CM 2024 Fall Final

Front

What is the numerical representation of two hundred eighty-one and 01/100 dollars?

Back

$281.01

Front

How do you round $21.275 to the nearest cent?

Back

$21.28

Front

If a savings account has a previous balance of $895.00, earns $3.50 in interest, receives a deposit of $210.00, and has a withdrawal of $20.50, what is the new balance?

Back

$1,088.00

Front

Calculate the total hours worked from 8:15 A.M. to 11:45 A.M. and from 12:30 P.M. to 4:15 P.M.

Back

7 1/4 hours or 7.25 hours

Front

What is the commission earned on $128,000 in sales at a 4 percent commission rate?

Back

$5,120.00

Front

Define 'commission' in the context of sales.

Back

A commission is a fee paid to an employee based on the sales they generate, typically expressed as a percentage of the sales amount.

Front

What is the formula to calculate the new balance in a savings account?

Back

New Balance = Previous Balance + Interest + Deposits - Withdrawals

Front

Explain the process of rounding a number to the nearest cent.

Back

To round to the nearest cent, look at the third decimal place. If it's 5 or more, round up the second decimal place by one. If it's less than 5, keep the second decimal place the same.

Front

What is the significance of understanding how to read a bank statement?

Back

Reading a bank statement helps individuals track their finances, understand their spending habits, and manage their savings effectively.

Front

How do you convert hours and minutes into decimal hours?

Back

To convert, divide the minutes by 60 and add to the hours. For example, 15 minutes is 0.25 hours, so 7 hours 15 minutes = 7.25 hours.