Business mathematics
Write as a percent. Points: 2
1) 0.456
#2 and 3: Solve for part in the problem. Round to the nearest hundredth, if necessary. Points: 2
2) 5% of 700 gallons
Points: 2
3) 5 % of 99 quarts
Solve for base in the problem. Round to the nearest hundredth, if necessary. Points: 2
4) 81 % of barrels is 60 barrels.
Solve the problem. Points: 2
5) The appliance store where the Jordans shop offers a 9% discount for paying cash. The Jordans received a discount of $87. What was their total bill before the discount? Round to the nearest dollar.
Points: 2
6) Anita Anderson owns bank CDs valued at $10,100, which is 12% of her total investments. What is the value of her total investments? Round to the nearest dollar.
Solve for rate in the problem. Round to the nearest tenth of a percent. Points: 2
7) 4.5 cases is % of 16.3 cases.
#8-10: Solve the equation. Points: 2
8) 8 = b – 6
Points: 2
9) 9.4 = 4.7c
Points: 2
10) s + 1.5 = 6.24
Write the phrase as a mathematical expression. Use x as the variable. Points: 2
11) The quotient of 2 less than a number and 8 more than the number
Translate the statement into a mathematical expression. Points: 2
12) A salesperson drove 9 hours. How long will he have driven t hours later?
Solve the formula for the specified variable. Points: 2
13) A = (1/2)bh for h
14) Find the balance forward for the check stub. Points: 2
Find the final balance in the check register. Points: 2
15)
From the following credit card transactions, find the credit-card sales less refunds. Then find the amount of the charge at the statement date. Points: 2
16) Expressway Photo Developers pays a 3% fee.
Sales
Refunds
$50.16
$31.72
$26.48
$44.73
$19.15
$11.01
$31.77
$63.89
$15.59
$25.74
$51.23
Reconcile the bank statement with the check register balance. Find the current balance. Points: 2
17)
Find the Social Security tax for the current pay period. Assume a 6.2% FICA rate up to a maximum of $115,000. Points: 2
18) Gross Earnings This Year: $108,564.14
Current Period Earnings: $4242.40
Find the Social Security tax and Medicare tax on the annual gross income of a self-employed individual. For a self-employed person, the FICA rate is 12.4% and the Medicare rate is 2.9%. Round to the nearest cent if needed. Points: 2
19) Drew Laughlin, attorney, earned $64,419.34
#20: Find the federal withholding tax for the employee. Use the wage bracket method.
Points: 2
Employee Married? Allowances Earnings
Simpson, W. yes 2 $682.45 weekly
Calculate the total amount due to the IRS from the firm. Points: 2
21) Peter’s Landscaping collected $1038.07 FICA, $247.16 medicare, and $296.08 federal withholding from employees.
Use the percentage method of withholding, a FICA rate of 6.2%, a Medicare rate of 1.45%, an SDI rate of 1%, and a state withholding tax of 3.4%. One withholding allowance is $73.08 when paid weekly.
Points: 2
22) Larry Calanan has earnings of $511 in a week. He is single and claims 2 withholding allowances. His deductions include FICA, Medicare, federal withholding, state disability insurance, state withholding, union dues of $15, and charitable contributions of $21. Find his net pay.
Find the missing numbers. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. Points: 2
23)
#24 and 25: Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent.
Points: 2
24) The cost of an item is $284. The price is marked up 20% on cost. Find the selling price of the item.
Points: 2
25) The Oak House had a markup of $23.66 on an oak table that they sold for $80.99. Find (a) the cost, (b) the markup on cost, and (c) the selling price as a percent of cost.
Find the missing quantities. Round rates to the nearest whole percent and money to the nearest cent.
Points: 2
26)
Solve the problem. Round rates to the nearest whole percent and dollar amounts to the nearest cent.
Points: 2
27) The Galerie d’Art paid $134.40 for a limited edition Graux print. The original selling price was $188.16, but this was marked down 50% to make room for incoming pieces. If operating expenses are 30% of cost, find the operating loss and the absolute loss.
Find the average inventory. Points: 2
28)
Date
Inventory Amount at Retail
January 1
$19,281
August 1
$20,030
October 1
$22,669
Find the stock turnover at cost and at retail. Round to the nearest hundredth. Points: 2
29)
Average Inventory at Cost
Average Inventory at Retail
Cost of Goods
Retail Sales
Turnover at Cost
Turnover at Retail
$19,278
$38,292
$44, 532.18
$87,305.76
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Find the exact number of days from the first date to the second. Assume that the second month is in the following year, and assume no leap years. Points: 2
30) July 2 to January 18
Solve the problem. Round dollar amounts to the nearest cent. Use ordinary interest unless otherwise indicated. Points: 2
31) Linda Young bought a new computer system. To pay for the system, she borrowed $2170 from the credit union at 10 % interest for 85 days. Find the interest.
Find the principal. Round to the nearest cent. Points: 2
32) Rate: 12%
Time: 210 days
Interest: $36.34
Solve the problem. Round rates to the nearest tenth of a percent, dollar amounts to the nearest cent, and time to the nearest day. Points: 2
33) Mark Golden needs $7870.30 to pay for remodeling work. His bank loans money at a discount rate of 9% for 270 days. Find the face value of a loan so he will have $7870.30.
Solve the problem. Points: 2
34) Henry Smith buys a $70,000 T-bill at a 6.3% discount for 24 weeks. Find the purchase price of the T-bill. (Assume 52 weeks per year.)
Find the discount period. Points: 2
35) Loan made: July 14
Length of loan: 180 days
Date of discount: Sep 4
SHORT ANSWER. Points: 2
36) You are going to borrow $71,500.00 for 200 days. You are to be loaned the money at an interest rate of 9%, and you are given the option to choose exact or ordinary interest. Which would you choose? Explain.
Use values from the compound interest table to find the compound interest. Round to the nearest cent.
Points: 2
37) $18,000 at 6% compounded semiannually for 6 years
#38 and 39: Find the compound amount for the certificate of deposit. Assume daily compounding using the following tables as applicable. Round to the nearest cent.
Points: 2
38) Amount: $2100
Rate: 3% compounded daily
Years: 4
Points: 2
39) Kerry and Andy Zell are retired and after saving their entire life, they have $200,000 in a savings account paying 3% compounded daily. What is their gain or loss in purchasing power in a year in which the CPI is 6%?
#40 & 41: Find the present value. Round to the nearest cent.
40) Points: 2
Points: 2
41) Barbara knows that she will need to buy a new car in 6 years. The car will cost $15,000 by then. How much should she invest now at 8%, compounded quarterly, so that she will have enough to buy a new car?
Find the amount of the ordinary annuity rounded to the nearest cent.
42) Points: 2
Amount of each deposit: $7200
Deposited quarterly
Rate: 6%
Time: 4 years
#43 & 44: Find the present value of the annuity. Round to the nearest cent.
Points: 2
43) Payments of $16,000 made annually for 10 years at 10% compounded annually
Points: 2
44) Find the least amount that could be deposited in a bank account today at 4% compounded semiannually to allow $1875 withdrawals at the end of each 6 months for 10 years.
#45 and 46: Find the amounts as indicated. The letter following the name indicates the marital status, and all married people are filing jointly. Use $3700 for each personal exemption; a standard deduction of $5800 for single people, $11,600 for married people filing jointly, $5800 for married people filing separately, and $8500 for head of a household; and the following tax rate schedule.
Points: 2
45)
Points: 2
46)
Use this graph to answer the question.
Month
Points: 2
47) Which month in 2010 had the lowest sales?
In case labels are not displayed properly: Top line is 2010 and bottom line is 2009; left side starts counting at 40 with increments of 4. Months are numbers 1-12 across bottom.
