WorksheetsBusiness Math 2nd Semester Final Exam
Total questions: 76
Worksheet time: 38mins
Name
Class
Date
1.
Calculate the actual sales since the sales and sales tax were rung up together. Assume a 6% sales tax and round your answer to the nearest cent for a total of $26,000.
a)
$24,440.00
b)
$25,000.00
c)
$24,000.00
d)
$23,500.00
2.
Howard Slater, age 44, an actor, expects his income to decline in future years. He decided to take out a 20-year payment life policy with a $90,000 coverage. What will be Howard's annual premium?
a)
$1,994
b)
$1,900
c)
$2,000
d)
$1,000
3.
Calculating the APR by formula is as accurate as calculating the APR by financial calculator.
a)
True
b)
False
4.
Bari Jay, a gown manufacturer, received an order for 600 prom dresses from China. Her cost is $35 a gown. If her markup based on selling price is 79%, what is the selling price of each gown?
a)
150.00
b)
166.67
c)
200.00
d)
120.00
5.
Cecil Green sells golf hats. He knows that most people will not pay more than $20 for a golf hat. Cecil needs a 40% markup on cost. What would Cecil pay for his golf hats?
a)
22.50
b)
14.29
c)
10.54
d)
18.76
6.
Front Range Cabinet Distributors in Colorado Springs, Colorado, sells to its contractors with a 42% markup on cost. If the selling price for cabinets is $9,655, what is the cost to contractors based on cost?
a)
$10,000
b)
$8,267
c)
$7,555
d)
$6,799
7.
Misu Sheet, owner of the bedspread shop, knows his customers will pay no more than $120 for a comforter. Misu wants a 30% markup on selling price. What is the most that Misu can pay for a comforter?
a)
84.00
b)
100.00
c)
92.00
d)
110.00
8.
Sunset Co. marks up merchandise 40% on cost. A DVD player costs Sunset $90. What is Sunset’s selling price?
a)
$100
b)
$110
c)
$126
d)
$120
9.
JCPenney sells jeans for $49.50 that cost. $38.00. What is the percent markup on cost?
a)
25%
b)
35%
c)
40%
d)
30%
10.
Best Buy sells a flat-screen high-definition TV for $700. Best Buy marks up the TV 45% on cost. What is the cost?
a)
$683
b)
$504
c)
$483
d)
$755
11.
Sports Authority marks up New Balance sneakers $30 and sells them for $109, markup is on cost. What is percent markup?
a)
25%
b)
38%
c)
40%
d)
30%
12.
The Shoe Outlet bought boots for $60 and marks up the boots 55% on the selling price. What is the selling price of the boots?
a)
$133.33
b)
$120.44
c)
$90.50
d)
$150.00
13.
Office Max sells a desk for $450 and marks up the desk 35% on the selling price. What did the desk cost Office Max?
a)
$587
b)
$443
c)
$293
d)
$350
14.
Zales sells diamonds for $1,100 that cost $800. What is Zale's percent markup selling price?
a)
27%
b)
15%
c)
20%
d)
35%
15.
Earl Miller, a customer of J. Crew, will pay $400 for a new jacket. J.Crew has a 60% markup on selling price. What is the most J. Crew can pay for this jacket?
a)
$160
b)
$300
c)
$350
d)
$200
16.
Home Liquidators marks up its merchandise 35% on cost. What is the company’s equivalent markup on selling price?
a)
20%
b)
30%
c)
25%
d)
26%
17.
The Muffin Shop makes no-fat blueberry muffins that cost $.70 each. The Muffin Shop knows that 15% of the muffins will spoil. If The Muffin Shop wants 40% markup on cost and produces 800 muffins, what should The Muffin Shop price each Muffin?
a)
$0.70
b)
$0.85
c)
$1.05
d)
$1.15
18.
Angel Corportation Produces calculators selling for $25.99. Its unit cost is $18.95. Assuming a fixed cost of $80,960. What is the breakeven point in units?
a)
12000
b)
10000
c)
11500
d)
15000
19.
Nissan Appliances bought two dozen camcorders at a cost of $4,788. The markup on the camcorders is 25% of the selling price. What was the original selling price of each camcorder?
a)
$281
b)
$254
c)
$266
d)
$334
20.
The Truth in Lending Act requires that creditors inform buyers of the finance charge and APR in writing before buyers sign a credit agreement.
a)
True
b)
False
21.
When the add-on method is used, the monthly payment is calculated by adding the finance charge and amount financed and dividing by the number of monthly payments.
a)
True
b)
False
22.
The Fair Credit and Charge Card Disclosure Act of 1988 is optional advice to credit card companies.
a)
True
b)
False
23.
Revolving charge accounts must be paid off completely by the end of the month.
a)
True
b)
False
24.
The U.S. Rule can be applied to open-end credit payments.
a)
True
b)
False
25.
Today most companies calculate the finance charge on their credit card accounts as a percentage of the yearly balance.
a)
True
b)
False
26.
A billing cycle is always 30 or 31 days. True or False?
a)
True
b)
False
27.
The daily balance is the previous balance plus cash advances plus purchases minus payments minus credits.
a)
True
b)
False
28.
The average daily balance is the same as the daily balance. True or False?
a)
True
b)
False
29.
Average daily balance is equal to sum of daily balances divided by number of days in the billing cycle.
a)
True
b)
False
30.
Amount financed is equal to:
a)
Cash price times down payment
b)
Cash price plus down payment
c)
Cash price minus down payment
d)
Cash price divided by down payment
31.
The finance charge is equal to the total of all monthly payments:
a)
Plus amount financed
b)
Minus amount financed
c)
Divided by amount financed
d)
Multiplied by amount financed
32.
The APR represents the:
a)
Stated rate of interest
b)
True or effective quarterly rate of interest charged by seller
c)
True or effective monthly rate of interest charged by seller
d)
True or effective annual rate of interest charged by seller
33.
Which one of the following statements is incorrect?
a)
The Truth in Lending Act specifies the information creditors must give buyers
b)
APR is the true or effective annual interest charged by sellers
c)
The Truth in Lending Act regulates interest charges
d)
APR represents the true or effective annual rate of interest
34.
Open-end credit in a revolving charge account results in:
a)
One purchase per month
b)
The U.S. Rule being applied to each purchase
c)
As many cash purchases until the credit limit is reached
d)
As many charged purchases until the credit limit is reached
35.
Most companies calculate the finance charge on credit card accounts as a percentage of the:
a)
Daily balance
b)
Weekly balance
c)
Average daily balance
d)
Average weekly balance
36.
When calculating the daily balance, cash advances are:
a)
Added to the previous balance
b)
Subtracted from the previous balance
c)
Added to the finance charge
d)
Subtracted from the finance charge
37.
The average daily balance is equal to the sum of daily balances:
a)
Plus number of days in billing cycle
b)
Minus number of days in billing cycle
c)
Divided by number of days in billing cycle
d)
Multiplied by number of days in billing cycle
38.
Darlene Ramirez bought a recreational vehicle for $140,000. She put 20% down and financed the balance with a 4.89% loan for 20 years. Her monthly payments are:
a)
$915.45
b)
$732.36
c)
$5,476.86
d)
$6846.07
39.
Calculate the finance charge:Sofa purchase price: $1,600.00Down payment: $400.00Number of monthly payments: 12Amount of monthly payments: $190.00
a)
$1080.00
b)
$850.00
c)
$1,200.00
d)
$500.00
40.
Calculate APR (to nearest percent):Purchase price: $1,800.00Down payment: $100.00No. of monthly payments: 20Amount financed: $1,700.00Total payments: $1,900.00
a)
10%
b)
13%
c)
14%
d)
16%
41.
Calculate the finance charge:Sofa purchase price $1,500.00Down payment $200.00Number of monthly payments 12Amount of monthly payment 175.00
a)
$100.00
b)
$200.00
c)
$800.00
d)
$600.00
42.
Calculate the finance charge:Sofa purchase price $1,800Down payment 300Number of monthly payments 16Amount of monthly payment 185
a)
$260
b)
$2600
c)
$1,460
d)
$3600
43.
Calculate the monthly payment: (Round your final answer to the nearest cent.)Loan $26,000Down payment 5,00011% 36 months
a)
$687.51
b)
$789.45
c)
$812.36
d)
$845.23
44.
Calculate the monthly payment: (Round your final answer to the nearest cent.)Loan $8,500Down payment 2,00010 1/2% 48 months
a)
$200.75
b)
$166.42
c)
$220.95
d)
$230.05
45.
Calculate APR (to the nearest percent):Purchase price $3,000.00Down payment 75.00Number of monthly payments 44Amount financed 2,925.00Total payment 3,950.00
a)
10%
b)
17%
c)
14%
d)
16%
46.
Calculate APR (to the nearest tenth percent):Purchase price: $5,950Down payment: $150Number of monthly payments: 40Amount financed: $5,800Total payment: $6,900
a)
1.5%
b)
10.5%
c)
3.1%
d)
4.0%
47.
Howard Slater, age 44, an actor, expects his income to decline in future years. He decided to take out a 20-year payment life policy with a $90,000 coverage. If he decides to stop paying premiums after 15 years, what will be his cash value?
a)
$5,545
b)
$25,530
c)
$50,765
d)
$28,530
48.
J.C. Monahan, age 40, bought a straight-life insurance policy for $210,000. Calculate her annual premium
a)
$1,509
b)
$1,254
c)
$2,617
d)
$876
49.
Lee Collins insured her pizza shop with a $90,000 fire insurance policy at $1.10 annual rate per $100. What is the cost of Lee's premium?
a)
$1,100
b)
$900
c)
$1,200
d)
$990
50.
Lee Collins insured her pizza shop with a $90,000 fire insurance policy at $1.10 annual rate per $100. At the end of 7 months, Lee's pizza shop went out of business so she canceled the policy. What is her refund?
a)
$300
b)
$525
c)
$156
d)
$327
51.
The property of Pote's Garage is worth $900,000. Pote has a $375,000 fire insurance policy that contains an 80% coinsurance clause. What will the insurance company pay on a fire that causes $450,000 damage?
a)
$300,098
b)
$450,654
c)
$234,375
d)
$375,765
52.
Calculate the assessed value of a property with an assessment rate of 30% and a market value of $130,000.
a)
The assessed value of the property is $39,000.
b)
The assessed value of the property is $45,000.
c)
The assessed value of the property is $50,000.
d)
The assessed value of the property is $35,000.
53.
Complete the amount of property tax due to the nearest cent for a tax rate of 40 mills per .001 and an assessed value of $65,000.
a)
The property tax due is $2,600.00.
b)
The property tax due is $26.00.
c)
The property tax due is $260.00.
d)
The property tax due is $6,500.00.
54.
If your song sells thousands on iTunes, you do not get to share in any of the publishing income. If you live in New Jersey and iTunes sold five of your songs for a total of $65,000, what is the tax owed at 7.0%?
a)
$4,550
b)
$4,650
c)
$4,750
d)
$4,850
55.
Don Chatter bought a new Dell computer for $1,995. This included a 6% sales tax. What is the amount of sales tax and the selling price before the tax?
a)
Sales tax: $113.21, Selling price: $1,881.79
b)
Sales tax: $120.00, Selling price: $1,875.00
c)
Sales tax: $119.70, Selling price: $1,875.30
d)
Sales tax: $115.00, Selling price: $1,880.00
56.
In the town of Marblehead, the market value of a home is $280,000. The assessment rate is 40%. What is the assessed value?
a)
$112,000
b)
$140,000
c)
$168,000
d)
$196,000
57.
Jesse Garza has a home assessed at $285,000. The tax rate is 7.9 mills. What is the property tax on Jesse’s home?
a)
$2,251.50
b)
$2,500.00
c)
$2,751.50
d)
$3,000.00
58.
Bill Blake pays a property tax of $2,500. In his community, the tax rate is 55 mills. What is Bill’s assessed value? Round to the nearest dollar.
a)
$45,455
b)
$50,000
c)
$55,000
d)
$60,000
59.
Dennis Natali bought a new Apple iPod at Best Buy for $299. The price included a 5% sales tax. What are the sales tax and the selling price before the tax?
a)
Sales tax: $14.25, Selling price before tax: $284.75
b)
Sales tax: $15.00, Selling price before tax: $284.00
c)
Sales tax: $14.95, Selling price before tax: $284.05
d)
Sales tax: $14.50, Selling price before tax: $284.50
60.
The market value of a home in Boston, Massachusetts, is $365,000. The assessment rate is 40%. What is the assessed value?
a)
$146,000
b)
$365,000
c)
$219,000
d)
$146,500
61.
Calculate the sales tax and the total amount due for the following: Total sales: $536, Sales tax rate: 5%.
a)
Sales tax: $26.80, Total amount due: $562.80
b)
Sales tax: $25.00, Total amount due: $561.00
c)
Sales tax: $30.00, Total amount due: $566.00
d)
Sales tax: $28.00, Total amount due: $564.00
62.
Calculate the sales tax and the total amount due for the following: Total sales: $11,980, Sales tax rate: 6%.
a)
Sales tax: $718.80, Total amount due: $12,698.80
b)
Sales tax: $719.00, Total amount due: $12,699.00
c)
Sales tax: $720.00, Total amount due: $12,700.00
d)
Sales tax: $721.20, Total amount due: $12,701.20
63.
Calculate the sales tax and the total amount due for the following: Total sales: $3,090, Sales tax rate: 8 1/4%.
a)
Sales tax: $254.93, Total amount due: $3,344.93
b)
Sales tax: $250.00, Total amount due: $3,340.00
c)
Sales tax: $300.00, Total amount due: $3,390.00
d)
Sales tax: $200.00, Total amount due: $3,290.00
64.
Calculate the sales tax and the total amount due for the following: Total sales: $17.65, Sales tax rate: 5 1/2%.
a)
Sales tax: $0.97, Total amount due: $18.62
b)
Sales tax: $0.88, Total amount due: $18.53
c)
Sales tax: $0.95, Total amount due: $18.60
d)
Sales tax: $0.90, Total amount due: $18.55
65.
Calculate the sales tax and the total amount due for the following: Total sales: $294, Sales tax rate: 7.42%.
a)
Sales tax: $21.81, Total amount due: $315.81
b)
Sales tax: $19.50, Total amount due: $313.50
c)
Sales tax: $22.00, Total amount due: $316.00
d)
Sales tax: $20.00, Total amount due: $314.00
66.
Find the amount of actual sales and amount of sales tax on the following total receipts: Total receipts: $35,911.53, Sales tax rate: 6.5%.
a)
Actual sales: $33,720.50, Sales tax: $2,191.03
b)
Actual sales: $34,000.00, Sales tax: $1,911.53
c)
Actual sales: $33,500.00, Sales tax: $2,411.53
d)
Actual sales: $33,720.50, Sales tax: $2,191.53
67.
Find the amount of actual sales and amount of sales tax on the following total receipts: Total receipts: $115,677.06, Sales tax rate: 6 1/2%.
a)
Actual sales: $108,158.05, Sales tax: $7,519.01
b)
Actual sales: $110,000.00, Sales tax: $5,677.06
c)
Actual sales: $115,000.00, Sales tax: $677.06
d)
Actual sales: $100,000.00, Sales tax: $15,677.06
68.
Find the amount of actual sales and amount of sales tax on the following total receipts: Total receipts: $142.96, Sales tax rate: 5%.
a)
Actual sales: $135.81, Sales tax: $7.15
b)
Actual sales: $140.00, Sales tax: $2.96
c)
Actual sales: $135.00, Sales tax: $7.96
d)
Actual sales: $138.00, Sales tax: $4.96
69.
Find the amount of actual sales and amount of sales tax on the following total receipts: Total receipts: $5,799.24, Sales tax rate: 4.75%.
a)
Actual sales: $5,535.00, Sales tax: $264.24
b)
Actual sales: $5,800.00, Sales tax: $275.00
c)
Actual sales: $5,799.24, Sales tax: $0.00
d)
Actual sales: $5,536.00, Sales tax: $263.24
70.
Find the sales tax, excise tax, and total cost for the following item: Retail price: $399, Sales tax: 5.2%, Excise tax: 11%.
a)
Sales tax: $20.75, Excise tax: $43.89, Total cost: $463.64
b)
Sales tax: $15.96, Excise tax: $39.90, Total cost: $454.86
c)
Sales tax: $20.75, Excise tax: $39.90, Total cost: $459.65
d)
Sales tax: $19.95, Excise tax: $43.89, Total cost: $462.84
71.
Find the sales tax, excise tax, and total cost for the following item: Retail price: $22,684, Sales tax: 5.2%, Excise tax: 11%.
a)
Sales tax: $1,179.57, Excise tax: $2,495.24, Total cost: $273,388.00
b)
Sales tax: $1,200.00, Excise tax: $2,500.00, Total cost: $26,384.00
c)
Sales tax: $1,150.00, Excise tax: $2,400.00, Total cost: $26,234.00
d)
Sales tax: $1,180.00, Excise tax: $2,480.00, Total cost: $26,344.00
72.
Find the sales tax, excise tax, and total cost for the following item: Retail price: $7,703, Sales tax: 5.2%, Excise tax: 11%.
a)
Sales tax: $400.55, Excise tax: $847.33, Total cost: $8,950.88
b)
Sales tax: $385.15, Excise tax: $847.33, Total cost: $8,935.48
c)
Sales tax: $400.78, Excise tax: $847.33, Total cost: $8,951.00
d)
Sales tax: $400.78, Excise tax: $847.33, Total cost: $8,950.11
73.
Given the sales tax rate and the amount of the sales tax, calculate the price of the following purchase (before tax was added): Tax rate: 7%, Tax amount: $71.61.
a)
$1023.00
b)
$1000.00
c)
$950.00
d)
$1025.00
74.
David Bowan paid a total of $2,763 for a new computer. If this includes a sales tax of 5.3%, what was the marked price of the computer?
a)
$2,616.56
b)
$2,700.00
c)
$2,650.00
75.
Bill Harrington purchased a mountain bike for $875. Bill had to pay a sales tax of 6% and an excise tax of 11%. What was the total amount Bill had to pay for his mountain bike?
a)
$1,023.75
b)
$1,000.00
c)
$950.00
76.
Find the assessed value of the following property, rounding to the nearest whole dollar: Market value: $195,000, Assessment rate: 35%.
a)
$68,250
b)
$70,000
c)
$65,000
d)
$75,000
100 %
