 23,750 LB. but the average price per LB rose to $1280. What was the percent change from Year 1 to Year 2 in the revenue from the sale of the gold? Is this a gain or loss? Answer should be to the nearest .01%. (4 marks) 1 LB = 16 oz. Sales in Year 1 = (34000/16)* 1160 = $2465000 Sales in Year 2 = (23750/16)*1280 =$ 1900000 % Change = (1900000 - 2465000)/ 2465000 = - 22.92% Question #3 US GOV calculates a separate sub-indices for goods and for services. The goods index rose from 96.8 from 112.0 over a 10-year period. During the same period, the services index rose from 95.2 from to 115.1. Answers should be to the nearest cent and .01%. -How much did the representative basket of goods, worth $1000 at the beginning of the period, cost 10 years later? (1 mark) CPI in percentage = (112-96.8)/96.8 * 100% = 1.157 Cost of basket goods = 1000*(1-0.157) = $842.97 -How much did the representative services, worth $1000 at the beginning of the period, cost 10 years later? (1 mark) = (115.1-95.2)/95.2 =0.209 = (1-0.209)*1000 = $790.97 -What is the difference between the percent increase in cost of goods and percent increase in cost of services over the decade? (3 marks) Change = $842.97-$790.97 = $52 = $52/$1000 = 0.052 = 5.2% Question #5 NONE Question #6 Laura clothing store orders a line of shirts at a suggested retail price of $78, less trade discounts of 30% and 7%. The manager decides to sell the shirts at a selling price that is 100% markup on cost. Answers should be to nearest cent and nearest whole percent. -If overhead is 30% of the cost price, what will be the operating profit on each shirt? marks) (4 Overhead = (1+0.3) * 78 = 101.40 Selling price = (1+1) *78 = $ 156 Operating profit = $156 - 101.40 = $54.6 -What is the advertised discount on the regular selling price for an inventory clearance sale that guarantees a profit of $10 per shirt? (2 marks) Advertisement discount = 0.07*(78 + 1.1 *54.6) = $9.66 -A payment of $800 on an invoice for $1887 reduced the balance owed to $1070.67. What cash discount was allowed on the $800 payment? (2 marks) Discount allowed = 1887-1070.67 = $816.33 * 30/(30+7) = $661.88 Question #7 Brother Industries has annual fixed costs of $1.8 million. Unit variable costs are currently 55% of selling price. Answer to the nearest million and .01% -What annual revenue is required to breakeven? (2 marks) Breakeven = ($1.8 million / 1- 0.55) = 4.00 million -What annual revenue would produce a loss of $100 000 in a year? (2 marks) Annual revenue = $1.8 million - $0.1 million = $1.70/0.55 = $3.09 million -What annual revenue would produce a profit of $300 000? (2 marks) Annual revenue = $1.8 million + $0.3 million = $2.10/0.55=$3.82 million -If prices are increased by 10%, but total revenue remains at the value determined in (c), what will be the percent change in sales volume? (3 marks) Increase in sales = 10+55 = 65% = 0.65 New annual revenue = 2.10/ 0.65 = $3.23 % change = (3.23-3.82)/3.82 = -0.1544 = -15.44% Question #8 The balance, including interest, after 11 months, on a loan at 9.9% interest is $15,379.58. What are the principal and interest components of the balance? (3 marks) Question #9 Two equivalent payments of $2000 each are to be received six and 12 months from now. If money can earn 10%, what is the total equivalent value of the payments today? Answer to the nearest cent. (3 marks)Total Equivalent for Six month period = P (1+0.1) 0.5 = $2000(1.1)0.5 = $2097.60 Total Equivalent for 12 month period = P (1+0.1) 1.0 = $2000(1.1)1 = $2200.00 Question #11 A $100,000, 182-day US Treasury bill was issued 66 days ago. What will it sell at today to yield the purchaser 4.48%? Amount = Principal (1+0.0448)66/182 = $100000 (1.0448) 66/182 = $101,601.97 Question #12 Jonathan took a demand loan of $4000 for university supplies on September 1st at a rate of 5%. She repaid $1500 on October 1st. What is the outstanding balance on November 1st? Answer to the nearest cent. Assume the rate is compounded annually Accumulated amount by beginning of October = $4000(1.05) 1 = $4200.00 Accumulated amount by 1st November = (($4200-$1500) (1.05)1) =$ 2835.00