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FBLA Business Calculations

Total questions: 40

Worksheet time: 40mins

Name
Class
Date
1.
Jennifer exercised her first stock option to buy 210 shares of her company’s stock at 30% below today’s quote of 15 1/2. 
Disregarding other costs, what did she pay? 
 
a)
$1,278.50 
b)
$ 996.50 
c)
$2,278.50    
d)
$ 976.50              
2.
Find the annual premium for a $1,000,000 hazard insurance policy if the rate is $0.492 per hundred. 
a)
$4,720 
b)
$4,820 
c)
$4,920
d)
$5,000
3.
ERM Art Supply purchases linen paper with a list price of $15,500 with a chain discount of 35/20/15. What is the net price? 
a)
 $ 8,060 
b)
$ 7,750 
c)
$10,075 
d)
 $ 6,851
4.
Calculate the reconciled balance given the following information: 
Bank Statement Balance: $378.53 Outstanding Checks: $37.38; $52.85; $100.54 Service Charge: $10.00 Check Register Balance: $197.76 
 
a)
$207.76
b)
$197.76
c)
$187.76
d)
$177.76
5.
 Taxi fare is based on a flat charge per trip of $8.00 plus $0.95 per mile or fraction thereof. In addition, wait time is metered and charged at $0.50 per minute or fraction thereof. John takes a taxi from his hotel to the airport. The distance is 31 ¼ miles. The taxi waited at 3 traffic signals for 45 sec., 55 sec., and 93 sec. John tipped the driver $5.00. How much did John pay for 
the taxi ride?  
a)
$35.40 
b)
$40.40  
c)
$43.40  
d)
$44.69 
6.
Ms. Moon is a salesperson who is paid on a commission basis. She earns 6% commission on sales up to $10,000, 12% for sales over $10,000 up to $20,000, and 20% on all sales over $20,000. If she sells $23,500 this pay period, how much money 
does she earn?  
a)
$1,300 
b)
$4,000
c)
$1,800  
d)
$2,500
7.
Anthony had a loan in the amount of $5,500 at 11% for 3 years. His monthly payments were $203.20. What is the total 
amount repaid? 
a)
$7,315.20 
b)
$1,815.20 
c)
$6,096.00
d)
$ 609.60
8.
An item costs $880 and has a selling price of $1,300. Calculate the markup based on cost. 
a)
147.7%
b)
47.7% 
c)
67.7% 
d)
32.3%
9.
George agrees to pay the first 15% of his employees’ medical expenses as part of a new employee benefit package. Last year, 
his employees incurred $2135 in medical expenses. How much would he have paid last year? 
 
a)
$ 213.50  
b)
$ 320.25
c)
$ 420.75
d)
$1,814.75
10.
George agrees to pay the first 15% of his employees’ medical expenses as part of a new employee benefit package. Last year, 
his employees incurred $2135 in medical expenses. How much would he have paid last year? 
 
a)
$ 213.50  
b)
$ 320.25
c)
$ 420.75
d)
$1,814.75
11.
June sells an average $7800 each week. She currently earns $812/wk before taxes. She is considering a new job with a competitor. If she takes that job, she will earn $200 + 9% commission on all sales. Assuming she continues to sell $7800/wk, 
how much more will she gross per year at the new job if she takes 2 weeks off without pay? 
 
a)
 $ 4,500
b)
$10,000 
c)
 $ 5,000 
d)
 $ 5,304
12.
The ceiling in my bedroom is 8„S high. The room measures 11' x 12' with a door on one wall that measures 3 1/2 ' x 7', closetsliding doors measuring 6' x 7' & a window measuring 3' x 4'. How many square feet of wallpaper would be needed to cover 
just the walls? 
a)
184 ft2 
b)
289.5 ft2 
c)
262.5 ft2 
d)
 368 ft2 
13.
The Writing Place pays its writers $200/week plus $50 for each short project completed, $100 for each medium project completed, and $150 for each long project completed. In addition, they pay $5 for each page of bibliography. What was Erika’s gross pay the week she completed 2 short, 3 medium, and 1 long project plus a total of 8 pages of bibliography?
a)
$ 780 
b)
 $ 750
c)
$1,200 
d)
$ 790
14.
Johnny’s Model Toys purchased wheel sets known as trucks for $72/doz. Each truck retails for $14.95. To the nearest tenth, 
what is the rate of markup based on Johnny’s cost? 
 
a)
149.2% 
b)
67.0% 
c)
249.2% 
d)
59.9%
15.
June wants to purchase new carpet for her hall and master bedroom. The hall is 3 ½ feet wide by 12 feet long. The master 
bedroom measures 11' x 14’. Carpet costs $5/ft2. How much will June spend for these 2 rooms? 
 
a)
 $ 770
b)
$980
c)
$ 210  
d)
$1,000
16.
Super Office Supplies offers its retail customers a chain discount of 20/10/5 on its $30.95 cases of printer paper. What is the 
net price?  
a)
$22.28 
b)
$21.17 
c)
 $23.84 
d)
$24.76
17.
 A $2,500 bond has a quoted price of 90 ¼. It pays interest at 5 ¼%. What is its annual yield to the nearest hundredth of a 
percent?  
a)
9.25%
b)
5.82% 
c)
5.81%
d)
5.25% 
18.
 A $2,500 bond has a quoted price of 90 ¼. It pays interest at 5 ¼%. What is its annual yield to the nearest hundredth of a 
percent?  
a)
9.25%
b)
5.82% 
c)
5.81%
d)
5.25% 
19.
For his ironworking business, Jim purchases supplies from an internet firm that has terms of 5/15, n/45. He purchased $250 of 
iron on July 15th. He received the invoice on July 20th and paid on July 23. What was his cash price? 
 
a)
$225.00
b)
$237.50
c)
$250.00 
d)
$212.50
20.
The Fostoria Wholesale catalog has a list price of $179.98 for each place setting of silverware in their category I. The net 
price after the trade discount is $80.99. What is the trade discount rate? 
 
a)
45% 
b)
55%
c)
50%  
d)
80%
21.
Suzanne is considering a $150,000 business loan with two different interest arrangements. The first is 9 7/8% ordinary 
interest. The second is 9 7/8 % exact interest. She expects to repay the loan in 90 days.What is the total interest due if Suzanne selects the ordinary interest arrangement? 
 
a)
$ 3,703.13  
b)
$ 3,354.48  
c)
$14,737.50  
d)
$ 3,684.38
22.
Suzanne is considering a $150,000 business loan with two different interest arrangements. The first is 9 7/8% ordinary 
interest. The second is 9 7/8 % exact interest. She expects to repay the loan in 90 days. Comparing the ordinary interest costs to the exact interest costs, Suzanne will pay how much, more or less? 
 
a)
$30.73 more 
b)
$50.73 more 
c)
$50.73 less 
d)
$30.73 less 
23.
Jamboree Software has fixed costs of 9/32 of every dollar for development costs, 1/8 of every dollar for advertisement, and 
5/32 of every dollar for shipping. How much of each dollar remains to pay all additional business expenses such as office space, taxes, and share holders? 
 
a)
7/32 
b)
7/16 
c)
18/32
d)
 ½ 
24.
Jamboree Software has fixed costs of 9/32 of every dollar for development costs, 1/8 of every dollar for advertisement, and 
5/32 of every dollar for shipping. To the nearest dollar, what were the total costs for shipping and advertising during 2002? 
a)
$ 79,338 
b)
$ 54,927 
c)
$ 30,515
d)
$109,853
25.
 54% of the 1400 Railside High School students passed the state-mandated English proficiency test in 2001. How many failed 
the test? 
a)
630 
b)
 770
c)
756
d)
630 
26.

Loos College bought an asset on January 1 for $26,000. It is expected to have $2,000 trade in value at the end of its use in about 10 years. Using the straight-line method, what is the adjustment for depreciation for this year?

a)

$2600

b)

b. $2800

c)

$2400

d)

$2500

27.

Maria Gonzales deposits the following in her checking account: 3 ten-dollar bills, 6 five-dollar bills, 9 one-dollar bills, 9 quarters, 11 dimes, 2 nickels, 47 pennies, and a check for $19.76. What is her total deposit?

a)

a. $92.21

b)

b. $82.21

c)

c. $82.68

d)

d. $92.68

28.

Brent House had a mortgage loan in the amount of $87,750. He financed his house for 30 years and had a monthly payment of $725. At the end of 30 years, what will be the total amount of interest paid on the house?

a)

a. $163,500

b)

b. $173,250

c)

c. $152,725

d)

d. $163,150

29.

Stephen Thublin invests $1,000,000 in a 45-day certificate of deposit with 6.55% interest. What is the total interest income from the investment?

a)

a. $8,187.50

b)

b. $65,500.00

c)

c. $6,550.00

d)

d. $8,781.50

30.

Lucas Brothers Hardware sells faucet sets for $74.99, including installation. They hire subcontractors to install the faucets. The subcontractors receive $22 per faucet installed. Other overhead costs total $7.56 per faucet. If Lucas Brothers pays $32.55 per faucet, what is the company's net profit?

a)

a. $12.88

b)

b. $20.75

c)

c. $6.44

d)

d. $34.88

31.

GM Stock sells for 46 1/4. Commission rate $2,500 and above, .9% plus $25. What will be a broker’s fee for the purchase of 100 shares of GM stock?

a)

a. $25

b)

b. $45.63

c)

c. $66.63

d)

d. $42.63

32.

Find the dealer cost when the list price is $103 with chain discounts of 12 percent and 10 percent.

a)

a. $80.34

b)

b. $21.42

c)

c. $81.58

d)

d. $22.66

33.

Alicia works for commission. She is paid 10% on the first $10,000 of sales, 15% on the next $5,000, and 20% on sales over $15,000. If she sold $18,500 dollars, how much did she earn?

a)

a. $3,700

b)

b. $2,975

c)

c. $2,700

d)

d. $2,450

34.

Last week, cost of goods sold for Ellen's Bakery was $7,486. This week, cost of goods sold is $6,042. What is the percent change?

a)

a. -19.3 percent

b)

b. 19.3 percent

c)

c. 23.9 percent

d)

d. -23.9 percent

35.

When an advertisement attracts customers to the store and the advertised special is gone, _______ exists when customers are redirected to a product with greater profit margin.

a)

a. bait and switch

b)

b. price fixing

c)

c. consumer fraud

d)

d. loss leader pricing

36.

With a depreciable value of $27,000 which cost your father $30,000, calculate the depreciation of your company's van using the straight-line method of five years of useful life.

a)

a. $4,400

b)

b. $11,000

c)

c. $5,400

d)

d. $5,600

37.

Your employer asks you to take the weekly checks and cash and coins to deposit them in the company's account. The bank bag has three checks for $50 each; one check for $500; one check for $850, $50 in cash (two 20s, one ten); $2.00 in coins. How much is deposited?

a)

a. $1,502

b)

b. $1,552

c)

c. $1,540

d)

d. $1,602

38.

The real estate agent in your city advertises a house for $195,000 at 6.25 percent interest for 17 years. You are interested in learning more about your responsibilities if your family buys it. You learn that insurance will be $1,080 and taxes will be $1,252 per year. How much will your monthly payment be?

a)

a. $1,748.48

b)

b. $1,554.15

c)

c. $1,220.04

d)

d. $1,342.00

39.

Weather forecasters often give the average temperature for a particular city. You might want to know this to plan your vacation. A favorite resort city had the following temperatures for July 4 for the last 10 years. What is the mean for that day over the last 10 years? 88 85 92 88 99 86 91 94 93 98

a)

a. 91.4 mean

b)

b. 91.0 mean

c)

c. 89.2 mean

d)

d. 87.6 mean

40.

Using the portion of the Estimated Premium Rates below, estimate the quarterly premium for your aunt who is 30 and purchases a straight-life policy with a value of $600,000. Straight Life Period Percent of Annual Premium Age Male Female 20 2.72 2.63 Semiannual 51.00 30 3.49 3.38 Quarterly 26.00 40 4.02 3.88 Monthly 8.75

a)

a. $201.80 estimated

b)

b. $338.00 estimated c. $202.80 estimated d. $527.28 estimated

c)

c. $202.80 estimated

d)

d. $527.28 estimated

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