Question 1 (2.5 points)

Complete the following. If there is no operating loss or absolute loss, write "none."

Cost	Operating Expense	Break-even Point	Reduced Price	Operating Loss	Absolute Loss
$780	$56	$836	$793	$43	__________

Question 1 options:

A	$56
B	$13
C	$43
D	None

Question 2 (2.5 points)

Solve for cost.

100% C M $64.50 125% S

Question 2 options:

A	$80.63
B	$258
C	$145.13
D	$322.50

Question 3 (2.5 points)

Harborfront Interiors, a retailer, pays $125 for an area rug. The original selling price was $170, but it was marked down 30%. If operating expenses are 18% of cost, find the absolute loss.

Question 3 options:

A	$22.50
B	$28.50
C	$6
D	$45

Question 4 (2.5 points)

solve the following application problem involving cash and trade discount. Round to the nearest cent. Benton's Clock Shop offers a decorative clock for $2,175 less 5/10. The same clock is offered by Time After Time for $2,317 less 10/15. Find the difference in price after the trade discounts.

Question 4 options:

A	$87.12
B	$111
C	$142
D	$121.41

Question 5 (2.5 points)

A swimming suit originally priced at $89 is marked down to $52. Find the percent of markdown on the original price. Round to the nearest tenth of a percent.

Question 5 options:

A	58.4%
B	41.6%
C	37.0%
D	71.2%

Question 6 (2.5 points)

Solve the following application problem involving cash and trade discount. Round to the nearest cent. An invoice of $4,783.42 from A&B Cabinets and Counters has cash terms of 3/8 EOM and is dated June 7. Find the amount necessary to pay the invoice in full if the cash discount is earned.

Question 6 options:

A	$4,268.72
B	$4,400.75
D	$4,639.92
D	$4,931.36

Question 7 (2.5 points)

Solve for cost.

C 23% M 100% S $825

Question 7 options:

A	$189.75
B	$3,586.96
C	$635.25
D	$1,071.14

Question 8 (2.5 points)

Find the equivalent markup on either cost or selling price, using the appropriate formula. Round to the nearest tenth of a percent.

Markup on Cost	Markup on Selling Price
10.0%

Question 8 options:

A	11.1%
B	9.1%
C	10.0%
D	90.0%

Question 9 (2.5 points)

Lopez Luggage buys suitcases for $2,520 per dozen. Find the selling price per suitcase if the retailer maintains a markup of 30% on the selling price.

Question 9 options:

A	$273
B	$300
C	$210
D	$258

Question 10 (2.5 points)

Solve the following application problem involving cash and trade discount. Round to the nearest cent. Vollmer Property Management purchased flooring list priced at $6,195, less series discounts of 8/15/10, with terms of 2/5-10 extra. If the invoice is paid within 15 days, find the amount paid.

Question 10 options:

A	$4,360.04
B	$6,321.43
C	$4,272.84
D	$6,071.10

Question 11 (2.5 points)

Solve for selling price.

82% C M $450 100% S

Question 11 options:

A	$2,500
B	$369
C	$549
D	$2,050

Question 12 (2.5 points)

Find the single discount equivalent for the following series discount. 5/8/10

Question 12 options:

A	4%
B	78.66%
C	21.34%
D	23%

Question 13 (2.5 points)

The following invoice was paid on August 30. Find the total amount due, including shipping and insurance.

Question 13 options:

A	$483.30
B	$522.20
C	$498.25
D	$507.25

Question 14 (2.5 points)

Find the final discount date for the following.

Invoice Date	Terms	Date Goods Received
February 15	4/8 EOM	February 19

Question 14 options:

A	Feb. 23
B	Feb. 27
C	April 8
D	March 8

Question 15 (2.5 points)

Find the net cost (invoice amount) for the following. Round to the nearest cent. List price: $5,125.40 less 10/12/15

Question 15 options:

A	$3,229
B	$3,450.42
C	$1,674.78
D	$5,090.40

Question 16 (2.5 points)

Find the stock turnover at cost and at retail in the following. Round to the nearest hundredth.

Average Inventory at Cost	Average Inventory at Retail	Cost of Goods Sold	Retail Sales
$23,156	$39,376	$142,765	$231,832

Question 16 options:

A	1.70, 1.62
B	6.17, 5.89
C	.16, .17
D	3.63, 10.01

Question 17 (2.5 points)

Dollars & Cents offers a sewing kit for $2.59. If the kits cost $19.80 per dozen, find the percent of markup on cost. Round to the nearest tenth of a percent.

Question 17 options:

A	63.7%
B	36.3%
C	43.0%
D	57.0%

Question 18 (2.5 points)

Complete the following. If there is no operating loss or absolute loss, write "none."

Cost	Operating Expense	Break-even Point	Reduced Price	Operating Loss	Absolute Loss
$258	$35	$293	$250	__________	$8

Question 18 options:

A	$43
B	$8
C	$35
D	None

Question 19 (2.5 points)

Courtney's Crafts sells a child's pottery wheel for $24.99. If the pottery wheel costs the store $18.29, find the markup as a percent of the selling price. Round to the nearest tenth of a percent.

Question 19 options:

A	73.2%
B	36.6%
D	26.8%
C	6.7%

Question 20 (2.5 points)

Solve the following application problem involving cash and trade discount. Round to the nearest cent. Fletcher's Appliance Repair purchased shelving at a net cost of $1,412.35 after a series discount of 3/12/25. Find the list price.

Question 20 options:

A	$2,017.64
B	$2,206.11
C	$904.19
D	$1,442.35

Question 21 (2.5 points)

Ben Hung signed a 75-day simple interest note for $11,280 with a bank that uses exact interest. If the rate is 12.3%, find the maturity value.

Question 21 options:

A	$11,569.05
B	$10,994.91
C	$11,565.09
D	$10,990.95

Question 22 (2.5 points)

Find the proceeds for the following simple discount note. Face value $4,530, discount rate 7.2%, time 125 days

Question 22 options:

A	$113.25
B	$111.70
C	$4,416.75
D	$4,418.30

Question 23 (2.5 points)

Angler's Edge, worth $12 million, is expected to grow at 5% per year compounded annually for 7 years. Find the future value to the nearest million.

Question 23 options:

A	$16 million
B	$18 million
C	$17 million
D	$19 million

Question 24 (2.5 points)

Sandra Leatherwood invested money received from a game show for 10 months at 9% interest. If she received $1,687.50 interest on her investment during this time, find the amount that she invested.

Question 24 options:

A	$18,750
B	$15,625
C	$22,500
D	$13,500

Question 25 (2.5 points)

A 90-day simple discount promissory note for $2,600 with a simple discount rate of 9.5% was signed on May 30. It was discounted on July 6 at 11%. Find the proceeds at the time of the sale.

Question 25 options:

A	$2,563.64
B	$2,557.89
C	$2,618.64
D	$2,642.11

Question 26 (2.5 points)

Diane Barvello deposits $1,380 in a certificate of deposit for 3 years. Find the compound amount if the interest rate is 5% compounded daily.

Question 26 options:

A	$1,587.00
B	$1,603.31
C	$1,597.53
D	$1,603.32

Question 27 (2.5 points)

Round to the nearest cent. Find the compound amount.

Amount	Rate	Compounded	Time (Years)
$10,500	6%	Quarterly	5

Question 27 options:

A	$14,142.03
B	$14,051.42
C	$11,311.44
D	$11,287.50

Question 28 (2.5 points)

Round to the nearest cent. Find the compound amount.

Amount	Rate	Compounded	Time (Years)
$17,160	8%	Quarterly	6

Question 28 options:

A	$19,219.20
B	$27,230.69
C	$27,600.83
D	$19,324.91

Question 29 (2.5 points)

Egg Roll House deposited $14,710 in a savings account on April 2 and then deposited an additional $5,100 in the account on June 2. Find the balance on July 1 assuming an interest rate of compounded daily.

Question 29 options:

A	$19,865.16
B	$19,910.49
C	$19,981.69
D	$19,951.69

Question 30 (2.5 points)

Find the present value of the following.

Amount Needed	Time (Years)	Rate	Compounded
$250,000	15	8%	Annually

Question 30 options:

A	$82,920.00
B	$80,642.10
C	$77,430.00
D	$78,810.00

Question 31 (2.5 points)

John Wong makes $63,800 per year maintaining a self-storage business. He was notified of a 3.3% raise in a year in which the CPI index increased by 4.4%. Find the gain or loss in his purchasing power.

Question 31 options:

A	Loss of $701.80
B	Gain of $701.80
C	Loss of $2,105.40
D	Gain of $2,105.40

Question 32 (2.5 points)

Keith Wendell plans to borrow $5,810. He has decided on a term of 95 days at 8% interest. He has a choice of two lenders. One calculates interest using a 360-day year and the other uses a 365-day year. Find the amount of interest Wendell will save by using the lender with the 365-day year.

Question 32 options:

A	$1.54
B	$1.67
C	$1.63
D	$1.68

Question 33 (2.5 points)

Round to the nearest cent. Find the compound amount.

Amount	Rate	Compounded	Time (Years)
$8,470	12%	Monthly	2

Question 33 options:

A	$10,502.80
B	$9,486.40
C	$10,624.77
D	$10,754.61

Question 34 (2.5 points)

Find the simple interest for the following. Round to the nearest cent. $7,064 at 6.5% for 8 months

Question 34 options:

A	$306.11
B	$3,673.28
C	$3,061.07
D	$367.33

Question 35 (2.5 points)

Mark McClennan signed a simple discount note for $2,950 for 100 days at a rate of 8.5%. Find the effective interest rate based on the proceeds received by McClennan.

Question 35 options:

A	8.8%
B	8.5%
C	8.6%
D	8.7%

Question 36 (2.5 points)

Lauren Michel lends $17,000 at a rate of 10.7%. Find how long it will take for her investment to earn $1,121.72 in interest.

Question 36 options:

A	225 days
B	222 days
C	258 days
D	254 days

Question 37 (2.5 points)

Find the simple interest for the following. Round to the nearest cent. A loan of $,1870 at 11% made on October 5 and due January 16

Question 37 options:

A	$46.21
B	$58.85
C	$58.05
D	$46.85

Question 38 (2.5 points)

Krentz Insulating accepted a 3-year note for $1,500 in lieu of immediate payment for insulating equipment sold to a local firm. Find the present value of the note at 4% per year compounded semiannually.

Question 38 options:

A	$1,685.35
B	$1,677.88
C	$1,679.83
D	$1,687.29

Question 39 (2.5 points)

Find the simple interest for the following. Round to the nearest cent. A promissory note for $5,380 at 6.2% made on July 15 and due Dec. 28

Question 39 options:

A	$153.81
B	$151.70
C	$150.79
D	$152.88

Question 40 (2.5 points)

Find the interest earned by the following. Assume interest compounded daily. $35,140 deposited August 30 and withdrawn October 14

Question 40 options:

A	$153.74
B	$151.95
C	$148.57
D	$155.34