Financial Math Concepts and Calculations

Financial Math Concepts and Calculations

Assessment

Interactive Video

Mathematics

11th - 12th Grade

Practice Problem

Hard

Created by

Thomas White

FREE Resource

The video tutorial covers a business calculations practice test similar to the FBLA financial math test for grades 11 and 12. It includes a detailed explanation of the straight-line depreciation method, calculating the annual depreciation of an asset. Additionally, it demonstrates how to calculate the total deposit from various denominations in a checking account. The video concludes with a prompt to check out the next part of the test in a subsequent video.

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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the focus of the business calculations practice test discussed in the video?

Geometry for high school students

Introduction to algebra

Financial math for grades 11 and 12

Physics for beginners

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which grades should take the introduction to financial math test?

Grades 11 and 12

Grades 9 and 10

Grades 7 and 8

Grades 5 and 6

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the initial value of the asset purchased by Lou's College?

$28,000

$26,000

$24,000

$20,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the expected trade-in value of the asset after ten years?

$1,000

$4,000

$2,000

$3,000

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method is used to calculate the depreciation of the asset?

Straight-line

Sum of the years' digits

Units of production

Double declining balance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much does the asset depreciate each year using the straight-line method?

$2,400

$2,600

$2,000

$2,800

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating the annual depreciation using the straight-line method?

(Initial value / Trade-in value) * Useful life

(Initial value * Trade-in value) / Useful life

(Initial value - Trade-in value) / Useful life

(Initial value + Trade-in value) / Useful life

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